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No matter what kind of loan you apply for, lenders need to ensure that you have the capacity to repay it. To confirm your repayment capacity, they ask you to submit a lot of documents from your salary slips and bank statements to your income tax returns — and also consider your credit score. A credit score is a three-figure number that helps lenders understand how often you borrow sums on credit and whether or not you are repaying the loans regularly. Here’s why lenders ask to see your credit rating to buy a house and why it is important.

Credit ratings are specifically essential after you make an application for a property financing

1. It assists the lender see the credit behaviourFrom different products out of fund you’ve taken in earlier times into of those youre settling already (when you are making an application for the loan), loan providers can see how you deal with borrowing. (more…)