Know 5 Personal Habits for Your Credit Worthiness
Sep 17, 2018 Home Loan
“Are you looking for a home loan? Our bank is offering you a home loan at a fantastic rate of interest.” Lately, you might be getting a number of such calls just because you were browsing for home loan information. Maybe you are happy that banks are willing to provide you with a loan even without asking for it. The actual process starts the moment you say “yes” to avail loan. Money lenders perform detailed research about credibility before lending you money.
Here are top 5 things that you must know about your habits that might be under scrutiny before loan sanction.
Here are top 5 things that you must know about your habits that might be under scrutiny before loan sanction.
- Being Spendthrift: You may love to spend on expensive products. You may be a shopaholic who likes to jewellery, watches and so on. Banks consider this as any credit card bill which is not paid is reflected in your CIBIL record.
- Being A Drifter: Banks not just consider your big fat salary and age factor. For them, it matters how many jobs you have changed in your career. Too many jobs change reflects that you are a drifter. Most lenders do not take the risk of lending money who quits Jobs frequently as it affects creditworthiness. Therefore, always consider for the future prospect of a home loan.
- Savings Philosophy Matter: One who has savings, for instance, has a better chance of borrowing as banks believe that it is a good practice. If you spend the entire salary at parties, then it’s time to start thinking the other way round no matter how decent your earn or even if you are in your 20s.
- Your Current Liabilities: Your credit scores reveal everything. So, how much you owe now matters the banks before then decide to grant you lump sum amount of home loan. For instance, do you already at debt to pay car loan, personal loan or education loan? If you have too much of liabilities that could go against your credibility.
- Monetary Dispute: Monetary disputes always play against lenders’ interest to sanction loan no matter how trivial the case could be. Clearing all your bills is the solution to it as no lender will show interest if another lender is chasing you for non-repayment.
Consider all these facts before you apply for a home loan for a smooth process.
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