Taking Home loan, Credit Score can Stop You

Home is a place which every individual desires for, a shelter which provides safety, gives a sense a belongingness and together with this gives you an identity.

Who doesn’t Dream of a home that’s their own? But in a world where Cost for a home is too high for the middle class people to afford, the dreams are shattered. People work hard and are still not fulfill this wish of their’s.

In such a Scenario, home loans provided by the banks are way out to achieve your dream. A way which helps you to fulfill you wish of owning a house.

But not to forget that availing home loans, comes with a cost. Cost of being punctual with the payments of interest and loan, cost of keeping a good Credit Score.

A credit Score is a 3 digit number provided by the CIBIL which represents the Credit rating and Credit Worthiness of an individual.

A Home Loan Application is only rejected if the individual:
a. Has defaulted payments in the past.

b. Does not have Good Credit Score.

c. Does not have enough past Credit records to judge him.

But Credit Score is definitely the most Vital tool to decide if the individual will be given a home loan or not :

1.     A good Credit Score is always a boon – A person with Good Credit Score gets home loan easily at low interest rates, because banks think people with high Credit Scores are reliable and trustworthy and also tend to have higher Credit worthiness. Thus Good Credit Score can be a blessing for you to get your own home.

2.     Poor Credit Score can put a brake on your dream of owning a house – Poor Credit Score can be bane for you as it will make it difficult for you to attain home loan. People with poor Credit Scores do not get home loans easily because banks think such people to be unreliable. Thus having poor Credit Score can put an end to the dream of owning a house.

But even if banks pass the application of home loan, they will charge high interest rate because they will find it a risky affair to provide loan to an individual with poor Credit Score.

If you want to get home loan and wish to have a house of your own but suffer from the problem of poor Credit Score. Consult – “ Credit 4 Loan” – “Credit 4 Loan is a company who works with individuals throughout their credit improvement series, In which individuals who suffers rejection on their Home Loan, Personal Loan, Credit Cards, etc. due to their poor credit score & credit report gets help in enhancing their credit score at a level, Where they'll be eligible for their loans & cards at best interest rates in the market."

This company has helped a number of people overcome the problem of poor Credit Score – Example of one such man – Mr. Damodar Pratap – A job holder, who all his life aspired to own a house but due to lack of Credit records banks were not ready to give him a loan. Credit 4 Loan provided him the consultancy services and helped him avail home loan.

Thus, always remember, the Key to your own house is just a Good Credit Score away