Can i get a home loan if my CIBIL is 598 ?

POSTED BY Pavan Kumar ON April 29, 2013 6:23 pm COMMENTS (4)

I have a clean credit record since last 10 years. I had a home loan which was paid off in 2006/7. I also maintain a HDFC credit card since last 10 + years, which was always paid and serviced on time – there were a few exceptions – when i was travelling or was abroad or a few times when the payments got credited about 2-3 after the due date – however i have always diligently paid all my dues . 

The only exception to the above was the HSBC credit card, which i owned around in 2005, and which  i  lost around 2006; so i immediately called the customer care and closed the card and paid the balance – i think it was less than Rs. 1000. ( i was living in New Delhi at that time- now i live in Bangalore)

To my shock, HSBC started calling me in 2011/ 12 for payment over due. I was told that i have an outstanding of about Rs. 10,000 and the accrued interest has amounted to Rs. 1.5 lacs. The collection agents threatened me and harrased me for over a year for 1.5 lacs amount. 

I suddenly stopped getting calls about 6 months ago and then i realized that this has affected my CIBIL Score adversely. 

Now my CIBIL score has dropped to 598 !!! And that too right at the time when i am looking for a Home Loan and already booked a property

I feel very frustrated now! i think its very unfair. 

Why should i pay 1.5 lacs to get my CIBIL Score right – and why should i pay HSBC when i dont owe them any money.

Is there any solution to my problem, Any suggestions or help would be very welcome


4 replies on this article “Can i get a home loan if my CIBIL is 598 ?”

  1. Credexpert says:

    Dear Mr. Kumar,

    Did the customer care revert with a written confirmation of closure of the credit card? If yes then, this written communication could help in resolving this dispute.

    598 is a low score and yes if the bank has charged interest in spite of the closure of the card then you should not be repaying this amount and rather dispute it with the bureau / lender.


  2. Dear Pavan, do you have with you any old communication from the bank regarding the card closure with no dues?



  3. Dear Pavan, first of all try to get info, for what thing that original 10 Rs. was meant for?



    1. Pavan Kumar says:

      Its actually 10 k, and i have no clue what this amount is for and the bank is also not telling anything clearly

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