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CreditMantri Finserve Private Limited
CreditMantri Finserve Private Limited Unit No. B2, No 769, Phase-1, Lower Ground Floor, Spencer Plaza, Anna Salai, Chennai - 600002
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Buying a home is a long-cherished dream for many. Opting for a home loan takes you closer to achieving your dream of buying a house of your choice.
The home loan market is very competitive with there being many lenders offering loans at affordable interest rates. This may sound exciting but when going for a home loan, there are certain do’s and don’ts which you have to be aware of before applying for the loan. This would help you to make an informed choice about affordability, EMIs and related particulars.
Home Loan Do’s and Don’ts
Do’s
Affordability
The key criterion before selecting a home loan is whether you can afford it and easily repay it. The choice is now more confusing for borrowers due to competitive home loans being offered at attractive terms, so at times it can be tempting to go for a higher loan amount. Always keep your other financial priorities like children’s education, retirement corpus in mind while deciding the home loan amount.
Compare lenders
Conduct proper research and compare the home loan rates and terms offered by different lenders as a home loan is a long-term responsibility. Opt for lenders who offer you the terms most suitable to your financial condition.
Take a joint loan
Adding a co-applicant to a home loan applicant reduces the burden significantly for the borrower in the form of deductions and tax benefits. Women co-applicants also get home loans at a lower rate of interest as compared to male loan applicants. However, co-applicants should be made aware of all the terms and conditions to avoid any confusion in future.
Track your credit score
Keeping track of your credit score is necessary to evaluate your creditworthiness in the eyes of the lender. A credit score of 750 - 900 is considered as most ideal by lenders for getting home loans easily approved at affordable terms.
Don’ts
Forget to read the fine print
It is very important that a home loan applicant goes through the fine print very carefully and understand the related terms and conditions before signing on the dotted line. If needed, take professional help to understand it. This will help avoid any sort of confusion or legalities later on.
Go for a long loan tenure
Don’t go for a very long loan as this would mean a higher outflow of interest creating an additional financial burden. Try to opt for a tenure that would be easy to repay without much interest burden.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
There are several ways in which you can improve your credit score. Depending on how good or bad your score is,
Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
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You can repair your credit absolutely free if you do it yourself! However, many people choose to get professional help
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Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
It is not likely that you will get a loan with a credit score of 600. Most banks look for a minimum score of 750
It is difficult to get a loan with a credit score of 550. Most banks look for a minimum score of 750 when deciding
A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
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