You have found the right property and placed the booking fees.
You search for the right financing package from the banks and found a suitable one.
You compile your income documents and details of the property, fill up a housing loan application form, and submit the form to that friendly looking bank officer.
7 days later, you recieve that letter, saying that “we regret to inform you that your application…”.
Your application for a loan has been DECLINED!.
Banks, although always eager to sign up new customers, have their own lending criteria which governs the approval of loan applications. But what are these criteria, and how do you meet this criteria? What do banks look out for?
Here are some common (although not exhaustive) list of criteria used to evaluate your credit worthiness:
- Your employment
- Your income
- Your payment capability
- Your property
- Your internal credit record
- Your credit report, the CCRIS report
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