Impact Of Home Loan EMIs In Credit ScoreJanuary 19, 2018
Home loans have become a trusted option for financing one’s desire of owning a house. However, maintaining a good credit score while repaying the loan is a daunting task. As the credit score is vital in determining the eligibility for getting a loan, maintaining a good score during a home loan repayment opens up possibilities for acquiring another loan in future.
Following are the important points to remember to maintain a good credit score.
Do not default in EMIs
Missing to make payments of monthly EMIs on time is a grave mistake with regards to maintaining a good credit score. A single missed EMI payment will be regarded as a defaulting action. It is recommended to maintain a savings account to be used in emergencies for not delaying the payments.
Setting auto debits in salary accounts is an effective way to avoid delays in loan payments. Linking savings account or salary account to the loan lending bank will allow them to auto debit the outstanding EMI on a particular date.
For those who pay EMIs by cheques or third party payment getaways, it is important to maintain a buffer time as to calculate the number of days it would take to get the payment cleared.
Updating details like address, contact number and email IDs in the records of the bank or financial institution is vital for receiving reminders and installment notices on time so as not to miss a payment deadline ever.
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