I require guidance from the finance experts in this forum. What I've heard from my people is, most of the times your personal/home loan gets rejected even when you have paid the previous loan/credit card dues on time except for some one or two missed payments which would have done later. Even my scene is similar. In future, if we opt for joint home loan, will this effect? Do I have a bad credit history? Will our home loan proposal be rejected? Please advise. We should get the loan based on the salary/age/ and financial stability. Need your advice on this based on your experience. Thanks in advance.
it is true in most of the cases. But if you go the bank where u have been prompt i n paying back ur prvious loans then it is easy or where u maintaion ur savings account, FD in a long run, there u might get loan easily overcoming the credut history all t best
All your loan and credit history is maintained in a repository called CIBIL. When you apply for a loan, the bank checks CIBIL report of that person for the past credit history, existing loans, the payments, defaults, etc. One or two delayed payments are generally ignored by the banks as this can happen due to multiple reasons. What they look for is whether the applicant has defaulted payment of loans and whether he/she is having too many delayed payments. If there are one or two delayed payments, which have been cleared now, you dont need to worry. Just make sure that you dont have any missed payments within 3-6 months of applying for your home loan.
Hi All, Thanks for your replies. What I came to know is, sometimes by bank's ignorance, some accounts get defaulted in CIBIL. And then it's pain and we have to spend some money to correct the mistake which they have done.
Request for CIBIL report..and start working where you have missed, many times Bank will not update CIBIL even if you have paid the dues..in my case i had applied for Home loan...trust me when my CIBIL report came..i was shocked....i had closed consumer loan in 2010 and it reflected that i have not paid and i had to get all the NOC and provide to Bank and 1300/- is still reflecting as i could not figure out how on earth i will take 1300 loan...some how convinced and produced DD to bank 1300/- for clearing my housing loan.
If there has been a default in the past there are high chances that your credit score getting impacted. Payment history is one of the important parameter taken into consideration when the score calculated. The bank will definitely not take a chance to lend someone who can possibly default on another loan taken. Credit score is just one of the criteria to meet eligibility for loan along with your salary, no. of yrs of experience etc, To know more about Home loan you can also visit the link Compare and Choose home loans with low interest rates
It may happen that the loan application get rejected if the score is below 750 also if you didn't manage to get any loan or credit card after the default. Would advise you to check your credit score before making a loan application. To check the report visit Why pay for CIBIL Score? Get Credit Score and Report for FREE.
