Home Loan Delay Bugs Customers

Home loans can easily be termed as the best financial schemes that allow borrowers to build their own dream house. In India, all the major banking institutions are known to offer high quality home loan schemes to customers who are willing to buy a new home. Even though the process of applying for a home loan is simple and straightforward, you might face certain delays due to various reasons. If you feel that home loan bugs customers, then you’d be wrong as by avoiding certain mistakes, you could easily make the process run smoother.

Home loan delay bugs customers who are in search of a quick loan advance; and the best thing that you could do as a borrower is to go through the reasons why you might have to face a delay. This will surely help you in improving your situation and putting the best foot forward.

Applicant’s income

The borrower must have a certain amount of monthly or annual income for being able to apply for a home loan. So, if you don’t submit the right salary slips that show your monthly income, then you might have to face a lot of delay because the bank is going to delve further into the matter before granting you a loan.

Opening cash reserves

Even if you meet all the eligibility requirements, the bank might ask you to open a cash reserve in which you’ll be asked to maintain a certain amount of balance in one of the bank accounts. This amount is kept aside as a security for the bank in case you fail to make further payments.

Credit history

Most of the banking institutions spend a lot of time in conducting a background check. They carefully go through your credit history to determine the fact that you’re a capable borrower who can easily repay the loan. So, it’s advised that you keep your credit history and report clean prior to applying for the loan.

Employment details

It is best to put forward your employment details in front of the bank as and when you submit the application form. If you fail to submit your documents, the bank might spend a lot of time doing a comprehensive check on your employment history which in turn would delay the whole procedure.

Incomplete or missing documents

If you fail to produce any kind of documents or even your photographs on time, then you might face an unwanted delay during the application procedure. A home loan cannot be granted to a borrower unless he has submitted all the documents in the head branch.

Applying on the Closing Day

You could even face some delays if you’re visiting the bank on the closing day. Banks usually don’t deal in any kind of customer services on this day and so you might have to delay the procedure by a day or two. So, you got to plan out your visit beforehand so that you can secure the loan easily.

These are some of the reasons why a home loan delay could bug the customer. Try to create proper strategies for making the home loan acquisition process a smooth and simple one!