For most of us who are not born with a silver spoon, getting a home of your own is a dream come true, and for that purpose we apply for home loans. It might sound as if getting a home Loan is easy, but many-a-times online home loan gets rejected for minor reasons.

You will be surprised to know that there a number of minor reasons which you won’t even realise for which the online home loan gets rejected. Just because of a small detail, which you think is inconsequential, your loan can get rejected instead of being approved.

Here we are going to tell you about those minor mistakes which can be avoided while going for an online home loan.

It is the builder’s fault? – You have finally found a house which has all the amenities which you ever wanted; the society has a swimming pool, a gymnasium, a community centre, is highly secure, it is close to the market, to the school and to the hospital. It is the perfect home for you. The only thing which you need right now is a loan. So you go ahead and apply for an online home loan. You check everything and apply for it. Now you wait for the loan to get approved, but your loan gets rejected and you have no idea why it has happened?

You then come to know that your loan has been rejected because of the builder. You will be surprised to know that how many online home loans get rejected because the Bank is not sure about the builders. Yes, banks do consider the name and the reputation of the builder while sanctioning the loan. Certain banks and builders have tie-ups with each other. So when you are going in for a home loan don’t hesitate to ask the builder about his partner bank. This will lower the risk of your loan getting rejected.

Most of the popular builders are in the good books of almost all the banks but suppose your builder isn’t the most popular one, make sure the bank is okay giving the loan to you for purchasing that builder’s Property.

Property evaluation – What many people do not know is that banks evaluate builders and their properties separately. What this means is that the bank might approve the builder, but it might not approve the property. This also means that it might approve of one property of the builder, and reject the other. The bank treats each property individually and scrutiny is done of each and every property. They go through the details of the property and try to find out whether these properties are not under any dispute or if there are any regulatory issues with it. So make sure you are clear about these things. It might be a small thing, but it is nonetheless essential and is often missed out.

Know the true value of the property – Valuation of your home can be a tricky part. This occurs when you are buying a pre-owned property. Sometimes it can happen that the valuation of your property can be lower than what you expected or it can be lower than the previous rates. The lender might fix in an amount which is lower than what you had decided with the seller. In this case, the loan amount which you will get is lower. There can also be times when the lender has evaluated is more than what you expected, in this case, there won’t be any problems for you. It is advised that before you go in for a property evaluation by the lender, you could get it done from a property evaluator. This will help you determine your property’s exact value and also you will be able to negotiate with the lenders more confidently.

Employment – You might not realise it but your employment is very crucial to the lenders if they are giving a loan to you. They want to make sure that you have the ability to repay the loan amount. What you need to know is that just being employed is not enough, you also have to show stability for the same. Jumping jobs every year or two will do more harm than good. If the bank feels that you will change your job or will be out of your job in another year or two, it might reject your application. Remember that when you apply for a home loan, you must be in your current job for at least two to three years. This will help you build your credibility. If they have a slightest feeling that you might default on your loan, they will reject your application.

So make sure that you keep all these factors in mind before you apply for a home loan.