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CIBIL score represents the customer's past loan history. Based on this score, lenders assess the risk they face in a lending loan to a customer. If you are looking for a home loan, having a good credit score is important as it brightens the chance of approval of your loan application. On the other hand, with a poor score, your application may or may not get approved. In case your loan gets approved, the rate of interest will be a bit high for you. A lender will give you a lower LTV. Hence, it is advised that you work on your CIBIL score first if it is low as it will improve your bargaining power in terms of getting a lower home loan interest rate and higher LTV. Let's discuss how you can improve your CIBIL score: First is pay all your loan EMIs and credit card bills on time. As late payments and defaults affect your credit score. Avoid multiple loan queries. Avoid settling the previous loan and credit card bills, instead, choose a late payment if necessary. As a late paymen

Owning a house is everyone's dream and buying a house requires an adequate amount of funds. If you don't have the much-required funds then you can easily avail a home loan, as there are numerous lenders offering home loan at affordable interest rates. Lenders offer varied kind of offers to seek customer's attention. As a loan applicant, your major concern would be the interest rate applicable. Different lenders charge a different rate of interest while selecting lender you should check home loan interest rate across different lenders.   Home loan is available at two types of interest rate. First is the fixed interest rate, it remains fixed during the entire loan tenure irrespective of the market conditions. Second is a floating interest rate, it keeps changing in response to changes in market conditions. Floating interest rates are low in comparison to the fixed interest rate. Home loans are available at a flexible interest rate as well. A flexi home loan is a ki

Taking a home loan is one of the most crucial steps in building or buying a new house. Hence, it is important to be aware of the reasons that might impact the approval of the same. We have listed a few reasons for which your home loan can be rejected. The first and foremost reason for your home loan getting rejected is a poor credit score. A low credit score means that you have a history of defaulting on loans or credit card bills repayments. Thus, always make sure to pay your EMIs and credit card dues on time. Job stability is also an important aspect that lenders check before approving the home loan. As per the bank’s requirements, you should be employed in a particular organization for at least three years to apply for a home loan. Further, your home loan may get rejected if your age is close to the retirement age. Try to rope in your spouse or employed children to increase the chances of your loan approval. Banks also do not accept all types of properties as securities for ho

Planning to sell your house but have an outstanding loan to pay? Here are a few options that can help you with the sale of your home, even when you have an outstanding loan against it. The first option is when the buyer pays from his own savings. In this process, the seller can request the bank to provide a loan outstanding certificate. In return, the buyer can directly pay the down payment to the seller's loan account. So, when the liability is cleared, the bank will hand over the property documents to the seller. Thereafter, the seller will transfer the property in the name of the buyer. The second option is when the buyer takes home loan from the seller’s lender. In such situations, the buyer, the seller, and the bank will enter into the tripartite agreement. If a buyer’s home loan is approved, the amount required to settle the loan of the seller is taken care of and the residual amount is given to the seller. Lastly, the buyer can also take a loan from a different lende

Buying a new flat or apartment for yourself is one of the most crucial decisions of your life. It involves huge financial investment and hence, you must keep few things in mind before buying the property. Before looking for an apartment, it is important to set a budget for yourself and look for the property in that price bracket. Once the builder quotes the price for the apartment, compare it with neighbouring areas to verify the price. Next, you should check the location of your apartment. You should look for a place that is conveniently located near your place of work or an educational institute that you’re attending. You must also make serious inquiries about the plot of land, its legalities, and various other aspects to avoid any legal disputes in the future. As a buyer, you should have a clear knowledge of the timeline for possession. Generally, most developers seek a 3-6 month grace period for final delivery of the project. If you don’t get the possession on time, they will be