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Ruchika Bhalla

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PeProp.Money A digital platform to institute Broker Network in India

By
Ruchika Bhalla
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PeProp.Money is a highly intuitive and unique digitally run B2B platform specifically designed to meet the prerequisites of Indian real estate stakeholders including brokers, developers, investors and other allied agencies. This pioneering platform will help brokers to form a strong business relationship with the builders and developers and close real estate deals with innate business experience. By leveraging this platform brokers can connect with the broker’s community at large and with other industry stakeholders.

PeProp.Money, a fintech platform is developed to build the largest pool of Indian Real Estate agents, brokers and channel partners from around the country. The approach is to create a strong broker network for real estate channel partners where they can connect and network with the developers from every state and city in the country and promote their properties listed on PeProp.Money platform for wider exposure. PeProp.Money business platform is to promote, list and grow real estate broker network at PAN India level.

Leveraging this innovative platform is a unique opportunity for real estate brokers across the country to connect and expand their geographical reach. With the promise of creating the largest broker network through this platform, it will be possible for the broker community to connect with each other on professional level from anywhere in the country. As proposed, this will lead to a new level of business expansion overcoming the limitation of cross borders. The broker network platform will enable the registered members to network and attempt sales on the property listings by all the developers who have listed on the platform.

The PeProp.Money aims to create synergy within real estate stakeholders by providing an opportunity to amplify their sales and business network across the country. Besides this, PeProp.Money is a platform that is highly safe and secure to do business involving financial transactions. It is therefore a validation is a mandate before a broker or channel partner is welcomed on-board.  The interested stakeholders have to go through the KYC and e-KYC before they are being inducted into the system. This process works as a pre-screening and hence only the valid and verified members can be the users on the platform.

Apart from aiming to create a very strong broker network from across the country, PeProp.Money is emerging as a pioneer in neo banking for the real estate industry. A technology platform that enables real estate owners, brokers and investors to change how they experience and make real estate deals. Channel partners and Investors can use this platform to gain transparency into brokerage, leverage data insights, and monetize space to create incremental yields.

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Unique lighting tips for a perfectly lit bathroom

By
Ruchika Bhalla
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Unique lighting tips for a perfectly lit bathroom

Bathrooms used to be considered solely functional areas. In modern years, however, the bathroom has become a preserve of peace and relaxation for various. The right lighting in the bathroom plays a prominent role, as it enables exposure to avoid accidents on the one hand and prevents shaving or make-up accidents on the other. But light can perform so much more! It alters a cold, functional area into your very own, private spa, where you can relieve tension and pass over your tense day.

Our guide gives useful tips on how to develop flawless light for your bathroom.

  1. Daylighting

Nothing can beat natural daylight for illuminating your opinion and forming the circadian paces that control wake/sleep cycles. There’s a big and thriving body of scientific literature around this phenomenon. That’s why it’s excellent to create a bathroom with as much natural light as conceivable. If planning to comprise one window, why not have two? —especially if they can be on adjoining or opposite walls to equalize the brightness. To skip the popular issue of large windows over the tub that is constantly covered to deliver privacy, why not switch to bottom-up shades so you have daylight and views with secrecy?

  1. Surround your mirror with lights

The general lights that are fitted in the bathroom are just sufficient for ambiance but are not suitable for getting ready and beauty tasks. The general lights are fitted on the ceiling which may also create lines and shadows across the face of the person using the mirror. So, in a bathroom, place a pair of sconces or vanity lights on both sides of the mirror to get the best lighting possible while using the mirror. In case your mirror is large, placing lights on both sides can be difficult. So, in that case, a horizontal vanity light should be placed just above the mirror.

Quick tip – When the placement for vanity lights is being done, the fixtures are to be mounted at least a distance of 28 inches apart. Also, they should be 60 inches above the floor so that the bright lights are at a perfect level with your face.

  1. Layered lights for your bathroom

Just like you have different moods for lighting in your living room and bedroom, the bathroom also becomes a victim of your moody nature! You need bright light in the morning but when relaxing while taking a bath in the tub, you prefer dim and soothing lights! And you don’t have to worry about that since this switching off lights can be done easily. You can fit a light dimmer in the bathroom which can regulate the intensity of the lights. Light dimmers are there in LED, incandescent, and fluorescent lighting.

If your bathroom is large enough, a decorative fixture can be fitted on the ceiling light. Tiny chandeliers can change the mood to romantic and soothing when you turn off the other main lights.

  1. Use some shower power

The shower enclosures you use can create a lot of disparity too. A dark, lumpy enclosure will cut back whatever sunshine you get, urging you to switch on those electric lights. It is nicer to go for airy, open designs instead. These days, you’ll discover a bunch of attractive walk-in shower enclosures that look wonderful yet minimalistic. The glass doors and panels won’t hinder any natural light, so you will rise to exhilarate and sparked from your morning shower, even if it’s a quick two-minute affair.

These are some modest tips and tricks that can be easily adjusted to bathrooms of any size and the distinction is instantly striking.

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Construction work in the Sukhobrishti project resumes as Bengal Shapoorji secures Rs 200 crore loan

By
Ruchika Bhalla
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Shapoorji Pallonji real estate arm Bengal Shapoorji Housing Development Private Ltd is assigned to construct the project Sukhobrishti in New Town. The project is on 50 acres of land that proposes to have 20,000 residing units at New Town.

Construction work in the Sukhobrishti project resumes as Bengal Shapoorji secures Rs 200 crore loan

On Sunday, Asia’s largest mass housing project in the New Town, Bengal Shapoorji said that to finalize the construction work of the remaining apartment they have secured a loan of Rs 200 crore.

This time they are committed to finishing the work with 600 construction workers that are expected to accelerate the construction activity.

Shapoorji Pallonji real estate’s arm Bengal Shapoorji Housing Development Private Ltd is assigned to construct the project Sukhobrishti in New Town. The project is on 50 acres of land that proposes to have 20,000 residing units at New Town.

The project is commenced by West Bengal Housing Infrastructure Development Company Ltd. (WBHIDCO).

In the recent part of 2019 complaints started splashing over the delay against the company. Within the stipulated time there was an explosion of complaints about uncertainties in the delivery of apartments.

Many home buyers alleged fund siphoning from their project to another project Joyville at Howrah and termed the delivery holdup as a mass housing problem. They blamed the group for giving disloyal commitments but the delay was also flagged by consumers with banks for action.

A company spokesperson in an interview with Economic Times said that “Bengal Shapoorji Housing Development (BSHDPL) is committed towards the delivery of remaining apartments at the Sukhobrishti project. We have already secured funding of Rs 200 crore from a leading bank to complete the construction work and will hand over the remaining apartments phase-wise from early next year,” a company spokesperson told PTI.

“Construction work has been delayed due to the spread of COVID-19 and the nationwide lockdown. When the lockdown was lifted there was a shortage of manpower to re-start the construction work at the site. However, construction work commenced and more than 600 workers had been deployed. We plan to increase it to 1000. As a responsible corporate, we strongly condemn the allegations of fund diversion. We have already handed over around 10,000 apartments at the project,” he said.

When asked, a top WBHIDCO official said, “There are court cases and so will not comment on this.”

As the company already raised money for phase 9, the Sukhobrishti project is confronting a problem with delivery from Phase-6.

Though the company has time for the later phases, those may get halted in sequence as first schedules had been lifted, sources said.

What Should You Choose? Timely Delivery v/s Price Discount

By
Ruchika Bhalla
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Timely Delivery v Price Discount

While numerous properties have delayed their possessions, and are still under construction, people who have invested their money in the under-construction projects will eagerly look forward to the timely delivery of the property. Surely, this will be the first thing any home buyer can imagine. But, when timely delivered properties come with a higher price, it perplexes the situation, option, and wish as well as investment agenda. Hence, many builders are showing up with a guarantee of giving the possession on the decided date but, are charged a premium.

Expert View

Real Estate Expert Ankur Maheshwari spoke his belief and stated that delivering projects and homes on time shall be the duty of the builders and hence, they must make the deal by default.

“There is always a reason behind cheaper rates of the products,” says Ankur. “The properties under constructions take whole lot deal of risks of losses on interest, stress of finding genuine buyer, and lots of efforts.”

For those living in rented apartment and are looking for end-used, the option of immediate passion is perfect but those who are looking to invest in property, can opt for discounted price, that is, go with no-guarantee on timely-possession.

Timely Possession vs. Discounted Price

Timely possession of the property gives relaxation in all aspects. From security to trust, the time-bound delivery makes better understanding between the builder and the buyer and strengthen the association.

For buyers, it’s a stress-free deal where they know the exact time of possession and hence, work upon financial parts giving commitment to the banks and others accordingly.

For Builders, timely delivery is a good way to enrich reputation in the market and increase trust factor with buyers as well as investors. They can easily focus on other pending constructions without stress. Beneficial for both buyers and builders.

Discounted Price

Best deal for the people who are searching for homes at a less expensive cost and can wait a little longer for the possession. Professional investors or second home buyers, preferably, are the right people for such deals.

For Builders, they gain buyers’ and investors’ attention of the buyers and investor and this gives them the better scope of escalating the name and business in the market.

Properties are effectively accessible and additional expenses for the parking garage, provided amenities and other such facilities can be waived off by the dealers. The buyer may simply need to pay for the home.

Checkpoints while opting between Timely Possession and Discounted Price

Expert advice is always recommended while choosing the right option between properties with timely possession promise and discounted price deal. Mr. Maheshwari suggests following checkpoints before making your decision.

  • Financial Calculation: Must calculate the financial profit and loss before investing. Analyze your benefits over cost and vice versa.
  • Property Verification: Security, location and infrastructure must be considered before opting for the property.
  • Purpose: Decide your priority and then make the selection based on it.
  • Habitability and Amenities: Do not rush. Check if the location is worth dwelling and whether all necessary amenities are available in the vicinity.

In a race between Time and Money, the situation is always complex and to choose over other is a big trouble. Both the options carry advantage in some or the other way. Make your decision according to the need, desire, and purpose.

In Realty, Government Sops And Loan Rate Cuts Add To Momentum

By
Ruchika Bhalla
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In Realty, Government Sops And Loan Rate Cuts Add To Momentum

Prime Minister, Mr. Narendra Modi announced the interest subvention for housing loans for both middle & poor class. It was soon followed by rate cuts from various banks that include government-owned, State Bank of India.

The decision was welcomed by the home buyers and real estate fraternity. However, the present question that remains is, whether a rate cut can revive the chance of the real estate sector that is struggling with liquidity crunch and slow sales.

The interest rate cut for home buyers:

  • In the past six years, 2017 begins with the lowest loan rates for housing.
  • The rate cut makes a saving of 34,000 yearly for a loan of Rs.50 lakhs.
  • The rate cut by Rs. 2,850 every month to make it Rs.41,822.
  • At present, one has to pay Rs. 44, 665 as EMI for a home loan amount of Rs.50 lakhs.

The Impact of Job Market on Real Estate:

The increase in the job market is directly linked with the boom in the housing market. The final rally of the property IT/ITeS sectors. In 2014, when Modi Government took charge, for a full year 4.93 lakhs jobs were added, across the eight employment-intensive industries – powerloom/handloom, BPO/IT, transport, jewelry and gems, automobiles, metals, leather and textiles. According to the Labor Ministry’s 27th Quarterly Employment Survey of the 8 employment-intensive industries, the first quarter of FY 2015-16, there were almost 43,000 job losses. In 2010, at their peak, these sectors added 1.1 million jobs.

Fundamental Challenges remain although Interest Rate Cuts may Boost Sentiments:

  • The finance and accounts president, M3M – Mr. Atul Banshal maintains that rate cuts might boost sentiments that were harmed by demonetization and set off consumption demand in a big way.
  • The MD of Hawelia Group, Mr. Nikhil Hawelia feels that rate cuts are substantial. He believes it will improve sentiments, which however wouldn’t be enough to revive the fortunes of the sector.

Key Declaration Along with Rate Cut

  • An additional 200 billion would be given to NABARD to finance societies, banks and district cooperatives.
  • 3 crore Kisan credit cards would be converted to Rupay cards in the next three months. It will enable them to directly sell/buy through the card and there will be no need to rush to banks.
  • Senior citizens would receive an 8% interest on 10-year deposits for up to 7.5 lakhs.
  • For the rabi season, farmers can avail 60 days interest that the government would pay from societies, and district cooperative banks.
  • Credit guarantee from the existing limit of Rs. 1crore will be raised to Rs. 2 crore for small traders.
  • Banks are requested to raise the credit limit of small business from 20% – 25%.
  • Interest subvention of 3% would be given to villages for home renovation loans up to Rs. 2 lakhs.
  • Middle class and poor people would get home loans up to Rs. 9 lakhs and 12 lakhs for3% and 4% interest subvention, respectively.

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New buildings to come with compulsory electric car charging points in the UK

By
Ruchika Bhalla
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1,45,000 new charging points will be customary to be put up per year according to the new legislation and this applies to primary renovation projects.

New buildings to come with compulsory electric car charging points in the UK

Prime Minister Boris Johnson said on Monday that in England from 2022 for new buildings in Britain electric car chargers will be compulsory as it swaps away from high-polluting automobiles.

As a part of Johnson’s carbon-slashing strategies, fresh from hosting the COP26 climate change summit, he told business authorities that he will regulate to compel charging points in new residences, supermarkets and different workplaces in England.

145000 new charging points will be established per year according to the new legislation and this applies to primary renovation projects. In Britain, there are presently approximately 25,000 charging points available.

Johnson told the annual gathering of the Confederation of Business Industry (CBI) that “We will require new homes and buildings to have electric vehicle charging points.”

This step is brought towards prohibiting the new sales of diesel and petrol cars in the UK by 2030. As a part of this endeavour, the objective is to attain net-zero carbon emission by 2050.

To support the economy, recover from pandemic aftermath, Johnson needs Britain to lead global efforts to transition to net zero.

Johnson added, “This is a pivotal moment — we cannot go on as we are.”

“We have to adapt our economy to the green industrial revolution.

“We have to use our massive investment in science and technology, and we have to raise our productivity and then we have to get out of our way,” he further added. Though, the Competition and Markets Authority regulator computes that more than 10 times this amount will be required by 2030.

UP govt to pick about 86 villages to develop satellite township on Noida outskirts

By
Ruchika Bhalla
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This year in January, the UP government notified these 80 villages of which 20 are in Dadri and the remaining in the neighboring Bulandshahr district. The Authority awarded the work of preparing the master plan of the satellite township to SPA in July and the survey of the land was ordered.

UP govt to pick about 86 villages to develop satellite township on Noida outskirts

A satellite city on Noida’s outskirts has to be developed over 86 villages instead of the 80 already notified by the state government. However, five of the 80 villages could have to be denotified as they are not homogeneously connected to the land that will have to be developed and 11 more will have to be notified. These are the preliminary findings of a survey carried out by the School of Planning and Architecture (SPA).

Officials from the Authority’s planning division said the first step in the process was to superimpose the village map over the revenue map to find out the actual position. SPA managed to conclude the ‘ground-truthing’ (collecting in-situ information of the site and comparing it with the reference data) recent and came back with its findings.

The planning team which worked on the project found out that five villages that had been notified by the government were cut-off from the rest and it seemed difficult to include them in the overall planning of the new town.

An official said, “The land is not homogeneous in nature and the continuity breaks. It will be difficult to amalgamate them during the planning.”

The Authority asked SPA to prepare a detailed report on the matter so that it could be forwarded to the state government for further action. So, while five villages are likely to be denotified, the other 11 will be notified as part the Noida Authority for further development.

Sharing the reason behind the move, an Authority official revealed that NH-91 (NH 34 as per new nomenclature) and the Eastern Peripheral Expressway are coming in between and dissecting the five villages away from the homogeneous cluster. The Authority has been given the responsibility of developing the greenfield satellite industrial township over 20,900 hectares of land.

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Common mistakes to avoid while taking a Home Loan

By
Ruchika Bhalla
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Common mistakes to avoid while taking a Home Loan

Home buyers have a dream home in mind but not always have the resource to make that dream a reality. Now that’s where the lending agencies or banks come into the picture, which can help you buy a house of your choice and your budget. Home loans take care of the financial liabilities associated with it to some extent for most people. You can purchase home of your choice if your loan gets approved. But the same loan can make your life impossible if you commit any of the mistakes we are going to be talking about here. We bring to you a list of some common mistakes to avoid while taking a Home Loan to safeguard you against pitfalls so that the home loan does not turn into a burden in due course. The joy of owning a home should not get shadowed by the mistakes done during taking the loan.

Mistake 1: Lack of sufficient funds to make down payment

Depending on your CIBIL score and repayment capacity, banks provide home loans of up to 80 percent of the value of the property. While applying for a home loan to buy a house you need to contribute the remaining 20 percent of the cost in the form of a down payment, after which, the bank starts disbursing the loan. In case you cannot make a down payment of 20 percent the lending agencies does not disburse your loan amount.

Mistake 2: Applying for a bigger loan amount than you can repay

It’s vital that when applying for a home loan for booking a flat your EMI outflow should not be more than 30-40 percent of your income. A bigger loan with a higher EMI, can be a great burden for you.

Mistake 3: Selecting the wrong loan product

Several types of home loan products are available in the market like floating rate home loans, fixed rate loans, semi-fixed rate loans, home loan with overdraft benefits, incremental EMI home loans and more. You can choose the most appropriate loan product & get the maximum benefit in the long term.

Mistake 4: Taking a loan for a short tenure

According to the eligibility of the borrower, banks generally provide home loans for tenure of up to 30 years. As there is no prepayment penalty on the home loan it is better to opt for a longer duration home loan.

Mistake 5: Not comparing various banks’ offers

It is possible to compare home loan products offered by different banks nowadays on the basis of interest rate, charges, penalties, etc. You should always avail this facility, to avoid selecting the wrong loan product, which may eventually be stressful for you.

Mistake 6: Ignoring one’s credit score 

If you are one of those people who commit the mistake of spoiling their credit score, by not repaying the EMIs for small debts like credit card bill or a personal loan, your chances of getting a home loan is weak. Keep the credit score healthy, if you are planning to take a home loan.

Mistake 7: Not taking insurance 

All home loan borrowers should take the required insurance cover, to protect their families from financial distress in case any unforeseen mishaps happen that can affect the ability to pay back the outstanding dues/EMIs.

Home Loan is a long term commitment. Make the process secure and rational for you.

Relieve your tension with these calming home D-Stressing tips

By
Ruchika Bhalla
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Relieve your tension with these calming home D-Stressing tips

We live in a world full of endless stress, anxieties, and tension and we cannot accuse anybody of it. That is because this is the way of inhabiting what we have selected for ourselves. Office pressure, peer pressure, financial pressure, all these have taken over our lives.

Your home is presumed to be your refuge, your comfortable spot where you can relieve tension, recharge, and de-stress from the occurrences of the day. Yet occasionally there is stuff around the house that results in uncertainty, whether it’s cleaning up after kids, undertaking housework, or household repairs and renovations. If you need to learn how to decrease stress at home, try some of these tips and tricks to make your home as peaceful and comfortable as it should be.

  1. Choose neutral colours

Your house’s decor or pigment palette may be partaking to your tension rather than decreasing it. If that’s the possibility, add more smoothing entities to your home, comprising delicate colours such as blue and smooth neutrals or some houseplants. It might also help to decrease or remove any intense lighting.

  1. Spend some time with Plants

A favourable means to compete for stress at home is to head out into the backyard and perform some gardening. The study has established that gardening can reduce the body’s creation of the stress hormone cortisol. As a plus point, not only will you be less on edge, but you’ll also have a beautiful lawn to exhibit.  You can mellow out with these indoor and outdoor plants that will flourish in the winter also.

  1. Introduce more natural light

Research has demonstrated that natural light can have significant advantages to both your bodily and cognitive health. In expansion to adding more windows wherever you can, think about how you can intensify the existence of windows.  With more natural light flowing into your house, you will glimpse better stability and a feeling of tranquillity.

  1. Build a Private Space

It’s significant to have a personal place within your home where you can celebrate for a little “you” time off from others to calm down and chill out. This doesn’t necessarily require a dedicated personal space – it could be something as modest as a comfortable recliner in a den or study or a lounge chair in the garden on a sunny day — anything that comforts your mind and reduces anxiety.

  1. Set up the table beautifully!

Even if you have the simplest of the meals, make sure that your table is set in an organized and classy way. Put elegant cutlery, attractive napkins, and decorative candles to build up the mood for eating. It is also a way of indicating gratitude towards what we have. But apart from all this, if you have your meal in a way that makes you feel de-stressed, your entire day will continue like that!

  1. Set aside your electronics.

Scrolling through your social media accounts may enable you to relax for a small while, performing this all the time can make you feel more anxious and lower. Rather than staring at your phone or binge-watching your special show, give your sights a pause by meditating, taking a bath, or flipping through your favourite book. Also, try not to use your phone as an alarm clock. You will be more likely to check your email, which can make you (and your bedroom!) feel more stressed.

  1. Prepare next day plans 

Waking up to various things in disorder can be irritating for the whole day! So after having your dinner at night, take out 10-minutes stroll across the house to put things in order. Toss the washable clothes in the laundry basket, put away old newspapers, clean the used utensils, and ready your clothes and bag for the next day. This 10-minute hard work will make you feel relieved for the next day when you wake up.

These home tips distress you from every aspect. Try these if you think these are merely myths of minds.

Know Reasons Why Bank Rejected Your Home Loan Applications

By
Ruchika Bhalla
-

Know Reasons Why Bank Rejected Your Home Loan Applications

Organizing funds for your dream home purchase which has low impact on your other future financial commitments is important. Having a home of own is much more than just selecting the right property. It is likely to be a major financial transaction of one’s life. Home loans help you achieve just that by leveraging your future income for your dream home.

Since home loans extend to more than fifteen years into the future, the lenders follow a disciplined and well-structured approval process to grant you a loan. Unless they are convinced and satisfied that you are capable of repaying your housing loan without any glitches they do not pass it. In this stringent process, it may so happen sometimes that the home loan application gets rejected, bringing disappointment to the applicant. But rejection is no reason to panic or feel that you can never apply or get the loan for your dream home. Though it is advisable to acquaint yourself with the lender’s requirements before you apply for home loan. You need to take an objective view of the situation and do what is required to rectify the situation. The first step would be to find out the reason for rejection and go about meticulously curing it. Here we will be discussing the reasons why a home loan application gets rejected.

Few common reasons for rejection of home loans:

  1. Poor Credit Rating

Your credit score plays an important role and it represents the applicant’s track record in terms of repayment and their current creditworthiness. If your credit rating on records comes up poor, lenders would not get confidence in your repayment capability which will affect your house loan eligibility.

  1. ERROR IN CREDIT REPORT

Another very common reason is error in credit report. Though an applicant may have a clean credit history, it may so happen that there creeps in an error in their credit report which could result in rejection of home loan. Once established that there is an error, it therefore gets necessary to get it rectified so that the future course can be carved

  1. Record of DELAYS IN REPAYMENT OF existing LOANS

Interestingly, you might have a clean credit score and good record with the loans that you have taken, but the loans that you guarantee for your family or friends may impact your credit history. If any of the people you took guarantee for, they did not repay the loan on time or had any other issue with the repayment it reflects in your credit score and works as spoilt broth.

  1. REPEATED JOB HOPPING

Another factor considered by the lender while approving home loan is the stability of the employee. Though changing jobs for better prospects or other personal reasons is common, frequent change of jobs creates a sense of uncertainty about you in the lender’s mind.

  1. LENDER NOT COMFORTABLE WITH THE PROFILE OF THE EMPLOYER

Not just your credit score, the lender takes into account the fact where the applicant works to earn his/her living. An applicant may have a clean record and a history of good credit score but the nature of employment as well as the employer also have a bearing on your prospects of getting a home loan.

  1. INCOMPLETE DOCUMENTATION

Home loan applications enlists submitting of a large number of documents related to your income, physical whereabouts, permanent address, contact details and so much more. It is a bulky affair and it is very common to miss out on any particular document.  A home loan is approved primarily on the basis of the documents provided with the application. If the documents required for home loan are incomplete or not in order, the lender is forced while reviewing your home loan application objectively.

  1. PROPERTY ISSUES

A big factor for approval of the home loan is the property for which home loan is being seeked. Now there is a possibility that all your documents are in place, your credit score it perfect but the property that you may have chosen may not adhere to the guidelines prescribed by the relevant authorities. It may not be fulfilling the criterion set up by the lending agencies. That is another reason that your loan has been rejected.

The age of the property also has a bearing on your chances of availing a loan. If the property is too old, lenders may hesitate to advance the house loan.

  1. HIGH LEVEL OF DEBT:

In case the applicant has one or more than one loan going on that too sometime can pose a problem while getting a nod for the loan approval. A home loan applicant may not get approval for loan in case he/she has multiple loans to pay back or has high-interest debt. Since such a situation creates an uncertainty on his repayment capacity, thus the lender may be hesitant to give loan.

  1. AGE:

The age play an important factor in home loan approval. The home loans are generally long term and if the applicant is approaching retirement, then he/she may not get a housing loan as they have insufficient time to repay the loan. On the contrary, if the lender is somehow convinced that the applicant has adequate permanent alternate income source to repay the loan, they may consider giving them a house loan.

  1. FAILURE TO OBTAIN “NO DUES CERTIFICATE”, FROM PREVIOUS LENDERS:

Another glitch that can cause rejection of home loan in a situation where the seller of the property you want to purchase from had earlier taken a home loan, he should then have obtained a “No Dues Certificate”, from that lender after repaying the loan in full. Absence of “No Dues Certificate”, could lead to rejection of your home loan application.

To sum up few of the major reasons to avoid rejection of your home loan application, make sure that –

  • you have a good credit score
  • your job/business is stable
  • your documentation is complete
  • the property is in the lender’s approved list
  • you obtain ‘No Dues Certificate’ from the previous lenders
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