3 Steps to Check Your Credit Score Online before Applying for a Home Loan

IndiaNotes Team | Jan. 27, 2017, 1 p.m.

Every applicant seeking home finance has to fulfill the eligibility criteria set by the financial institution. It is necessary that applicants meet the minimum age requirement as well as the income criteria. The most important aspect that lenders consider while providing a housing loan is the credit score of the applicant.

The Credit Information Bureau (India) Limited (CIBIL) rates individuals based on their financial position, which includes the assessment of assets and liabilities. This rating is generally a score that ranges from 300 to 900. Higher the credit score higher will be the chance of obtaining loan approval. This is because financiers perceive those with high credit scores as low-risk individuals, who are less likely to default on their payment. It is, therefore, necessary to have a good credit score before applying for a loan. Besides, individuals with a higher score also get favorable terms of the deal, like lower interest rates and higher loan amount.

Following are three steps to obtain your credit score online through CIBIL.

1.    Fill the application form

The first step is to fill out the online application form. You have to provide personal details like name, date of birth, and your contact details. It is also necessary to provide your income details in the application form.

2.    Make the payment

The next step is to make the necessary payment. If you wish to obtain CIBIL score along with a credit report, the cost is INR 550. You may also avail of a bi-annual subscription. The cost to obtain two score reports every year is INR 800. You may also subscribe for a quarterly subscription that is four score reports every year. The cost for the same is INR 1,200. You may make the payment through net banking, debit card, or credit card.

3.    Submit the necessary authentication details

The last step requires authentication. You will need to answer a few system generated questions. After the authentication is completed successfully, you will receive the CIBIL score via e-mail in 24 hours. Upon receiving your score, you may apply for a home loan easily.

If you do not wish to avail of your score online, you may send the printed application form along with your identity proof, address proof, and CIBIL transaction ID through mail. Once CIBIL receives the application, it will verify the details and send the printed copy of the credit report to your residential address. However, obtaining the credit score online is quick and hassle-free.

Around, 79% of loan applications get approved if the applicant’s credit score is greater than 750. It is, therefore, necessary to ensure that you have a good credit score. Make timely payments on your credit card bills and outstanding loan amount, if any. If you notice any errors in your report, make an immediate correction. By doing so, your credit score will improve and your chances of getting an approval on your home loan will increase.


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