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  The State Bank of India recently announced interest rate on home loans at just 6.65%. But not everyone can avail the loan at such a low rate. For that, his or her  credit score  has to be excellent. The country’s largest lender is providing home loans at attractive interest rates for those with good credit scores. And not just loans, a decent  credit score  will also help you get credit cards too. So a good  credit score  helps you avail personal, consumer and other types of loans and credit cards easily. But, what exactly is the concept of credit score? Let us find out.   There are four credit information companies or credit bureaus in India whose credit scores are popular with both lenders and borrowers. These are TransUnion CIBIL, Experian, Equifax, and CRIF High Mark. A borrower’s credit score ranges between 300 and 900. For a bank or lender, your credit score reveals your creditworthiness as a borrower.   Scores that are at least 750 o...

Home Loan  : Have you ever been hounded by telemarketers urging you to apply for a loan? Calls, text messages, WhatsApp or even meeting you in person, representatives of financial companies leave no stone unturned when it comes to convincing you to take a loan. But how is the loan application processed? Do lenders really bend over backwards to hand you the loan cheque? It does not quite work that way.  Yes, sales personnel employed by financial institutions are aggressive in their attempts to lure you. They have to be; their commissions depend on it. And if one takes the bait and applies for a loan, the situation is likely to change by the time the application is processed. It is the borrower who is expected to satisfy the credit parameters and fulfil all the eligibility criteria for the Home Loan. Let’s get down to the basics. What do you think is the main eligibility criteria for taking a Home Loan?  The simple answer is the borrower’s abi...