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News India Live, Digital Desk: Home Loan: Everyone dreams of buying their house, and the ‘home loan’ is the biggest help in fulfilling this dream. But getting a home loan from the bank is not so easy. The bank sees one thing very carefully before giving you a loan – and that is your Cibil Score,
If your CIBIL score is good, it becomes easy to get a loan, but if it is bad, your dream may break. Come, let’s know what this CIBIL score is and how you can make it better.
CIBIL score is a ‘report card’ of your financial behavior. It is a number of 3 digits, which is between 300 and 900. This score suggests whether you have paid the EMI or credit card bill of your old loan on time. In straight language, it reflects the habit of repaying your debt.
Why is it so important for home loan?
When you apply for a home loan in the bank, the bank first checks your CIBIL score. This shows the bank how reliable you are in repaying the loan.
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Good CIBIL Score (750+): If your score is 750 or more, the bank considers you a responsible customer. In such a situation, you can get the loan at a quick and low interest rate.
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Poor CIBIL Score: If your score is low, the bank feels that you can relieve the loan. In such a situation, the bank can either reject your loan application, or can give a loan at a very high interest rate.
How to improve your CIBIL score? (5 easy ways)
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Pay on time: Always pay the EMI and credit card bill on time or before the last date. This is the most important rule.
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Correct use of credit card: Do not spend more than 30% to 40% of the total limit of your credit card. By spending more, it seems that you are very much dependent on debt.
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Do not take several loans simultaneously: Avoid applying for a lot of loan or credit cards at the same time. Every time applied, there is an investigation on your credit report, which can reduce the score.
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Check the report regularly: Please check your CIBIL report once a year. Many times it can also have mistakes, which you can get fixed.
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Do not close old accounts: If you have an old credit card or loan eats that you do not use, do not close it. The longer your credit history, the better your score is.
Therefore, if you are planning to take a home loan in future, then start focusing on improving your CIBIL score from today itself.
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