How to Improve Credit Score India with a Home Loan?

You can better your score with a home loan quickly as it is a secured loan, and its sanction is already a signal of your payment history. Because a home loan takes time in approval and if your loan was approved, then it is a golden opportunity for you to improve your credit score with it. Read the given article and find out how to improve credit score India using a home loan.

Why does improving credit score matter?

The credit score is a 3 digit number that ranges from 300 to 900. And it is based on your payment activities. If you spend more from a credit card and don’t pay for it then your score decreases like the same if you borrow a loan and pay the half installments without completion. Whatever is your reason for nonpayment but, if you want to borrow a loan and credit card in the future you need a credit score. Or by credit score here it means a good credit score because if you apply for a loan with a bad credit score it doesn’t help you and reduces it more. Then what should I do and how to improve credit score India? 

Relax if you don’t have credit history till now, then you can borrow a home loan. A secured loan like home loans helps in building a strong credit score.

A home loan is apt to get a good credit score!

To get a credit score that will help you borrow more banking products, first, you need to borrow a loan. And the best start for a credit score is not better than a home loan. If your home loan is approved by a bank or housing finance, you can take its advantage to make a healthy score. And the score build-ups with your EMI payment. If you regularly pay a home loan, you can get benefits such as tax deductions with an increasing score.

But how to improve credit score India if the reason for low score is a home loan?  Well, in that case, you need to solve the payment disputes with the housing finance or bank to get your loan to the track. Because nonpayment of a home loan affects your credit score badly and the purchased property is also resale to compensate the loan amount.

Where to check the credit score India?

You can check your credit score from the top online credit bureaus. And these are Transunion CIBIL and Experian. They provide a one-time credit score check for free to the customers and generate suitable products for them. You can create a free account with any of the credit bureaus to know your credit score. Or if you like to take their help in improving your score, then you could subscribe to their paid plans. 

And you can check the online credit report to find errors on them, because sometimes in exceptional cases errors can lower credit score even after a regular payment. You can remove errors from your report by discussing it with the credit bureau or your respective bank. So use the mentioned tips if you don’t know how to improve credit score India.