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Effects of Credit score on Your Home Loan Eligibility

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ShreekantRao
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Effects of Credit score on Your Home Loan Eligibility

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  1. Housing Finance Companies

  2. Effects of Credit score on Your Home Loan Eligibility

  3. Why credit score is important • Lenders look at your credit profile before deciding to lend, at what interest rate and loan amount. • Similar to recruiters looking at your resume/interviews to offer job Or Not. Your home loan eligibility depends on your credit report. • Your credit report are sought after your home loan application.

  4. 1) Credit history Housing Finance Companies Required Your credit history determines your credit worthiness and loan repayment capabilities. Banks assign a credit score to each applicant. Credit scores are from 300-900. Usually 750 score is considered Good for home Loan. 2) Capacity Lenders need to make sure, you will pay up in future. Your credit research is means of determining the assurety of repayments. Your credit score determines home loan eligibility i.e the loan amount banks will sanction to you.

  5. Best practices of keeping good scores • Pay your Dues & On Time • Defaulting on loan repayments reflects negatively on your credit score(CIBIL). Defaulting on credit card payments is also a negative on your credit score. The records of your default are maintained for years.It is very important that you pay all your Dues in time. • [Source: https://loaneasy.in/effects-credit-score-on-home-loan-eligibility/

  6. Follow us on : https://www.facebook.com/HDFCHomeLoanExperts https://twitter.com/HomeLoansByHDFC https://www.youtube.com/user/hdfcltd https://www.linkedin.com/company/hdfc?trk=top_nav_home

  7. Click to know more on Best Home Loan: https://www.hdfc.com/home-loans-salaried Thank You…

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