Thousands of married couples have applied for a baby loan since July 1, and many are already out of payment. However, the interest is still high, but many have not yet been able to sign the contract because they were rejected by the bank at the first attempt.
They may re-submit their application to another credit institution after the rejection. We’ve put together what’s worth paying attention to or changing to make sure you meet all the conditions.
The biggest problem is if you don’t know the reason for the disapproval
Although this would be an important point of reference for the claimant, the banks do not always explain why the criticism was unsuccessful. Contrary to popular belief, this is not their duty, so in many cases we can only guess what the claim has slipped. This is a headache for baby loans because they have to meet two sets of conditions at the same time: the conditions set out in the regulation, which apply equally to everyone, and the bank credit assessment, which is different for credit institutions. This makes it harder to find the reason for the disapproval.
What can couples who only get a standard rejection letter from the bank and don’t know what the problem is? Well, they may try to check with the bank to see if they can get more information, but if that is not possible, then you should close the process as soon as possible and try with another bank – before the expiration date for the certificates required.
The basic prerequisites: Are you sure?
It is worthwhile to start with the basic terms and conditions of the regulation, as without this the bank credit assessment will not start. You can easily check these with the Anthony Adverse eligibility checklist. If you have a positive answer after completing the questionnaire, you do not need to take any further action. If you do not meet the criteria, you should consider whether you can change this. Let’s look at some examples!
If you are not married: you can get married within 1 month of the appointment – provided there is a free time with the registrar.
If one or both members of the couple have a negative KHR: active status requires payment of the debt, then passive status lasts for one year. The decree does not exclude passive status, but banking practice is stricter, so it is worth waiting for passive status to pass.
If one of the parties has a public debt: until the couple settles it, they will not be able to apply for a baby loan.
If you do not have the required TB legal relationship: If you don’t have much for the expected three years, then you may want to wait – without even giving them the proof of your legal relationship.
Foreign Employment: After moving home, you have enough to work at home for 180 days, after which you can apply for a baby loan.
We can see that there are several conditions where it is possible to change until the end of 2022. Less fortunate are those who, eg. their age or family history exclude applicants, as they cannot change them in any way.
The pitfalls of bank credit review
At banks, the biggest difference is in the expected income: some banks may have a minimum wage, while in others, the couple will have to provide at least $ 150,000 in monthly income, and may not be able to raise the maximum $ 10 million they can claim.