Though multiple financial institutions offer home loan still people are facing the same problem in the real estate industry in India. in this writeup, I am going to show you what is the problem you may face, when applying for a home loan.
Challenges For a Home loan in India
First-Stage Rejection:
Most of the home loan application may reject at the first stage of loan processing. Lenders reject most of the application forms, lack of proper documentation, less income, property location, and others.
hence, before going for an application for a home loan it is your duty to check the eligibility criteria of the lender which you select.
Non-refundable Processing Fee:
you will be surprised to know the lender ask for 0.25% or 1% of the loan account as a processing fee, these fees are not refundable. most of the lender say to refund this fee after the rejection of the application you may clear this talk as a legally documented.
Downpayment:
Most of the financial institution asks the browser deposit 10-20% of the applied loan amount as the downpayment. for example if you avail 20 lack hen you have to deposit 2-4 lack in advance as a downpayment.
Conclusion
These are the challenges people face while going to avail of a home loan. you have to know these are the challenges before avail home loans.
Read More: Top 4 Challenges for Home Loans in India
