Low CIBIL score is one of the primary reasons for applications for home loans to get rejected. Improving the credit score is the only solution for it.
Here are some tips to improve credit score.
• Check CIBIL Report – Reviewing the credit report 3-4 times a year is beneficial for financial habits and for checking discrepancies in reports. It also helps check personal details like name, age, PAN number, etc. and confirm accuracy.
• Restrict utilization – Using less loan amount according to the requirement is beneficial. This will improve score as lower credit means lower EMI.
• Late Payment – This is one of the major reasons for a bad score. So it is better to make sure to pay EMI or credit balance in time. Neglecting it and bargaining with credit providers later is not beneficial.
• Mix of Credit – Do not over expose to any one type of credit like unsecured loans or a high number of credit cards. Instead, have credits like home loan, car loan, personal loan or credit loan.
Heather Homes one of the top builders in Trivandrum offers a choice of apartments in Trivandrum of world-class standards. One who looks for a premium home in the capital city, Heather Ferns, flats in Trivandrum by Heather Homes is a great choice.
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