More On Home Loans & Credit History

In this video, we will answer viewer questions on home loan guarantors and credit history Saurabh Singh says he had a credit card payment due for the last three years and his CIBIL score has gone down to 560. He wants to improve his CIBIL score for the future He wants to know that if he pays his dues will it go to green and how much time will it take to improve the credit score We suggest that you take help from professional credit counsellors who can guide you on problems like these First get your CIBIL report out and check it Start paying your loans on time If organisations don’t want to give you loans because of your score, take a loan against an asset to improve the credit history So, it could be taking a loan against FD and make repayments on time Over a period of time, these timely payments along with timely repayment of dues will improve the credit history If you do this, over 6-8 months, you should see your credit score improving Kamlesh Pandey has a question about home loan guarantors He asks how a mortgage loan guarantor obtain a no dues certificate from the bank if the loan is paid by the defaulter’s wife He also wants to know what other documents should be obtained from the bank Our expert says that the guarantor can give a written request to the bank to provide no dues certificate for the loan He or she may obtain a statement of the loan for his or her record Guarantor doesn’t need anything else but if the guarantor has pledged or mortgaged anything for that loan, he should obtain the papers from the bank

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