How can a CIBIL defaulter get a home loan?

Your CIBIL score helps lenders assess your creditworthiness and how likely you are to repay on time. As for a CIBIL defaulter, it is harder for you to get approval on a loan as you have a low CIBIL score which makes you a high-risk borrower. However, you can apply for a Tera Mera Ghar  Mortgage Loan with a low CIBIL score.

 

Factors that make availing low credit loan possible


Below are the factors that can make the low credit loan possible for borrowers


  • High value mortgage: To avail the Tera Mera Ghar Loan Against Property, you will be required to mortgage a high-value property. This may allow you to obtain a substantial loan amount even if a low loan-to-value ratio is offered due to your sub-par credit score

  • High and stable source of income: Typically, Tera Mera Ghar has easy-to-meet mortgage eligibility criteria. But, as a CIBIL defaulter, you will need to have a high and stable source of income. This helps assure the lender of timely repayment and reduces the risk of default

  • Low debt-to-income ratio: Debt-to-income ratio is the ratio of all existing liabilities against your income. The lower it is, the better your capability to repay a new loan. Your chances of availing a property loan increase if you maintain a debt-to-income ratio of 30% or less



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Home Loan Interest Rate FAQs

An interest rate between 12.75% - 44% on a Home Loan is a good and affordable interest rate.

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Although the interest rate varies from lender to lender, the lowest rate of interest on a Home Loan is 12.75%

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It is when the loan interest rates remain unchanged throughout the loan tenure or repayment cycle.

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You can use TERA MERA GHAR HOUSING INDIA PRIVATE LIMITED AN ISO 9001 : 2008 Finance’s Home Loan EMI calculator, which will calculate the total interest payout based on selected factors such as the loan amount and tenure.

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The fixed interest rate on a Home Loan remains unchanged throughout the loan tenure. A floating interest rate fluctuates throughout the loan tenure.

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The interest rate on Rs. 1 lakh loan would entirely depend on the chosen loan tenure. If the tenure is less, the interest will be higher, while it will be lower if the chosen tenure is higher.

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The stamp duty charge is usually 0.1% on the total loan amount if the loan amount is less than Rs 10 lakhs.

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