For TDS payment assistance:
Tel: +91 22 4004 2131 / +91 99203 50878
Email: info@gyaata.in / gourav@gyaata.in
For Home loan assistance:
Tel: +91 8433 9996 22
Avail of a preferential corporate pricing
if your organization is listed with us.
Click here to know more.
BACK

Applying For A Home Loan? Here Are 5 Ways You Can Boost Your Credit Score

Jun 20, 2018

A good credit score or CIBIL score is one of the most important prerequisites for having your home loan application approved. One of the first things that a bank or lending company will check when you apply for a home loan is your credit score. Your credit score is a number that ranges from 300 to 900, and is assigned to you based on your payment patterns and credit history. A high score (700 and above) indicates that you repay your debts on time and are an eligible candidate for the loan. A low score, on the other hand, will hinder the chances of having the loan approved.

Here are 5 ways in which you can boost your credit score:
 
1.     Keep a tab on your credit report: It’s a good idea to routinely check your credit report to assess the areas where you need to improve. In case there are any defaults or delayed payments, you can have them rectified by contacting your bank.
 
2.     Pay your EMIs on time: Paying your loan installments on time is necessary to maintain a good credit score. If you are consistently delaying the payment of your EMIs because they are disturbing your monthly budget, you can consider talking to your bank to change the EMI amount to a smaller one.
 
3.     Pay your credit card bills on time: The way in which you use your credit card has a direct and significant impact on your CIBIL score. It is a good practice to avoid exhausting your entire credit limit every month, and to pay your entire bill amount on or before the due date.
 
4.     Avoid taking too many unsecured loans: Signing up for too many unsecured loans like personal loans and credit cards can work against your credit score. On the other hand, secured loans like a car loan and home loan increase your credibility as a borrower.
 
5.     Monitor your co-applicant’s debts: In case you have applied for a joint home loan, the payment patterns of your co-applicant can affect your credit score. If you find that your co-applicant is defaulting in some way, you may want to point it out to them for mutual benefit.
 
Looking to invest in a new home? Runwal Greens, a luxury residential project by the Runwal Group, presents 3, 3.5 & 4 BHK flats in Mulund West
Next Prev

Disclaimer

The plans, specifications, images and other details herein are only indicative and subject to approval of the concerned authorities. The Group / Owner reserves the right to change any or all of these in the interest of the development, without prior notice or obligation. Artist’s impressions are used to illustrate amenities, specifications, images and other details and these may be applicable to select apartments only. Tolerance of +/- 3% is possible in the unit areas on account of design and construction variances. All brands stated are subject to final decision of the project architect. This printed material does not constitute an offer and/or contract of any type between the Group / Owner and the recipient. No booking or allotment shall be deemed to have been made on the basis of this printed material. Any Purchaser / Lessee of this development shall be governed by the terms and conditions of the agreement for sale / lease entered into between the parties, and no details mentioned in this printed material shall in any way govern such transactions unless as may be otherwise expressly provided in the agreement for sale/lease by the Group / Owner. The Group / Owner does not warrant or assume any liability or responsibility for the accuracy or completeness of any information contained herein.