Tag

Apply for home loan

Browsing

A credit score is a crucial factor that lenders take into account when you are applying for an advance. This is because holding a good CIBIL score indicates your creditworthiness and shows minimum chances of defaulting on a loan. Therefore, borrowers with bad credit scores often find it challenging in procuring the best home loan in India, as lenders consider such applicants as risky. However, although it might be pretty challenging to avail loans with poor credit rating, it is not impossible. Here are some tips you can follow to avail a home loan in India with bad credit score – [A] Apply for a joint home loan In case your credit score is low, but your spouse holds a good CIBIL rating of 750 or above, make her the co-applicant for a joint home loan. Moreover, if your spouse has a steady income source – lenders will take that…

Buying a house is something everyone plans and dreams of throughout their lives. And many buyers who are ready to buy a house lack funds. These buyers prefer to opt for home loans, and lenders seek a 20 percent down payment for that. Since they lack money or have low income, making payments to these lenders can be difficult for people. After retirement, one can use his money to buy a house. But, is it a good idea to spend all the money you have earned with so much hard work all these years into buying a house? Employees Provident Fund (EPF) is a scheme under the government that helps members of EPFO to use 90 percent of their funds for making the down payments of their new houses. Under this scheme, a person can get a loan which is of the amount 24 times more of their wages. Employees…