A home that you can call their own is a dream almost every individual fosters. But, this dream becomes possible only if the person has the required repayment capacity and a good CIBIL score. CIBIL score plays a crucial role in almost all credit application approval process. Thus, people have to ensure their credit score is up to the mark in order to get approved easily at the lowest home loan interest rate. If you have a poor credit score, your chances of getting approved goes down. Though you can always postpone your loan application and boost your credit eligibility before re-applying.
If you need some help with the tips to boost your CIBIL score, below are a few you can check.
Quick Tips to Improve your CIBIL Score
Ensure a spotless credit history: First and foremost, your credit history needs to be spot-less. Make it a habit to check your CIBIL score every once a year to keep an eye on wrong remarks in your report. If you identify an error, get them corrected before they affect your score.
A good credit score is inevitable: Secondly, a credit score of 750 and above is an inevitable need. Therefore, there’s no debate on that and hence, avoid late payments, overusing your credit cards etc.
Keep a balanced credit portfolio: Lastly, avoid taking single type of credit scheme - ensure a balance. Taking either secured or just unsecured loans regularly might highlight your credit hungry behavior.
Hopefully, the above mentioned tips will help to enhance your CIBIL score for quick Home Loan approval, and always check your home loan eligibility before applying for it.
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.