Home Loan: To become your home loan approach .. Do you know how much is the credit score?

RBI (Reserve Bank of India) has launched a rate cut bicycle giving good news to the middle class! Now the loan is getting less interest. RBI rate cuts give great relief to those who especially take home loans. Home loan EMS reduces the burden of interest rates. However, it should be remembered that there is another factor that affects interest rates. Same .. Credit Score! If you have a good credit score, your home loan may be less interesting. If there is no proper credit score, banks cannot give original home loans! And what is the credit score if you want to become a home loan? Find full details here ..

How much credit score is there ..

1. When more than 750 : The possibility of home loan approval with low interest rates is more likely.

Ii. Between 700 and 749: There are opportunities to be approved. But you can see a little higher interest rate.

Iii. Between 650 and 699: Approval, but high interest rates- strict rules will be faced.

Iv. Less than 650: It is difficult to get approval! A bank at the beginning of the loan .. Co -applicant or higher payment.

Increase opportunities for your home loan approval.

1. Take steps to improve your credit score:

i) Late payment will damage your score, so you have to pay EMI and credit card bills in a timely manner.

ii) Keep credit use less than 30 percent.

Iii) Hi loan inquiry reduces your score. So avoid applying for several loans simultaneously.

Iv) Check your CIBIL report. Alert if a mistake appears.

v) Help in safe (home/auto loan), un -second (credit card) credit mix.

2.High payment: Banks favor low loan-to-price ratio. Better to pay high-down (20-30%instead of 10%).

3. Apply with spouse: Home loan approval will improve when you apply with a spouse or family member with a good credit score.

4.Prolonged credit period: When you choose a long period, your EMI will be reduced. It will be easy to return. Increases evaluation opportunities.

5.Show a stable income: Banks usually prefer wage applicants who have a stable job history or self -reconciliation applicant with regular income records. Therefore, you need to provide income certificate like salary slip, tax return and bank statement.

(Note: Remember that loan is risky.)