Home Loan Rates EMI 2017 202 views
Your CIBIL score is an account of your credit history and your record as a borrower. It basically talks about the payment history of the loans and credit facilities that you have availed in the past. While evaluating your Home Loan application, the lender would prefer to check your CIBIL score to know about your likelihood of paying back. A good credit score marks a sound financial health and points to the fact that you aren’t overleveraged.
As lenders perceive the Home Loan applicants with a higher CIBIL score to be more financially stable, it is considered to be beneficial to undertake measures that are healthy for your financial status. Timely payment of EMIs and a constant check on the outstanding balance of your credit card would prove your financial credibility. Lower rate of interests and additional fee waivers come as added benefits for those having a considerably good credit score making it a win-win situation for them.