How Home Loan EMIs Affect Credit Score

Maintaining a good credit score during the repayment of a loan can be considered a daunting task for many. Acquiring another home loan in the future is also depended on maintaining a good credit score.

Here is how to maintain a good credit score

•    Pay EMIs correctly - Missing monthly EMI payments is considered a grave mistake with respect to maintaining a good credit score. It is ideal to maintain savings so that it can be used in emergencies instead of using up the amount kept for EMI.

•    Auto debits – An effective way of avoiding delays in loan payments is by setting auto debits in salary accounts. This will enable the lending bank to auto-debit the amount on the particular date without fault.

•    Buffer time - It is important to maintain a buffer time when dealing in cheques or third-party gateways to ensure that the payment gets cleared before the due date.

•    Updated details – For receiving timely reminders and instalment notices, updating details like address, contact number and email IDs in banks records is important. 

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