Can i get a homeloan after settiling creditcards with no dues

POSTED BY sree ON February 6, 2013 3:35 pm COMMENTS (8)

8 replies on this article “Can i get a homeloan after settiling creditcards with no dues”

  1. Credexpert says:

    Dear Sree,

    836 is a good score but there are possibilities that your home loan application will be rejected due to the settled and the post W/O settled remark.

    Banks accept the outstanding amount against a settled account of their credit policies allow them to do so. If Axis Bank has stated that they cannot remove the settled remark post the payment then nothing much can be done about it. However pay the outstanding to HSBC and ensure you have a written confirmation from them stating that the settled remark will be removed post the payment.

    Regards,
    Credexpert

  2. chinnu sree says:

    Hi,

    I have asked the banks regarding this. Only Axis bank is not responding properly and they were telling they cannot send a request to CIBIL to change the status evnethough i pay rest of the amount. Am struggling with this now.

    I have a question,whether can i apply homeloan as a co-applicant? My spouse does not have any bad credit history, is there any possibility that we can have a Joint homeloan, out of which 80% amount from my spouse and 20% from me. Is this possible??

    Please suggest..

    1. Dear Chinnu, please file a dispute with CIBIL. On your behalf, CIBIL ‘ll collect the correct info from Axia Bank & your new status ‘ll be updated.

      Yes You & your spouse can be a co-applicant but as there are bad credit entries against your name, first rectify those.

      Thanks

      Ashal

  3. chinnu sree says:

    Hi Ashal,

    Thank you. Am also planning to pay the amount which i need to pay. I have enquired with the banks and they said to pay off the rest amount and they will change the status to normal and send it to CIBIL. I have one from HSBC and one from Axis. When i called Axis customer care, they were telling that we cannot do anything even if the amount is paid. Not sure if this true. Can you please let me know if you have any idea how to process with these bank?

    1. Dear Chinnu, please pay full dues to both banks. Please avail No Dues Certificate from both banks. Ask both banks to update your status in CIBIL.

      As & when you are applying for any other loan or home loan, please attach these NDCs from banks with your loan application to the bank where you are applying for home loan. Please declare honestly from your own side regarding your past mistakes & the corrective actions taken by you to rectify it.

      Thanks

      Ashal

  4. Dear Chinnu, If your financial condition permits today, rectify your past mistakes first. Then only you should go for home loan.

    Thanks

    Ashal

  5. chinnu sree says:

    Hi Parag,

    My cibil score is 836. However I have two creditcard status as ‘Settled’ and one as ‘Post WO settled’. I have settled these creditcards before 2 years due to some financial problems and lack of knowledge. I am not having any credit cards and loans now.

    Now am bothered whether will i get a home loan. Can you please suggest me the possibilities.

  6. Parag Gupta says:

    hi Chinnu sree,

    Your question is not descriptive enough but I assume that low CIBIL score is what is troubling you. Almost all the banks these days consider CIBIL score as one of the important criteria for sanctioning loans. If your CIBIL score is low, bank may not sanction you loan. If you have a low CIBIL score and you wish to improve it, settling your credit card dues will not help. You need to clear all your dues and get your name removed from defaulters list.

    HTH
    Brgds
    Parag

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today