Category: Finance

Other Costs That Usually Accompany Your Home Loan

Home loans usu­al­ly attract fol­low­ing extra costs: 1) Pro­cess­ing Fees: It’s a fee payable to the lender on apply­ing for a loan. It is either a fixed amount or may be a per­cent­age of the loan amount applied for. 2) Pre-pay­­ment Penal­ties: When…

What is My Home Loan Eligibility

Most com­pa­nies give home loan up to a max­i­mum of 85% of the cost (includ­ing the reg­is­tra­tion cost) of the house for a loan upto Rs.20 Lakhs & 80% of the cost above Rs. 20 lakhs. How­ev­er in case of…

Some Queries of Readers on CIBIL

Is CIBIL a list of default­ers? No. CIBIL only main­tains account infor­ma­tion of var­i­ous loan cus­tomers and cred­it card cus­tomers irre­spec­tive of the fact whether they are default­ers or not. The infor­ma­tion com­pris­es their name, address, month­ly repay­ment track record, outstanding…

How CIBIL get & share Credit information of consumers

CIBIL col­lects cred­it infor­ma­tion of the cus­tomers of each mem­ber finan­cial insti­tutes & get it com­piled by its own. CIBIL share the cred­it report of con­sumers with in its mem­ber group only. The Cred­it Infor­ma­tion Com­pa­nies (Reg­u­la­tion) Act, 2005, and var­i­ous Rules…

What Should One Do, if there is a Mistake in the CIBIL Report

Typ­i­cal­ly, one checks cred­it report when one’s loan gets reject­ed and the loan provider tells that it is because of some infor­ma­tion on cred­it report.  Mis­takes on a cred­it report can be eas­i­ly cor­rect­ed with the CIBIL’s help. All you need to do is: a) Pur­chase your…

How to Own your CIBIL Report

There is a pro­ce­dure for pur­chase of one’s own CIBIL report so that before you apply for loan, you are aware of the same & you may get the errors rec­ti­fied, if there any, before you’re your lender seen the wrong…