Think of it as a gateway to good home loan deals, reasonable interest rates, and better loan terms.
You must have heard about CIBIL Score from many people. You must also know that the CIBIL score should be good but are you still confused about this score? If yes… then let’s clear every dilemma today.
You can think of the CIBIL score as a benchmark of your loan eligibility. This score decides whether you are a good loan application or not. If you are looking for a loan then the most important thing is your CIBIL score. _ has gone. The person/institution giving you the loan will first check your score.
What is CIBIL Score and how much is it required for a home loan?
CIBIL score is given on the basis of financial pattern and the awarding institution is Credit Information Bureau India Limited. The factor on which your score depends is how well you meet your financial obligations. These obligations include timely bill payments, settlement of past debts, and your own financial position. Most lenders require a CIBIL score of 750 and above to be considered for a loan application. Think of it as a gate pass to good home loan deals, reasonable interest rates, and better loan terms.
Does CIBIL score affect home loan eligibility?
Simply put, yes… your CIBIL score plays a vital role in deciding your eligibility for a home loan. Your lender looks at the CIBIL score to determine your loan eligibility and repayment capacity. You get more loan amounts at lower interest rates, as they can be sure of your repayment commitment.
If your CIBIL score is 750 and above, it will be easy to meet the home loan eligibility criteria of the lender, but if it is less than this, then your chances of getting the required loan are less.
However, having a low CIBIL score does not mean that you will not be able to get the loan. Work hard and work towards increasing your CIBIL score. This will make you eligible for a better home loan deal. Let us know some of the ways with the help of which you can do this…
Pay your due amount on time
To ensure that your credit score does not get lower, meet your liabilities on time. This loan can be EMI as well as credit card payment. Paying on time makes you a financially responsible person and this discipline of such people makes them less risky borrowers.
We recommend that you keep a record of your past transactions so that potential lenders can track your timely payments and also use the same to grant loans as per your requirement.
Amount deposited
You must have secured and unsecured loans in your credit record to maintain balance. _ If you have many unsecured loans and bounce cases in your records, it can have a bad effect on your credit score. ,
Keep a constant eye on credit reports
Whether you see a mistake or not, it is important that you check your credit report from time to time. By doing this you will also be able to detect mistakes and discrepancies. Credit bureaus require borrowers to provide free credit reports every year. Happens. _By availing of this facility, you can play an active role in improving your credit score when needed.
balance credit utilization
Your lenders will want to see how well you manage your credit extensions, and your credit score is the right way for them to do so. When it comes to credit utilization, one should strive to strike the right balance. And pay your credit card bill on time and manage it well.
Keep in mind that having too many credit cards can put your home loan application in trouble. Having more credit cards increases your credit liability as well as your repayment obligations.
finally
We hope you can boost your credit score by following these steps before applying for Bajaj Housing Finance Home Loan. You will also be happy to know that despite a low credit score, it is possible to apply for a home loan. If you are a salaried or professional applicant, you can apply with a co-applicant in Bajaj Housing Finance Limited and enhance the eligibility of your loan application. Also, there can be an opportunity to take a loan at an interest rate starting from 6.70%*pa_. ,
