Cibil Score for Home Loan
Availing
a home loan is not an easy task. It requires a lot of time and
patience to find an ideal lender, offering you the best deal. But
before knowing for an ideal lender, one thing that needs to be
mentioned here is the fact that cibil
score for home loan
is
something you need to know. Yes, before offering you the loan, the
first and foremost thing that most of the lenders do is to check the
three-digit numeric summary of an applicant. Now you must be
wondering why so? Isn’t it?
Well,
let’s just get more clarity on the same in the article below:
Talking
about a three-digit numeric summary, it would not be wrong to say
that it is one such crucial aspect that can either make or break the
deal for you. If an individual is having a good history, it shows
that he/she can be trusted as far as loan repayment is concerned.
Yes, because a good history is an indicator that one is not a
defaulter and can easily be trusted for loan repayments. Talking
about a score, it ranges between 300 to 900 but since we are talking
about a home loan, here things are different.
Minimum
Cibil Score for Home Loan
When
it comes to home loan online, it would not be wrong to say that it is
a secured loan, hence the approval of the same majorly depends on
both repayment capacity as well as credit history of an individual.
In case of HL, usually, a score of 720 or above out of 900 is
considered to be good enough in grabbing the best deal. With this
score, it is easy for an applicant to grab the best deal as most of
the lenders consider it to be fair enough and healthy.
If
we go deep down about the topic, there is no denying the fact that
applicants having a score below 650-750 might not get the higher loan
amount and won’t be able to enjoy the lower interest rates. Thus,
it is always advisable that one should always try to maintain a score
above than this in order to win the heart of the lender/s.
Factors
that Affect Your Cibil Score
Owning
Multiple Credit Cards
If
you are someone who has multiple credit cards,it is obvious that you
also need to maintain the same. Multiple credit cards mean higher
chances of being trapped in the debt . Yes, if you are someone who is
bad at managing things, there is no denying the fact that these
multiple cards put a strain on your monthly income, hence even a
single negligence of the same can lead to credit score damage.
Making
Too Many Loan Enquiries
Making
multiple loan enquiries and that too with many lenders or banks,
would actually create an impact on your score. If you have applied
for multiple loans and that too within a short time frame, be
prepared because this thing is surely going to impact your score
adversely.
Hope
this article was worth reading for you!
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