The Impact of Credit Score on Your Home Loan
What Is A Home Loan? A home loan is an amount of money that someone can borrow from a bank or a private lender at a certain rate of interest that has to be paid along with the EMI every month. The particular property is going to be held by the moneylender for security purposes. If the borrower cannot pay the loan dues, the lender has the legal right to seize the property in question and sell it to recover the dues. The Different Types of Home Loans Are: Home purchase loan Home improvement loan Home construction loan Land purchase loan Home extension loan Joint home loans Home Loan balance transfer Top-up Home loan What Is Credit Score? A credit score is a number that ranges between 300- 900 and is calculate by rating agencies like see CIBIL and Experian. If you ever take a loan or a credit card from a bank or any financial organization, your lender tracks your repayment records and sends them over to credit agencies every month. The credit agencies compile your information to dra...