Is taking a loan depend on CIBIL Score? | Are you getting cheated on the home loan?

 

Is taking a loan depend on CIBIL Score? 

In today's time, taking a loan has become a common thing. People often take the help of loans to buy hobby items and some things are available as soon as they get loans like buying a house or a car or starting a business. It can be said that to meet every small and big need, a loan is needed in today's time. But today after the work news, we will not talk about getting you a loan, rather we will discuss how to improve your CIBIL score. 

What is the CIBIL score? Why is such a CIBIL score needed? Let's try to understand. Let's start with understanding the CIBIL score. Simply put, the CIBIL score means a number that shows your borrowing history and tells whether you are good or bad at repaying the loan, the work of issuing a CIBIL score is done by a company licensed by RBI.

 

If we look at the calculation of CIBIL score points, then it is something like this, a three-digit number between 300 to 900 shows the credit history of a person, which we call CIBIL score. This score shows how the person's transactions with banks or non-banking institutions have been. To generate the CIBIL score, it is necessary to take a loan at least once. 

And yes CIBIL score is not made in a day, It takes about 18 to 36 months for this. Now let's talk about the issue, CIBIL score is important for many things. But the question is why the CIBIL score is important. So let's know about the CIBIL score. As you must have heard. In today's time, many companies have also made it necessary for the candidate to have a good CIBIL score for jobs in the finance sector. 

Apart from this, the CIBIL score plays an important role in the loan disbursement process. With a good CIBIL score, there is also a possibility of getting a loan at a lower interest rate. If the CIBIL score is good then there is no problem in getting the loan approved and if the CIBIL score is low then it becomes difficult to get the loan. 

Most banks and finance companies refuse to give loans. Hence CIBIL score becomes very important. Let us understand this also how many scores are good and how many are bad in CIBIL score?  For example, a CIBIL score of 300 to 550 is considered weak. It is considered average from 550 to 650. 650 to 750 is considered good and 750 to 900 is considered best. 

Hope now you have understood the maths of CIBIL scores. Let us now work to improve your condition so that your CIBIL score is correct. For this, you should follow some things. First thing, keep paying your loan EMI payments on time. Secondly, use a credit card only when needed. Thirdly, take as much loan as you can repay easily. Fourth thing, do not check the CIBIL score again and again. 

By doing this the CIBIL score is down. The fifth thing always avoids becoming a joint score or guarantor of someone else's loan. Now the last thing you will say is that you have heard the full story of the CIBIL score, but we don't know to check the CIBIL score, no problem. The CIBIL score is seen with the help of the PAN number. 

For this, you just have to visit the official CIBIL score website www.cibil.com. You can check it there, but be careful. This facility is available only once a year on this website. To check the CIBIL Score website more than once for free, you have to take a paid subscription plan. It also costs ₹ 550 monthly for this. 

Apart from the CIBIL score website, the CIBIL score can also be checked from the website of mobile banking, service aggregators, or non-banking institutions. Hope you must have understood some useful things in today's presentation of our useful news.

 

Are you getting cheated on the home loan?
 

A friend of mine has recently bought a flat. Also made the down payment and submitted all the necessary documents for a home loan of around ₹40 lakhs. Then everything will be fine, then the loan company said that you will have to take insurance along with the loan. My friend thought it was okay, but when he heard about the insurance premium, he was shocked. 

The home loan finance company quoted a premium of ₹2 lakhs. Then negotiations started between him and the home loan company. After a lot of arguments, the company asked for a premium of ₹ 1,20,000. His compulsion was that after all this, there was no option for him to cancel the deal to buy the flat. The home finance company added the premium amount to his loan. 

Such situations are faced by all the people who buy a house. Taking a home loan turns into a nightmare. The biggest thing is that the people of the bank give you information about such charges and forcibly imposed products at the end. At such a time, when the situation becomes neither spitting nor swallowing in front of you, then we are going to inform you about it. 

We will also tell you what you should do. When we buy a house, we can go with it two types of insurance. One is home insurance i.e. gives insurance protection for you during a fire or any other natural calamity. The second insurance is that if something happens to the buyer of the home, then in such a situation the insurance company repays your loan and your family does not have to pay EMI. 

Both insurances are important, but taking this insurance as a bundle with the home loan, many times is not beneficial in terms of saving money. What you should do now is buy home insurance but also compare it with companies that provide general insurance. After understanding all the features and tracking the price, you can take the insurance. 

Now understand the case of home buyer insurance through which a home loan is covered. In this insurance, if something happens to you, your family does not have to pay the outstanding EMI of the loan. Its premium is taken in a lump sum. Instead of taking home loan insurance from the bank, you should take term insurance. Keep its sum insured equal to your home loan. 

Suppose your loan is ₹40 lakh, then you can take ₹50 lakh. It will also be cheaper for you. In this, your family will not face any kind of financial difficulty in your absence. Nowadays everything is available online. In such a situation, you can investigate all these plans online. You will find everything from features to pricing here. 

The thing to understand is that you should clear all the things from the loan agent of the bank at the time of starting the conversation about taking a home loan. Ask for hidden terms and conditions. It would be better to prepare a checklist in advance and mention all these things in it. Later, enter all the things in this checklist. 

Remember, if you remain a little alert then you will not have to face difficulties later. So these were the tips to avoid the act of imposing insurance with the home loan. If you like the information, please comment on our site www.tradeiohub.co.in. Stay with us for more important information.