The other day there were two very good news for borrowers. One which banking institutions and NBFCs have begun sanctioning larger mortgage loans (over Rs 1 crore) as long as three decades tenure. It is for the time that is first the credit crisis. These loans will especially target the young salaried individuals within the age bracket of 25-30 who will be in the initial phases of professions and have now high aspirations and as well as earning potentials.
The 2nd very good news had been that April onwards, due to the brand new financing base price calculation formula, banking institutions will likely be faster to pass through on any rate cuts to borrowers. But, these are great news only when you’ve got a good credit score. Banking institutions would neither provide you high quantities nor are you in a position to switch loan providers and make use of a price cut for those who have a credit score that is poor. Continue reading “Ways to get loans despite having a low credit history”