IS THERE A PERFECT CIBIL SCORE FOR HOME LOAN?
Having your own house is something which everyone has thought of acquiring someday. This is an act of positive thinking which people have regarding buying their own home, but just by dreaming or just by having a positive thinking cannot help you in fulfilling your dreams, you need to work on it accordingly. So, in order to fulfill your dreams you would require finances, and to meet the need of financial requirement, home loan is always there for you as the best offer.
Home loan is a secured loan, in which the borrower takes a certain amount of money from the lender in order to purchase a new house, be it a residential property or a commercial property. For availing a home loan having a healthy credit score is mandatory. Not having a proper credit score may lead to rejection of your loan application, or there are chances that you might get a bit high rate of interest.
Below are some few pointers which might be affecting your home loan applications
1. Firstly, it is very important to check your cibil score before applying for a home loan. If you don’t check your cibil score and then apply for the personal loan, then it might lead to the rejection of your home loan application. Rejection of loans disrupts your credit score.
2. Secondly, make sure you are not having huge amount of loan outstanding or credit card outstanding, as it may hamper your chances of getting your eligibility. As only half of the salary is considered for your EMI amount and rest is considered for your own personal use. If you are already over burdened with the EMIs then there is a high chance of your application getting rejected.
Lastly, it is very important for not making too many enquiries, as after getting rejected you apply again, and because of that you are indirectly making more and more enquiries, which not only hampers your cibil score but also your confidence from the lenders, who might considers you as a faulty person, since you are continuously getting rejected.
