In Banking Sector, there is no standard process defined to Cancel Credit Card. As a result, most of the times credit card user end up with low CIBIL score due to unintentional payment default. I also suffered in past, thankfully i noticed before it impacted my CIBIL Score. Credit Card is both a blessing and a curse depending on how you use it. Some people have habit to experiment with credit cards. Trust me, it is most dangerous game. They apply for new credit card when they receive new offers and cancel credit cards which are not in use. This habit can cost you heavily if process to cancel ... Read More
7 Important Points about Joint Property
The concept of "Joint Property Purchase" is being popularized by Home Loan Providers and the Govt. The objective to promote Joint Property Ownership is different for both Govt and the Home Loan Providers. State Govt's are providing incentives in stamp duty and registration charges to empower women through Joint Ownership. In many cases, i observed that Husband is willing to include Wife as a Joint Owner only to save stamp duty. Whereas from Home Loan provider perspective, they have selfish motive to safeguard their business interest which is not wrong also. Home Loan provider first push for ... Read More
Low CIBIL Score – Check your Credit Utilization
Low CIBIL Score is now synonyms to Loan or Credit Credit Card Rejection. There is a common perception that Low CIBIL Score is only due to default or delay in payment of credit card bill or loan EMI. It is not 100% correct. Low CIBIL Score has very strong co-relation with overall credit eligibility. "Credit Eligibility" means max credit that a person can avail and "Credit Utilization" is actual credit availed. It is important to maintain a fine balance between credit eligibility, credit requirement & credit utilization. Optimum distribution of credit is essential depending on your current ... Read More
How to avail Home Loan without CIBIL Score?
Home Loan without CIBIL score is un-imaginable. I receive multiple queries from my clients on How to avail Home Loan without CIBIL Score. In short, Home Loan lender should not check CIBIL Score of a Borrower. I have handled many cases wherein the people are victim of mistaken identity, wrong entries, identity theft, CIBIL Score of -1 i.e. insufficient credit history or no credit history. Dream of owning a house will remain dream for this section. As we know that now it is very difficult to avail Home Loan without CIBIL Score. I am writing this post for the benefit of such potential borrowers ... Read More
CIBIL Score and Credit Card Limit
Credit Card Limit is basically "Spending Limit" allowed on your credit card. Credit Card is riskiest business for any bank. The default rate is very high on credit cards as it is totally unsecured credit extended to customer. Now a days banks are extra cautious while issuing a credit card. A credit card is issued only after due diligence. Every credit card has different credit limit depending on risk profile of the customer. Credit card limit is decided based on income, current loan portfolio, expense pattern and overall risk assessment of customer by the bank. Banks pull out CIBIL report of a ... Read More
How Home Loan Eligibility is Fixed ?
One of the key concern of a Home Loan Borrower is Home Loan Eligibility. In one of my previous post on 6 Steps of Home Loan Process i highlighted 6 critical factors which impact Home Loan Eligibility. Many readers requested me to write a seperate post on Home Loan Eligibility. Let me admit that there is no scientific method to fix Home Loan Eligibility. If an Individual A apply for a Home Loan with 3 different banks, All 3 banks will fix different Home Loan Eligibility. The deviation is normally 5%-10% from mean. Private Banks and HFC's are more liberal whereas PSU banks are strict. Home Loan ... Read More
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