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When and why does the bank not grant you the loan? To fully answer this question, one must be in the heads of bank managers when evaluating the requests made to them. But alas, we are not there. So we can only try to guess what these reasons are. That most of the time is easily traced back to one. You have not provided sufficient guarantees. Because in Italy, generally, if you need an XYZ amount, the bank asks you to guarantee it with… exactly at least XYZ! If she had, she wasn’t going to ask, was she? But so be it. This is one of the innumerable flaws in the Italian credit system.
But don’t be discouraged. If one institution has rejected your application, another institution may not accept it. And if they have given you an explanation, they may have given you the opportunity to present the request to others in a better way. Always remember that the granting of a loan is subject to compliance with what the credit institution asks of you. Unfortunately you need it, if you ask for money. And the rules are made by others, not you.
When and why does the bank not grant you the loan?
Usually the most used reason for not granting a mortgage is the employment situation. If you are not sure, your question is already arising. Therefore, fixed-term or self-employed jobs, but with low turnover, are not the right recipe. Because they make the bank think that it may be insolvent. And, to avoid problems, they prefer not to continue.
Things are even worse for those who have been, or still are, poor payers. Perhaps for insurmountable problems. Or by necessity. But if you have been or are a bad payer, you can forget about the mortgage. Remember that it is very likely that they do not know anything about you at the bank. Except you have an account there. And the manager will probably find out when he puts his name on his desk. If you approach him … Without knowing anything about you, he will just coldly stare at the practice. If it doesn’t come back, forget about the mortgage.
And the amount you are going to order is also important. If it is too high for you, even if you have a permanent job, it will be rejected. We don’t even talk about it in other cases. Still talking about figures, the installment / mortgage ratio is also evaluated. And if it usually exceeds 1/3 of the guaranteed income, the loan is rejected. For example, if the total income of a family were 2000 euros, a payment higher than 670 euros would cause the rejection of the mortgage.
Finally, remember that if you earn a lot but declare little, only what you declare will be valid. Even if you could pay a high rate, if the blank numbers don’t say what the bank wants to read, there is no mortgage.
Any solution?
Apart from having someone who guarantees you if your guarantees are not enough, only one. Pay particular attention to mortgage offers from various institutions. Even through the Internet and specialized sites, today it is easy to keep an eye on the best offers. What different banks do all the time. Especially in this period of zero interest rates. Because only by lending money they earn something. So they must have a minimum of elasticity. And remember that there are also credit brokers. Brokers specialized in credit applications. That could give you more hope than a bank. At certainly higher costs, know this. It will be up to you to decide what to do, just in case.
