Healthy Credit Score To Avail Affordable Interest On Home Loan - Loan Trivia


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Friday 17 August 2018

Healthy Credit Score To Avail Affordable Interest On Home Loan

There are many benefits of maintaining a healthy credit score. As it is a measure of your creditworthiness it assures the lenders you can repay off the loan on time. They are thus willing to trust such borrowers more and offer preferred home loan amount amount at lower interest rate and flexible repayment tenure of up to 20 years. Healthy credit score lets you negotiate loan terms with your lender. You can pitch for preferred loan amount to cover your planned as well as unplanned financial needs.

So, here are 5 easy tips to get your Home Loan approved instantly. These tips will help you to know how to maintain a healthy credit score so that you could afford a easy home loan.

1. Pay in advance or in full all payments such as credit card bills, loan repayments. This will have a positive impact on your credit score and you can gradually increase your score or simply maintain a good score.

2. Keep 30% limit on your credit card free. This must be maintained as a rule. Keep a check on your credit card usage. You may even accept offers to enhance your credit limit to help you maintain this rule.

3. If you are struggling to make payments opt for part-prepayment option. It allows you to stay consistent with your payments and avoid defaults because it negatively affects your credit score.

4. Opt for loans from trustworthy and experienced lenders which offer easy repayment options and flexible tenure to help you pay off the loan. In the process helping you build a healthy credit history.

5. Make sure to regularly check your credit report. Raise queries of spelling errors and miscalculations to the credit bureau so they can rectify such errors before you apply for any loan.

Also Read: How to maintain a good credit score to get home loan on low-cost

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