Reasons for Rejection of Home Loan Emi Application

Big Reasons for Rejection of Your 50 Lakh Home Loan Emi Application

The majority of people who wish to buy a home today will need to obtain a housing loan in order to achieve their objective of becoming homeowners.Implementing the following tips will increase your eligibility for a home loan involving 50 Lakh Home Loan EMI.

Inability to find a co-applicant when required

Numerous factors, including inadequate income, a low credit score, a high debt-to-income ratio, etc., commonly result in the denial of mortgage loan applications. This technique is most successful when the co-applicant has a stable income, a strong credit score, and the ability to repay. The inclusion of a co-applicant in the loan application process may also make it easier to get a greater loan amount. In addition, the majority of lenders offer mortgages with below-average interest rates when a woman is either a co-applicant or the primary borrower.

Tenure not chosen based on an appropriate 50 Lakh Home Loan EMI amount

When borrowers wish to quickly pay off their loans, they usually opt for a shorter repayment period. However, many individuals fail to recognise that shorter loan terms result in a greater 15 Lakh Home Loan EMI.. Instead, it may be prudent to get a loan with a longer repayment term. The longer the loan duration, the lower your monthly payments will be; this will ensure that the EMIs are proportionate to the borrower’s income.

This is because a shorter term will force you to pay more interest over a shorter time frame.

The ratio of 50 Lakh Home Loan EMI to income is high.

Lenders evaluate a customer’s loan application based on a variety of significant variables, one of which is the customer’s ratio of 15 Lakh Home Loan EMI to income.

Rs. 15 Lakh Home Loan EMI for 25 Years

The details of Rs. 15 lakh home loan EMI for a loan term of 25 years are as follows:

Loan Amount – Rs. 15,00,000
Rate of Interest – 7.05% p.a.
EMI value – Rs. 10,650
Total Interest – Rs. 16,94,874
Total Repayment – Rs. 31,94,874

Additional Info: Looking for 30 Lakh Home Loan? Check EMI & Apply

Year	Principal	Interest	Balance Principal
1	Rs. 23,662	Rs. 101,270	Rs. 1,476,338
2	Rs. 25,322	Rs. 99,610	Rs. 1,451,016
3	Rs. 27,098	Rs. 97,834	Rs. 1,423,918
4	Rs. 28,997	Rs. 95,935	Rs. 1,394,921
5	Rs. 31,032	Rs. 93,900	Rs. 1,363,889
6	Rs. 33,209	Rs. 91,723	Rs. 1,330,680
7	Rs. 35,539	Rs. 89,393	Rs. 1,295,141
8	Rs. 38,033	Rs. 86,899	Rs. 1,257,108
9	Rs. 40,703	Rs. 84,229	Rs. 1,216,405
10	Rs. 43,558	Rs. 81,374	Rs. 1,172,847
11	Rs. 46,614	Rs. 78,318	Rs. 1,126,233
12	Rs. 49,883	Rs. 75,049	Rs. 1,076,350
13	Rs. 53,383	Rs. 71,549	Rs. 1,022,967
14	Rs. 57,128	Rs. 67,804	Rs. 965,839
15	Rs. 61,137	Rs. 63,795	Rs. 904,702
16	Rs. 65,427	Rs. 59,505	Rs. 839,275
17	Rs. 70,016	Rs. 54,916	Rs. 769,259
18	Rs. 74,930	Rs. 50,002	Rs. 694,329
19	Rs. 80,186	Rs. 44,746	Rs. 614,143
20	Rs. 85,810	Rs. 39,122	Rs. 528,333
21	Rs. 91,832	Rs. 33,100	Rs. 436,501
22	Rs. 98,276	Rs. 26,656	Rs. 338,225
23	Rs. 105,171	Rs. 19,761	Rs. 233,054
24	Rs. 112,550	Rs. 12,382	Rs. 120,504
25	Rs. 120,563	Rs. 4,485	Rs. 0