CIBIL Score before Applying for Loan
For every home buyer, the most important thing is to get the home loan application accepted by the lender. Hence, it’s great to know where you stand financially before you are rejected by a lender so that you can make improvements to your CIBIL score.
Benefits of maintaining good credit score:
- Hassle-free availability of home loans.
- 79% of the loans approved are for individuals with a score greater than 750.
- Easy and rapid processing of home loans.
- Greater chances of negotiating the interest rates due to good credit score.
- Higher your CIBIL TransUnion Score, higher are your chances of Loan Approval.
Why to get your Credit Score Report ?
Your credit report gives you the true sense of where you stand financially and helps you making better plans for finances in the future. With credit information at hand, you can escape debt traps and keep track of your borrowings and unnecessary credit exceedings. This helps you make better choices in terms of obtaining new credits, consequently making you a better financial planner.
Steps to Find CIBIL credit score ?
- Go to website of CIBIL, click on Know Your Score link.
- Fill your name, Date of Birth, address, ID proof details, past loan history and other enquired data in the online form and submit.
- After submission, you will be redirected to the payment gateway, where have to pay the set amount of Rs. 550 through any mode of payment including credit cards, debit cards, net banking etc..
- Post payment, you are redirected to an authentication page, where you have to answer five questions based on your credit history. Out of those five questions, only three are required to be correct for your authentication with CIBIL. You will receive your credit report in the next 24 hours in your email inbox.
In case your authentication fails, all you have to do is fill the application form, print it and send the hard copy to CIBIL by post and you will receive your report in a few days by post as well.
How to read your CIBIL Credit Information Report
Watch Video on How to read your CIBIL Credit Information Report