There are several others factors that could influence this decision these you may not even be responsible directly. However, you need to be aware of those rejection reasons. Hence the following are some of its reasons.
Banks and NBFCs have records of all rejected loan applications in their database. Once you apply to a bank, this will show up in your application verification check and could create a problem as it affects your CIBIL score.
No Job Stability:
Banks place a high reliability on job stability and often insist that an applicant needs to be employed with a particular company for a certain minimum period to be eligible for a home loan.
The defaulter could be a tenant, relative, who may have slipped up on a loan payment or may have unpaid credit card dues and, hence, was reported to the national credit bureau.
Bank’s policies on profile:
If some income or areas are listed in their policy guidelines as not appropriate for lending, the bank will not be able to approve your loan.
You can apply for an attractive offer with best possible rate of interest and terms for Personal, Business and Home Loan.