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POSTED BY ON March 1, 2013 12:08 pm COMMENTS (9)
2 years back in 2011 I settled one of my credit card (Axis Bank) with 12,000 (actual balance 21000). One that time i had balance(around 1.5 lakhs with 3 cards) in other credit cards also but i didnt settle those. Instead I paid all the dues slowly, because some of friend told that doing settlement can not be a good idea for future. And by 2012 I was fully out of any dues. My credit fistory is clear from one year.
Now recently I booked a flat and applied for a home loan at IDBI. The told the same thing to the sales guy. he told me that it can be managed. But after seeing all comments, I am little scared. Just wanted to know, does bank consider little bit in case of secured loan like home loan in spite of old settlement? Also the other banks are behind me to give me home loan. I told the same story to all the sales guys and they are also saying it is managable, but DID NOT fill the application form as I learned in the comments that filling too many comments can hamper the credit. Should I apply in other banks? Or should I wait till IDBI say something about this? What is the probability of getting loans. I have applied joint loan with my wife for 24 lakhs. My current take home salary is more than 70,000 and my wife’s 36,000 which is much above the salary criteria. Will this help?
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Dear Mr. Das,
Yes making too many applications can impact your score. We would suggest that you wait for a reply from IDBI Bank before applying to any other lender. Since your cash flows are good, the other alternative would be to repay the outstanding amount against the settled account. This would improve your credit score and would also make the lender view your report positively.
It would be difficult to comment on the probability of getting home loan, as it depends on the credit policy of the bank.
Regards,
Credexpert
Dear Bibek, please do not anticipate in advance for anything. Let IDBI people decide first. if you are geting there, no issue. if they reject it, we may discuss at that time. In my opinion, make your wife first applicant next time if you apply to a new lender. between Indiabull 7 HDFC, I w’d prefer HDFC at any given day.
thanks
Ashal
Thanks Manish and Ashal for your kind response. After applying in IDBI, I checked my and my wife’s CIBIL. Its 812 and 833 respectively. However, IDBI is saying because of DPD (as I settled my Axis bank credit card- normally bank approach for settlement whenever someone not paid for 3-4 months and so as I.) its being tough for them to sanction the loan. Although they have NOT rejected my application yet. They will do a meeting and within a day or two they will take a call on this matter. Meanwhile I have sent our cibil report to Indiabulls Housing and HDFC (as they have very good tie up with the buider). Indiabulls is saying the loan can be arranged just by submitting the settlement paper with other necessary document. They also said they give more weightage on the property rather than individual. But Somehow I feel they may take my application and reject it later, which is even more worse. I am perplexed, scared, tired, broken heart now :(. Please suggest the next action steps if in case IDBI doesnt approve. Thanks in advance anticipating valuable replies from all.
Bibek
Your cashflow is strong .. so from your ability point of view, you should get a loan pretty easily . However thats 2nd stage .
the first screening happens by looking at the credit report and score. thats like checking your “character” 🙂 . It tells how did you perform in past , so you have pretty much good history , just that one credit card which you have as settled should show up as “SETTLED” in the report of yours . Did you have a look at the report yourself and the status ?
I suggest let IDBI tell you about your application with them . If they reject it , go meet the manager personallly and tell them that it was long back which you settled and never knew about its implications ..
However I would say , contact your credit card company and check with them , about paying the remaining money so that your remark from report can be clean and pay it off ..
Manish
Thank you Ashal for your reply.
Dear Bibek, as you & your wife both are co-applicant, there is fair chance of your loan getting sanctioned.
Thanks
Ashal
ok. But what you feel? Is there chances of getting the loan approved?
ok. But what you feel? Is there chances of geeting the loan approved?
Dear Bibek, please read this reply in addition to the query posted by you in another discussion. Please wait for the outcome of IDBI application.
Thanks
Ashal