Good Credit score Can help you get the Home Loan

Thinking of having a home loan? Have you checked your credit score? A credit score is the most important factor to think about before applying for the loan. Let us discuss what is credit score and Why your Credit Scores Matters more than you think: What is a credit score? Credit score is given by credit rating agencies such as CARE, ICRA, CRISIL etc after determining various factors such as individual’s payment history, types and numbers of home loans, outstanding debts and other factors. These credit scores are looked at by the banks and other financial institutions while approving loans to individuals. Importance of credit score: The following factors listed below are the aspects which influence the credit score: Credit Approvals: An individual’s approval for any type of credit by any financial institution or bank is based on the credit score. These Institutions need to know whether the individual is reliable or not and also helps in determining eligibility to avail credit. A good important credit score is important to avail Home loans, car loans etc. House loans approval: An individual having a good credit score helps him avail new housing loan or rent easily. The credit score acts as a deciding factor and therefore it is important to have a good credit score. Interest rates: Having a good score helps an individual in getting best interest rates and terms.

Also having Good credit score helps you to get Home down payment assistance is in the form of an interest-free personal loan of 50% of your down payment and the interest is borne by HomeCapital. The principal amount is divided by the number of months to arrive at monthly payments. For more information, you can check HomeCapital.