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Importance of CIBIL Score for Home Loan
It is important to maintain a good CIBIL Score while you are applying for a home loan. By maintaining good CIBIL Score, you can eliminate the chances of your home loan getting rejected.
- Credit score is the very first thing a lender sees while approving or rejecting a loan.
- The creditworthiness of an individual is measured by looking at the credit score.
- If the credit score of an individual is low, then there are strong chances that the loan application requested by that individual will be rejected.
Quickly Get Home Loan Through Creditseva
Creditseva can help you in maintaining a good CIBIL Score so that your home loan application does not get rejected whenever you apply for a home loan. You will get alerts to make all your due payments on time and thus you will not end up paying your dues late.
Ways to Enhance Your CIBIL Score for a Home Loan
One can avail a variety of home loan schemes if their credit score is good. But what can be done if the credit score of an individual is not good enough for availing a home loan with multiple benefits. There is a way out for it. If you are aware of the fact that you do not have a good CIBIL Score for a home loan, then you can follow certain steps that will help you in enhancing the CIBIL Score so that you become eligible for a home loan.
- Maintain a track of your credit score and credit history by frequently having a check of your credit report. It is also important to get the errors in the credit report rectified.
- You need to have a check on all your payments that are due. Make it a point that you are not getting late in clearing your dues.
- Instead of maintaining numerous unsecured loans, it is better for your credit profile if you have a mix of credit that is balanced. A balanced credit mix is a combination of both secured as well as unsecured loans.
- Utilize your credit in a proper way. Avoid excessive utilization of your credit. It is advisable to maintain low outstanding balances. This will help you in getting a good CIBIL Score.
- Keep a track of all your accounts on a regular basis. It should be made sure that you have not missed any of your payments. In the case of a joint account, you also need to make sure that your joint account holder does not make any delay in the payments.
Steps to Be Followed While Applying for a Home Loan
Here we have the list of important steps to be followed while applying for a home loan.
- Reduce the number of Unsecured Loans: The most important thing to do while applying for a home loan is to reduce the number of unsecured loans. The more the number of unsecured loans you have, the more difficult it is for you to get a home loan.
- Avoid Applying Continuously: While applying for a home loan, you should stay away from requesting for a home loan at multiple banks in a continuous manner. If you keep applying at more banks while your loan has been rejected at one bank, then there are strong chances of your CIBIL Score lowering down more and more.
- Have a Check on Your CIBIL Score before Applying: It is always necessary to know your credit score prior to applying for a home loan. This is done to make sure that the credit history, as well as personal details of an individual, is in an order and thus the home loan application will not get rejected. A Credit Report can be purchased from the website of CIBIL, by paying an amount that is nominal.
- Pay all your dues completely: It is always recommended that your dues are paid off completely. If you do not pay your due amount completely then you will be charged interest on the entire amount.
Minimum CIBIL Score for A Home Loan
Though there is no particular CIBIL Score for a home loan to be approved, there is a minimum CIBIL Score that an individual should maintain. An individual should see to it that their CIBIL Score is above 700 before planning to apply for a home loan.
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