Loan application has been rejected before:

Every bank has records of the entire rejected loan applications in their database or can obtain a history of loan application enquiries from Credit Information Bureau Limited (CIBIL). When the applicant applies to a bank, the rejection will show up in the credit profile check and this would probably affect the credit worthiness of the applicant. It is highly advisable that one should not keep on applying for loans without any reason.

Old Buildings Are Not Funded By Banks:

A bank will never fund old buildings especially if the building is more than 20 year old. The criteria of the age of the building vary from one bank to another and every applicant must remember this. But, the land value will always be considered by the bank. One can negotiate for a lesser loan amount by adding in some form of security and one can also increase the down payment to get the loan sanctioned.

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