3 Ways to Save your Credit Score as Home Loan Defaulter

A home loan is a long tenure loan, which means you need to pay your loan EMIs for quite a longer duration. And, if you are going through a severe cash crunch and are not able to pay your installments on time. In such a case, your lender might levy a high penalty on you, which makes it more difficult for you to pay back the loan. To avoid such a situation, you need to take the following steps which might save you from becoming a home loan defaulter and thus keeping your credit score from falling too.




1) You can renegotiate with your lender if you are unable to pay your loan EMIs due to the cash crunch. It might allow you some time so that you make your loan payments later on when you have the cash available with you.


2) You can also opt for a balance transfer facility, which will help you to lower your interest rate on the existing loan along with the enhanced loan tenure.


3) Apply for the loan only after analyzing your budget, as it will be easy for you to pay back the loan well on time.

READ:- Save your credit score as a home loan defaulter?

Comments

Post a Comment

Popular posts from this blog

Blog Collection

Hi All, we have got the collection of some of the amazing blogs. You can have a look 1)  http://www.theranthole.com/important-things-to-consider-before-transferring-your-home-loan/ 2) https://www.thehickeyunderworld.com/how-to-apply-for-pradhan-mantri-awas-yojana/ 3)  https://dhowd.com/top-5-lenders-for-home-loan-balance-transfer/ 4) https://gingerkids.org/how-can-home-loans-help-you-save-big-on-your-tax/ 5) http://oneeyedmonstermovie.com/rbi-keeps-repo-rate-unchanged-heres-what-it-means-for-home-loan-borrowers/
Read more

Tips To Get Quick Home Loan Approval

Image
Home loan provides the necessary funds required to help you invest in a home to fulfill your dream of own house. By doing some basic homework, you can easily get your home loan application approved.  Let’s discuss some simple preparatory steps you can follow for the easy approval of your home loan application:  Having a good credit score (650 and above) is considered good. Check your credit score before applying for the home loan . In case of a bad credit score, it can be improved by paying your existing loans and credits on time without fail. The amount of loan you are eligible for is directly proportional to your disposable income and inversely related to your EMIs on existing debt. So try to get rid of your existing debts. Home loan is usually allowed 75% to 90% of the property’s value.  The rest is to be paid as down payment. So keep your down payment ready for the quick approval of your application. Prepare the list of the documents required and keep them rea
Read more

What is Pradhan Mantri Awaas Yojana Gramin (PMAYG)

The Pradhan Mantri Awas Yojana Gramin has been introduced after restructuring the Indira Awas Yojana, which was launched in 1996. This restructuring was done to achieve the government's ambition of providing 'Housing For All' by 2022. Under PMAYG , the pucca house is to be provided along with basic amenities to the beneficiaries of the scheme. These pucca houses will be disaster-resilient, along with fit as per the socio-cultural and geo-climate factors. The benefits under the scheme include; loan upto Rs. 7 lakhs, subsidy on interest for up to 3%, maximum subsidy on principal amount is Rs. 2 lakhs and the maximum subsidy that can be availed for a payable EMI is up to Rs. 38,359. However, to be eligible for the scheme, you need to satisfy any of the following criteria: Houseless family A household without any literate adult above 25 years. A household without any adult between 16 to 59 years. Various minorities plus schedule castes and scheduled tribes. Family having a
Read more