How Did I Get Home Loan to Bear Registry Cost on Time After Constant Rejections

I always used to think that being an entrepreneur by co-owning a club in Delhi would provide me financial freedom. This misconception shattered soon when I applied for a Home Loan recently. A few months ago, I needed 2.40 Crores to bar registry cost of the property I wanted to purchase in Delhi. I applied for a Home Loan to three different lenders and to my disappointment; my loan application got rejected by all of them.

Reason?

They don’t fund clubs as they consider them a risky profile for lending money.

After three disheartening rejections, I thought to give a last try to online lending platforms. I was searching for online financial services providers and that’s when I saw mymoneymantra on my laptop’s screen. I visited their platform and filled up the online form for Home Loan which was fast and simple.

Within a few hours, I received a call from their representative with whom I shared my concern. He fixed my appointment with their Home Loan Specialist for next day and told me to be ready with the required documents and their copies. When he came to visit me, he analyzed my documents and listened to my concern in detail. He took copies of my documents with him and asked me to wait for a few days. Within a few days, I received a call from the same person and he told me that my loan for 2.40 Crores has been approved by a reputed bank.

I was so glad to hear that news but with joy, I had a question in my mind – How did this particular lender approve my request when my profile was risky for other lenders?

I enquired about the same with the Loan Specialist and he told me that the bank has taken my other business into consideration for approving the loan request. That other business was sugar mill. I run that business side by side but there is no proper office setup and financials are also not too strong so I thought it will not be eligible to get a Home Loan. However, thanks to mymoneymantra for presenting my business in such an effective way that I got the desired Home Loan amount and that too from a leading private bank in India. With the help of their end-to-end services, I could pay my home’s registry cost on time.