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CIBIL Score important when applying for a Home Loa...

CIBIL Score important when applying for a home loan?

Every person who needs a loan sanctioned must know that the CIBIL Score plays an important role in obtaining a positive approval.

When the applicant submits his form to the lender, the first thing the lender does is check the credit score and report of the applicant. If the credit score is low, the lender may even reject the loan application. If the credit score is high, the lender will look into the application and checks the applicant’s creditworthiness.

The credit score acts as the first impression of the applicant. CIBIL does not decide if the loan or credit card should be sanctioned nor can it delete any records reflection on the Credit Information Report. CIBIL is just here to help with the lenders and the applicants to take an informed decision. The CIBIL Score ranges from 300-900. It is noticed that the credit score above 750 is preferred by the loan providers.

The next obvious question is how to improve one’s credit score. The applicant can improve it by:

  • Never making late payments.
  • Not using too much credit.
  • Having a balance between both secured and unsecured loans.
  • Too many unsecured loans may negatively affect the score.
  • Applying for new credit with caution.
  • If you have joint accounts, monitoring them closely for late payments.
  • Keeping track of your credit history by buying the Credit Information Report.

How lenders make use of CIBIL Scores

Earlier, lenders had to make an internal assessment of the applicant before sanctioning the loan. Now with the availability of CIBIL scores and Credit Information Reports, lenders have easy access to information on the applicant.

  • CIBIL has a large database of customers and their credit scores.
  • Lower the credit score, higher the chances of loans being rejected.
  • The lower limit is 300 and the higher limit is 900. Higher the credit score, better the chances of loans being considered for approval.

Things the applicant must know:

The applicant needs to keep in mind the following while applying for loan:

  • If there is any incorrect information provided by CIBIL, the individual can report and submit valid proof to correct it.
  • If a person has two loans and if he defaults on a few payments on one of the loans but has no default on the other one, and if that person wishes to avail another loan from a different bank, this bank will get information from CIBIL about his default payment. Thus, increasing the chances of his loan at the other bank being rejected. He may even have to pay higher interest on the second loan due to this.
  • Banks check your payment history if there is any default and how much is overdue.
  • They check your company profile where you work.
  • They check the EMI to income ratio. That is if your monthly EMI is more than 50% of your monthly salary, the chances of getting a low is reduced.
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HDFC Hikes Home Loan Rate...

MUMBAI: HDFC has increased its home loan rates by 10 basis points (100 basis points, or bps = 1 percentage point) with immediate effect. The country’s largest housing finance company is the last among big home loan providers to increase rates. 

Following the hike, The corporation’s home loan rates start from 8.80 per cent on loans o fup to Rs.30 lakh for salaried women. For loans between Rs. 30 Lakh and Rs 75 Lakh. it is 8.95 per cent, and 9 per cent on loans above Rs. 75 Lakh.

For borrowing where a woman (Biggest advantage of buying property in your wife’s name) is not part of the loan agreement, the rates are 50 bps higher. The move comes five day's ahead of the Reserve bank of India's (RBI's) monetary Policy announcement on October 5. The RBI is widely expected increase rates by 25 bps.

On Saturday, Punjab National Bank had increased its benchmark leading rates (marginal cost of Funds-based lending rate, or MCLR) for short-term loans by up to 0.2 per cent, effective Monday. With the revision, PNB's overnight MCRL now Stands at 8.0 per cent as against 7.9 per cent earlier.

Last month SBI and ICICI bank increased their benchmark rates against which all home loans are priced. While SBI announced a uniform increase of 20 bps on all its MCLRs, ICICI bank raised its benchmark rates By 15 bps.

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Pune civic body gets right to fix property regular...

The state government issued the notification following demand from many local bodies to reduce the compounding fees.

PUNE: The state government on Tuesday issued a notification giving local self-government bodies the right to decide on the fee to be charged for regularizing unauthorized constructions in civic limits.

The state government issued the notification following demand from many local bodies to reduce the compounding fees. The notification said the decision was taken after “various planning authorities in the state communicated various issues that cropped up during implementation and requested the government to reduce the compounding charges required to be paid in such cases”.

The notification assumes significance because the elected members in the Pune Municipal Corporation (PMC) are contemplating to reduce the charges. A proposal to cut the charges by 80% was approved by the city improvement committee. The proposal is under consideration of the general body of the PMC and is expected to sail through after the state’s notification.

Corporators in PMC demanded the reduction, saying it would give relief to many citizens. Elected members claimed that the common citizens, duped by builders, were suffering because of heavy compounding charges.

The state government in 2017 had given approval to a scheme for compounding the unauthorized constructions. Constructions carried out before December 31, 2015, are eligible for the scheme.

The scheme did not get good response in Pune with owners of only around 40 properties approaching the civic body to get their constructions regularized in the past six months. Though the move would be a relief to those having unauthorized properties, the civic activists have termed it unjust.

“Only reduction of charges will not help much. If the property owners have not followed all the other norms, the properties should not be compounded,” said Vishwas Sahastrabuddhe of Sajag Nagrik Manch, a citizens’ forum.

He said major discounts for regularizing illegal properties would encourage more such unauthorized constructions. 

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Consumers will be file Complaints Against Unregist...

MahaRERA to accept Complaints against unregistered projects.

PUNE: Consumers will be allowed to file complaints against unregistered real estate projects on the MahaRERA website after paying Rs 5,000 from August 16

The move follows the July 31 order of the Bombay high court, which made it mandatory for the Maharashtra Real Estate Regulatory Authority (MahaRERA) to hear complaints of consumers, irrespective of the registration status of the project concerned.

In other words, the authority cannot refuse to hear consumer grievance filed under Section 3 of the RERA Act if the realty project–under-construction or completed–is not registered with the authority

MahaRERA secretary Vasant Prabhu told TOI that they have already uploaded a form under the “source information” category would enable the payment facility for those desiring a hearing for their complaints from August 16.

“Earlier, consumers could file complaints without having to provide the details about the project under the “source information” category. However, it was done in a haphazard manner. To overcome this, we have changed the format of the form, making it easier for the authority to initiate action. Now, with the HC order, all projects that are not registered with MahaRERA will also be treated as source complaints and can be given a hearing provided all the details and payment are made by the complainant,” Prabhu said.

MahaRERA is treating this as a win-win situation for both the authority and the consumers as the complaints  filed under Section 3 of the RERA Act can ensure that more “unregistered  projects” come under the ambit of MahaRERA. Presently, there are 17,353 projects registered with the authority in the state.

Prabhu said Section 3 of the RERA Act mandates that no developer can advertise, market or sell unless he/she registers the project with MahaRERA. In fact, all developers were expected to register with the authority within three months of commencement of the Act, which came into effect in May 2107.

Consumers said the HC order gives more teeth to MahaRERA. “The high court order will ensure that all developers register their projects. And once all the projects are registered, all the sections of the RERA Act will be automatically applicable on them,” Vijay Sagar, president of the Akhil Bharatiya Grahak Panchayat, Pune, said.

He said there were a number of developers who had not completed and registered their projects and had even built floors beyond the legal sanction.  Due to the HC order, MahaRERA will now have to entertain complaints from consumers, thus, bringing down the number of unregistered projects and illegalities involved, Sagar said.

 


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