Maintain a Good CIBIL Score to Avail a Home Loan

Are you planning to buy a new apartment this year? Is it a 2BHK apartment in Jaipur? Then make sure you are aware of the importance of the credit/CIBIL score. Remember that maintaining a good credit history will help you get your loan improved. A good credit score generally starts from approximately 750 and plus. The closer your CIBIL score, the more faith you will earn from the credit institution. Along with the other fulfilment of the credit payments, a good CIBIL score also matters when taking a home loan. If the financial institution or bank is happy with your performance, you can expect to get financing up to at least 85% of your total property cost.

The lenders or banks, in fact, use CIBIL scores in order to check the creditworthiness of the home loan borrowers or applicants. If you find your CIBIL score in between 600 – 700, then you must look forward to improving it. Here below are a few important steps, which will help you improve the CIBIL Score:

Check your CIBIL Credit Report
This is perhaps an essential step towards bringing discipline in your financial life. You can login to www.cibil.com to fill in an application form. Using the credit card or net banking facility, make the payment of Rs/- 470. Then go through the entire authentication process. Now, if the process goes well and it is successful, then automatically there will be an email sent to you within a couple of days.

Do not forget to check your name, date of birth, age and PAN numbers after you get your credit score. If things are not in place, report it to CIBIL immediately.

Manage Your Credit Cards
There is no point flaunting too many credit cards at the same time. According to an official of the credit card department from Axis Bank, an individual must not have more than two credit card accounts. If at all they have, the same must be closed on an immediate basis.

Make On-Time Payments
Did you know that more than two credit cards could lead to massive problems? This problem is faced only when you have to go through the payment process. Too many credit cards mean you tend to miss out the date, liable for the late fees, proportionate service tax and late interest charges. No wonder missed payments does bring a negative impact on the credit history, thereby, risking yourself as a prospective buyer.

Pay the Dues
When buying a 2BHK apartment in Jaipur, make sure you keep a few important things in mind, like paying the dues on time and so on. Make sure you pay your entire due amount on time as the remaining amount, is actually overdue shown in the CIBIL score.

Keep Up a Good Credit Mix
Maintaining a good credit mix of both secured (auto and home loan) and unsecured loans (credit card and personal loan) is indeed a good practice. Do not give any lender a chance to view this thing in a negative way.