Cibil Score: RBI i.e. Reserve Bank of India keeps taking decisions on repo rates from time to time. For the last five years, RBI has kept the repo rate stable. Recently, RBI has cut the repo rate by 25 basis points.
Now the Monetary Policy Committee (MPC) meeting is to be held from 7 April to 9 April. It is expected that RBI may once again cut the repo rate. This decision of the government may reduce the interest rates of home loans. Let us tell you that till now banks have not made any announcement regarding reducing the home loan interest rate. It is expected that by reducing the repo rate, banks will also reduce the home loan interest rates soon.
If you are planning to take a home loan to buy a new house, then waiting a little can benefit you a lot. Actually, after the RBI MPC meeting, it will be known whether the home loan has become cheaper or not. If a cut in the repo rate is announced, then banks will announce a reduction in home loan interest rates in a few weeks.
What should be the CIBIL score to get a home loan?
Generally, the CIBIL score is most important for getting a home loan or any kind of loan. Often people resort to home loans to buy a house. In such a situation, only one thing comes to everyone's mind what should be the CIBIL score to get a cheap and quick loan from the bank?
Generally, a score between 650 to 700 is required for a loan, but having a score of 750 or more increases the chances of getting a loan at a lower interest rate. If your CIBIL score is above the set standards, then you will easily get a loan at a lower interest rate.
On what CIBIL score do banks approve loans -
More than 750 - Easy loan approval and low interest rate.
700 to 749 - There is a good chance of getting a loan, but the interest rate may be a little high.
650 to 699 - You can get a loan (Loan News), but the terms and conditions will be strict and the interest rate will be high.
Less than 650 - It is difficult to get a loan, the bank may demand a co-applicant or a higher down payment.
Do not make these mistakes to get a home loan easily -
Improve CIBIL score - If your CIBIL score (How to improve CIBIL score) is low or bad, then definitely try to improve it. Remove one thing from your mind beforehand improving the CIBIL score is not a matter of a day or two or four days. For this, you will have to be patient.
To keep the CIBIL score better, pay EMI and credit card bills on time. Keep your credit card usage below 30 percent. You should not take multiple loans at the same time. First clear one loan and only then take another loan. Check your CIBIL report and correct any mistakes if found. Maintain the balance of secured loans like home loans or auto loans and unsecured loans like credit cards.
Make at least this much down payment -
If you are buying any item, then make at least 20 to 30 percent of its down payment. If you do this, the bank will easily give you a loan and you will not have to pay much interest.
Apply with a partner -
If your CIBIL score is down, then you can apply for a loan (joint) with your spouse or any member of the family, which increases the chances of getting approval.
Take a loan for a long period -
If you are taking a home loan, then keep a period of at least 20 to 25 years. By doing this, your monthly EMI will be reduced, which will make it easier for you to pay the installments in case of financial crisis. Apart from this, by doing this, banks will have more confidence in your ability to repay the loan.
Source of solid income -
Banks give priority to those customers who have a stable job or a solid source of income. If you are employed, then submit documents like salary slips, bank statements and income tax return (Loan Important Documents). If you provide all these things to the bank while taking a loan, then you will easily get the loan without any problem.
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