How to Improve Your Credit Score for a Villa Loan During Pandemic Times
They say every black cloud has a silver lining. It would appear that the silver lining during this pandemic comes from the banks who have substantially lowered their interest rates on home loans. This is aside from the builders who are offering better deals to homebuyers during this pandemic era. These are welcome moves for prospective homebuyers who have realized the importance of having spacious homes of their own during the lockdowns.
Having stayed cooped up at home for months has redefined the need for spacious villas with ample open views and access to ample amenities. Since it’s traditional to buy homes with the aid of a home loan, its important you first check your credit history. A lean credit history ensures quick approvals by the banks along with lower interest rates. A CIBIL score of 750 and above will get you there. Here are some tips on improving your credit score:
Credit Cards
The best way to improve your score is by paying off the dues on your credit cards in a timely manner. While it’s easy to run up bills on your credit cards, maintain discipline in their use as it will eventually affect your CIBIL score.
Long loan tenures
When you opt for longer loan tenures, your loan EMI becomes smaller and easier to pay at the end of each month. While this can improve your credit score, do keep in mind that you will end up with a larger interest payout.
Co-applicant
When you apply for a joint loan, the co-applicant also helps in paying off the EMIs. This will boost your creditworthiness and improve your eligibility for higher home loans.
Credit risk
Reduce your credit risk and existing debts by pre-paying smaller loans and closing them off before applying for a new home loan. Such action will boost your overall loan approval eligibility.
Branded Builders
Bank loan approvals get easier if you are buying a home from reputed builders with timely deliveries.
For those on the lookout, reputed builders like Fortius Infra have an ultra-luxury villa project ‘Under the Sun’ strategically located in Devanahalli, Bangalore which offers contemporary-style homes nestled within a 30-acre fruiting orchard. These IGBC pre-certified villas come with a host of world-class amenities, landscaped gardens and an exclusive clubhouse.