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HDFC – Getting ready for HDFC finance facility

Posted by Boahiyaa Management on 04/07/2016


To get ready for a housing finance facility you must gather sufficient and appropriate information from HDFC customer service, and must be prepared to barrow, accepting the terms and conditions set by the lender.

To make your application successful you may have the following;

  • Have a right credit score or a good credit rating

Misinformation can hurt your credit score and get your application denied. Get rid of any inaccurate information by disputing it with the lender’s and the Credit Information Bureau (CRIB). If you have proof of the mistake, providing it will help ensure the mistake is removed from your report.

  • Settle all your delinquent accounts – late accounts, charge-offs, collections, judgments

Mortgage lenders need to be convinced that you’ll make your payments on time. Outstanding delinquencies will kill your chances of getting a mortgage. Pay off all accounts that are currently delinquent before putting in a mortgage application.

  • Pay delinquencies with timely payments

You need to establish a pattern of timely payments to get approved for a mortgage and get a competitive interest rate. If you have a recent late payment – or you’ve just paid off some delinquencies – wait at least six months before applying for a mortgage. The older the delinquency, the better your credit looks.

  • Try to reduce your debt-to-income ratio

HDFC will question on your ability to make your mortgage payments if you have a high level of debt relative to your income. Bring your monthly debt payments to at most 10% of your income – the lower, the better. (After you get a mortgage, your debt-to-income ratio will skyrocket, but shouldn’t be higher than 40% of your income.)

  • Don’t incur any new debt

Taking on new debt makes a mortgage lender suspicious of your financial stability – even if your debt level stays below 10% of your income. It’s best to stay away from any new credit-based transactions until after you’ve gotten your mortgage. That includes applying for credit cards, especially since credit inquiries affect your credit score.



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