Last year, when I applied for a home loan my CIBIL score was 550 and because of this, my loan application got rejected. I got a call from the bank that as I have poor CIBIL scores, banks refuse to provide me the loans. I then asked my banker friend how to get home loan with low CIBIL score. He informed me that it is quite challenging but there are a few ways to get a home loan.
How to Get Home Loan If CIBIL Score is Low?
My buddy said since lenders utilise CIBIL scores to determine a borrower's creditworthiness, it can be difficult to be approved for a home loan if one has a low score.
Moreover, he said even with a bad credit score, I can still get a home loan by using the following strategies.
Pay down all of your loans on schedule to lessen your total debt load.
Approach the bank or financial institution that you collaborate with. Even with a low credit score, you may obtain a home loan due to your devoted customer base.
A guarantor or co-applicant is someone who guarantees the loan will pay it back if you don't return it. Even with a poor CIBIL score, having a guarantor can help improve your chances of being approved for a loan.
Even with a low CIBIL score, you can still improve your chances of securing a loan by offering collateral. If you don't make loan payments as agreed, the lender may take possession of the collateral.
If you can provide proof of a steady and sufficient income, lenders can be more inclined to approve a loan. Provide pay slips, income tax returns, or other documentation.
I hope this solves your doubt about the CIBIL score low how to get home loan.
Check Your CIBIL Score and Get Doorstep Assistance for Your Home Loan Here. Read more -What Is The Minimum CIBIL Score Required For A Home Loan?
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- Pay your dues on time.
- Be prompt while using your credits.
- Try taking home loan schemes with longer tenure.
- Try applying for joint home loans
- Take a limited number of loans to have a good score.
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Shifting, House?
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Authors Of The Question
How to get home loan with low CIBIL score?
Rohit Agarwal
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2 Answers
3 Year
2021-10-11T11:24:17+00:00 2021-10-11T11:57:10+00:00Comment
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