Search This Blog

20 April 2011

Checking Home Loans Availability Becomes Much Easier!

Today's headlines in DNA did make a positive move for the buyers as well as sellers in the field of home loans.
Making easy availability and application process regarding home loans is the most important point for any lender, and borrowers are out to approach those lenders who provide hassle free loans at attractive interest rates. Now it is possible to check directly if you are eligible for a home loan and that too for a nominal fee of Rs. 450.
Cibil is an organisation, a group of financial institutions and banks who have come up with certain rules and regulations and measures to follow regarding credit infromation reports and credit scores. Cibil (Credit Information Bureau India) has announced the opening of TransUnion Score system for the public. Any individual can access their credit score by paying the nominal fee and come to know their credit rating and financial standing in terms of loan approval and repayment. Since the credit information report contains personal and financial information of the borrower the lender is more than happy to go through this report and come to offer loans to individuals who have a high score.
This score is measured in numbers ranging from 300 to 900. It is always a 3 digit score and the more higher the score the better the rating, and the more chances of your home loan approval. This score is calculated after considering a person's credit history and his loan repayment capacity. His past loans and the repayment schedules do matter when the lender considers any home loan application. Sanctioning a loan amount of 25 to 50 lakhs or more, does require critical scrutiny from the lender as they have to see that the borrower has the capacity to the repay the loan amount taken within the time frame and calculated EMIs.
Checking your credit score is beneficial to both the lenders as well as the borrowers. Lenders are very happy as the risk factor, which they have to consider whenever they offer an amount as loan is reduced to a paper score. Many hassles are removed and one glance at this score will immedaitely indicate whether the borrower is a good customer for offering loans or not. Their past repayment capacity and their financial standing will clearly indicate in a much better manner how the borrower will repay the loan.
The borrowers will also benefit with this move by cibil of opeing up a TransUnion Score System. As they get credit infromation report regularly they can now come to know  their personal credit rating. According to this they can plan beforehand regarding application of home loans or any other loan. Increasing chances of approval is the foremost in any borrower's mind and this will help to avoid time delays and other formalities the lender has to undergo to scrutinize the home loan application by any borrower. The customer also can understand his personal financial standing and consider only those loans which they can easily repay within their salary and expenses.
Home loans are and will be the most cheapest loans available among any other loans, and any move to smoothen the application and approval process is considered as positive and leading toward better financial lending and borrowing dealings. This will save many administrative costs and precious time of both the customer as well as the loan lending institutions.

4 comments:

  1. My loan was rejected. Credit Sudhaar was my choice. Initially they were slow. But their counsellors were able to handle all my queries. I will give Credit Sudhaar a positive review

    ReplyDelete
  2. Thanks Trusha for recommending Credit Sudhaar, hope this helps many borrowers whose loans were rejected or not approved.

    ReplyDelete
  3. My loan was rejected. Credit Sudhaar was my choice. Initially they were slow. But their counsellors were able to handle all my queries. I will give Credit Sudhaar a positive review

    ReplyDelete
  4. Good to know they help out on loans, Credit Sudhaar, thanks Kabir for coming by Home Loans Simplified Facts and this helpful link. All the Best!

    ReplyDelete

Comment Like Share your views and experiences on Home Loans!