Should I apply for another Loan when I have a personal loan going on ?

POSTED BY ashutosh ON October 5, 2013 9:42 am COMMENTS (4)


I have a cibil score of 789 , and i am planning to apply for home loan . I have bought couple of mobiles @ 35000 on EMI and also have personal loan of 6400. All these EMI will be over by feb 2014. What should be the best time to apply for loan and does 789 good enough to get home loan approved.

4 replies on this article “Should I apply for another Loan when I have a personal loan going on ?”

  1. ashutosh says:

    Thank you so much.

  2. ashalanshu says:

    Dear Ashuthosh, it’s advisable to close all your other loans before opting for home loan. If your card limit is 40-50K and at max. you are using only 20-25K on mly basis which is 50-60% of your credit limit, you are doing a good job to improve your cibil score.

  3. ashutosh says:

    Thanks, what if i pre-close the loans will it help. Also i have habit of having all my monthly expense on Credit card. Say it goes to 20k and then pay in full once statement generates. Does this has negative impact on loans approval.

  4. Prasad says:

    CIBIL score ranges from 300 to 900, so a score of 789 seems good enough. But if I were you, I would wait till February ’14 to make sure that all existing loans were over and then apply.

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