Buying a home with the help of a loan may seem like a daunting task at first. This is because of the thorough financial, background and profile check that's carried out by banks.
A bank will only lend you the money once it has complete faith in your financial capabilities. To decide that, they check your credit score.
A good credit score plays a crucial role in the entire loan application and evaluation process.
The credit score is a detailed account of all your credit history. It has a record of:
• All your payment history. (Bill payments, past debts, EMIs.)
• Total credit owed
• The no. of credit cards and the amount of credit limit on each card
• The entire duration of your credit history
You can check your credit score today at www.cibil.com for just a small cost of Rs. 550
Keep your credit score above 65
A credit score ranges between 300 to 900 points. If your credit score is near or above 700, the chances of having your loan approved by the bank are more favourable.
• A credit score near 700 or above shows that you’ve been scrupulous with your past payments. So try and aim for it.
• A higher credit score will help you get a longer repayment period and also increase the loan amount in many cases.
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