Here are the Benefits that You can Gain if You are a Good Borrower
Jun 14, 2018 Home Trading Steps
The banking sector is going through a bad state due to several scams and frauds that recently happened. And they have a huge pressure to get back on track for which they are adopting stricter norms in sanctioning loans. So it is important to know for borrowers that now when you go for a home loan, don’t expect that the process will get finished in minutes as they mentioned in advertisements.
But if you have been a good borrower throughout your life record, then you do not have to worry. If you have paid your bills on time, have made payment for utility bills regularly then this is the time, you are going to be rewarded.
Earlier banks used to depend on the credit score to decide whether to lend you or not. Credit score above 700 is considered to be good and in a no-risk zone. Although credit score might still be instrumental in deciding at what rate you will be offered the loan but banks are now tying up with government agencies and information bureaus to check how diligent the borrower has been so far and for that, you are going to get a reward.
For instant last year, Bank of Baroda came out with a scheme that promised to offer a loan with lower interest rates to those who have a good credit score. Then the bank announced that it would offer preferential pricing to those borrowers who have a Cibil score of 760 and above. On the same line IDBI also offered loans at cheaper rates if the borrower has a credit score of 700 and above.
Hence, whenever you take loan it is necessary to repay it on time, be regular with your monthly payments of EMIs as well as other utility bills.
But if you have been a good borrower throughout your life record, then you do not have to worry. If you have paid your bills on time, have made payment for utility bills regularly then this is the time, you are going to be rewarded.
Earlier banks used to depend on the credit score to decide whether to lend you or not. Credit score above 700 is considered to be good and in a no-risk zone. Although credit score might still be instrumental in deciding at what rate you will be offered the loan but banks are now tying up with government agencies and information bureaus to check how diligent the borrower has been so far and for that, you are going to get a reward.
For instant last year, Bank of Baroda came out with a scheme that promised to offer a loan with lower interest rates to those who have a good credit score. Then the bank announced that it would offer preferential pricing to those borrowers who have a Cibil score of 760 and above. On the same line IDBI also offered loans at cheaper rates if the borrower has a credit score of 700 and above.
Hence, whenever you take loan it is necessary to repay it on time, be regular with your monthly payments of EMIs as well as other utility bills.
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