Many aspiring homeowners depend upon Home Loans to meet the cost of their new homes. So getting the loan application approved is vital for them. However, some borrowers unknowingly do things that jeopardize their chances of getting approved.
Below we will discuss six things you need to keep a check on after applying for a PNB Housing Loan. Keep them in mind for a smoother approval process.
- Keep a Check on Purchases
Larger purchases such as vehicles or expensive furniture add new bills to your debt. It will shoot up your debt-to-income ratio (the amount of debt relative to your income).
From a lender’s perspective, a person with a high debt-to-income ratio is a risky customer and may seem like a huddle in application approval.
So it’s prudent to check expenses after applying for a PNB Housing Loan.
- Avoid Co-Signing Loans with Others
A co-signer is responsible for the payment of the debt in case the original borrower fails to make timely repayment. By becoming a co-signer, you’re holding yourself accountable for someone else’s loan, thereby increasing your debt-to-income ratio. So avoid co-signing loans as they will be counted as a debt against you.
- Avoid applying for New Credits
Lenders check an applicant’s credit report anytime up to the loan’s closing. Any adverse change in the report could be alarming. Multiple credit lines impact the CIBIL score, which is the key factor lenders consider while processing the loan application. It can alter the loan terms, increase your loan interest rate, or even affect eligibility.
Further, debt accumulation also increases the debt-to-income ratio, which lenders do not favor.
- Refrain From Switching Bank Accounts
An essential part of loan application processing is sourcing and tracking your assets. The task becomes easier for lenders when you’re consistent with your accounts. This increases your chances of quick loan approval. So try not to switch bank accounts frequently.
- Pay Bills on Time
The above point goes with saying. Take special consideration to pay your credit card bills and outstanding loan EMIs on time during this period. It’s critical to keep your payment history in top shape and make good any past mistakes.
PNB Housing Finance offers one of the most easy-to-get and affordable housing loans. The approval process is rapid and hassle-free. You can further check out PNB Housing Finance comments to assure yourself of its excellent customer service.
However, if you’re careless with the above factors, it may impede your chances of getting good terms on loans. So make sure not to resort to any of the above activities after applying for a PNB Housing Loan.
Pankaj Tripathi is a content marketer with over 6 years of experience. With experience in the industries of B2B SAAS, e-commerce, and the hospitality sector, Pankaj brings a wealth of knowledge to his writing. In his initial role, he supported over 100 writers in creating content for diverse fields such as finance, medicine, insurance, and media and publications.