In the financial domain, there are several customer centric processes or activities which have certain pre-requisites or eligibility standards. These are essential parameters to make the process smooth and hassle free for the customer and as well as the financial institution. The Credit Information Bureau has established this standard in a form of score called as CIBIL Score for borrowing and lending purposes.
A CIBIL score represents the creditworthiness of an individual. It is prepared by TransUnion CIBIL, one of the four credit bureaus functioning in India (other bureaus include Experian, CRIF High Mark, and Equifax). CIBIL score stands for Credit Information Bureau of India Limited score. This is the parameter that determines the worthiness of credit and the ability of the repayment of an applicant.
CIBIL score is a three-digit number derived through an algorithm based on applicant’s historical financial data. Earlier, data used to taken from a period of 24 months but now CIBIL has modified its algorithm to procure the data from a period of 36 months. A good CIBIL score is between 700 and 900. It is a trust builder between the borrower and lender.
CIBIL score check is the primary and most efficient decision-making tool to lend for financial institutions. Also, it is an effective tool for a homebuyer to understand the probability of procuring a loan in advance. For a homebuyer, it is advisable to get CIBIL score checked prior to making any advance payment to the developer if procurement of loan is to be followed. Later sections will speak about benefits of a high CIBIL Score.
Follow the basic steps below to generate your credit report on HomeCapital:
Step 1 – Visit the HomeCapital website. To create an account, first click on Sign Up
Step 2 – Fill in your basic details such as name, email ID, city and mobile number. Set up a password and then log in
Step 3 – Click on Home Finance and you will come on the page of Credit Score
Step 4 – Basic details such as name, email ID, mobile number will be prefilled. You will need to fill in details like gender, PAN, monthly salary, and date of birth. Accept the basic terms and click on “Get My Credit Score”.
Once your CIBIL score is generated, you can click on “Download Report” to download your detailed CIBIL report in PDF format and proceed to become a homeowner.
When a credit report is pulled to check your credit score, an inquiry is conducted. A credit inquiry could be done in two ways:
A high CIBIL score has quite a few advantages like:
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HCPL and it's partners reserve the right to reject any application at any time in accordance to its policies. To qualify, a borrower must be a Indian citizen and meet our financial partners underwriting requirements. To check for an applicant’s eligibility, our lending partner will request your full credit report from one or more credit bureaus. Not all applicants receive the down payment assistance. To qualify for the program, you must have a responsible financial history and meet other conditions. Assistance limits displayed are indicative, actual limits will depend on number of factors. If approved, your program assistance tenure will depend on a variety of factors, including down payment assistance amount, repayment capacity, a responsible financial history, years of experience, income, home-loan to value ratio and other factors.
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