For every home buyer, the most important thing is to get the home loan application accepted by the lender. But this can be challenging for a person who has a low CIBIL score. And most people learn that after their home loans are rejected. Hence, it’s great to know where you stand financially before you are rejected by a lender so that you can make improvements to your CIBIL score.

Benefits of maintaining good credit score:

  • Hassle-free availability of home loans. A CIBIL score of more than 700 gets 90% of all home loan applicants approved irrespective of the lender.
  • Easy and rapid processing of home loans.
  • Greater chances of negotiating the interest rates due to good credit score.

Credit HistoryOther than the abovementioned benefits, you also have the opportunity to negotiate or even waive processing fee and choose prepayment option as well.

Getting your credit information report is imperative

Your credit report gives you the true sense of where you stand financially and helps you making better plans for finances in the future. With credit information at hand, you can escape debt traps and keep track of your borrowings and unnecessary credit exceedings. This helps you make better choices in terms of obtaining new credits, consequently making you a better financial planner.

Where can you find your CIBIL credit score ?

CIBIL maintains records digitally and everyone can access this information online by submitting your details and a nominal fee of Rs. 470. You can simply check your credit score online following these steps:

  • On the official website of CIBIL, click on Know Your Score link.
  • Fill your name, DoB, address, ID proof details, past loan history and other enquired data in the online form and submit.
  • After submission, you will be redirected to the payment gateway, where have to pay the set amount of Rs. 470 through any mode of payment including credit cards, debit cards, net banking etc..
  • Post payment, you are redirected to an authentication page, where you have to answer five questions based on your credit history. Out of those five questions, only three are required to be correct for your authentication with CIBIL. You will receive your credit report in the next 24 hours in your email inbox.

In case your authentication fails, all you have to do is fill the application form, print it and send the hard copy to CIBIL by post and you will receive your report in a few days by post as well.

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March 2024