I am a defaulter, having almost 2 lacs liability. Recently, I had a salary hike and my net take home is Rs. 30,000 pm. Will I be eligible for home loan if I clear all backlog? Amit, Patna.
If you are a defaulter, most of the banks will not prefer to give you loans. There will be a few banks willing to give you loan for a lesser amount than you asked for, and that too for a higher interest rate ! When you clear off your debts and maintain a good credit score henceforth, it will increase your chances of getting good deal of loans. Your credit score should be atleast a minimum of 750 to get a home loan at a lower interest rate.
It might be difficult for you to get a Home Loan if you have defaulted on other loans in the past. We suggest that you settle your loans and then check your Credit Score. Click here to check your Credit Score for free. If you have a good Credit Score, you can go ahead and apply for a Home Loan. If your Credit Score is low, even after repaying your loans, you will need to improve your Credit Score before applying for a Home Loan. Read these blog posts to know how to improve your Credit Score - 3 Ways To Improve Your Credit Score Quickly and How To Improve Your Credit Score Using Your Credit Card.
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