Improve Credit Score and avail a home loan - know how
Improve Your Credit Score And Avail A Home Loan - Know How
If you want a home loan with low CIBIL score the first thing that you need to do is keep an eye on your credit score. You need to get your credit report from CIBIL (Credit Information Bureau (India) Limited) on a regular basis.
If you want a home loan with low CIBIL score the first thing that you need to do is keep an eye on your credit score. You need to get your credit report from CIBIL (Credit Information Bureau (India) Limited) on a regular basis. This would help you get an idea of whether you are delaying or defaulting on your payments in any way. You can always get in touch with your bank and rectify the issues, provided there are any in the first place.
Paying your loans on time
This is also one thing that you should do on a regular basis.
If you can pay your EMIs (estimated monthly instalments) on time you should have no problem in maintaining a good credit score. That way, you would also go a long way towards getting the home loan without CIBIL check that you have been looking for all this while. In case you are making delays in paying your EMIs because they are eating into your monthly budget you can always talk with your bank. You can always get them to restructure the loan in such a way that you find it easier to make the payments.
Paying your credit card debts on time
If you are serious about getting a home loan for CIBIL defaulters you have to pay all your debts at the right time and this includes your credit card debts as well. In any case, if you make maximum possible use of your credit card every month banks consider it to be a sign of irresponsible behaviour. So, be wise about how you are using your credit card and also make it a point to pay the entire amount on time.
Do not have a lot of unsecured loans
If you have too many unsecured loans such as credit cards and personal loans a bank would think of you as an unattractive borrower.
That would also make it tougher for you to get a home loan with low CIBIL score. This is the reason why you need to take them only when you need them the most. However, on the other hand, if you avail a secured loan such as a car loan it can make you a lot more credible as a prospective borrower. This is the reason why when it comes to borrowing it is always better to strike a balance between both.
If you want a home loan without CIBIL check you need to make sure that you are keeping track of the loan payments being made by your co-applicants. This is especially true when you have availed a loan with someone else. It could be that you are a secondary applicant in the loan. Still, you need to be vigilant. Do keep in mind that your credit score too would be affected by how they are making their payments. Make sure that the payments are being made on time so that you are not punished for someone else’s mistakes. Apart from these, you should also never settle any loan on credit cards.