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October 3, 2022
Strong family ties have always been a part of Indian traditions generations live together and share a home. Living under one roof,supporting each other practically, emotionally, and financially whether a business jointly by the family or salaried members.
Expenses are shared by all earning members contributing to the family coffers for monthly household expenses, vacations, celebrations, and emergencies, thus collectively bearing obligations.
The Credit Bureau of India Ltd, or CIBIL, as it is popularly known, maintains credit dealings of individuals and Pvt ltd and Partnership organizations as a record.
A CIBIL record has become an essential part of a Personal profile; the credit dealings of an individual have much to say about the financial status and management skills, making it necessary to maintain a good score and an on-time payment record.
The CIBIL identifies individuals and organizations with personal information, KYC details,income, banking,and credit lines. Data is matched, a CIBIL account is generated, and records of previous history and current repayment tracks are duly maintained.
Whenever an application for further credit is forwarded, the CIBIL details of the individual or organization are viewed to ascertain the credit worthiness of the applicant/organization.
Financers must check the CIBIL of all applicants before processing the request for any loan, credit card, or mortgage. Taking it a step further,the CIBIL of the family members living at the same address is viewed. If the applicant is married,the CIBIL record of the spouse will be closely monitored.
The CIBIL check of the family is essential as it affects the decisioning of the credit application.
The family evaluation applies to blood relatives and family members living at the same address.The personal credit history will be viewed,and delays or defaults in the repayment track of Personal Loans or credit card bills will affect the decision to issue further credit. Home Loans and mortgages being repaid jointly by earning members of the family must have a clear repayment track.
The spouse’s credit history will be closely evaluated if the applicant is married. The CIBIL Score of the spouse should be above the minimum benchmark required; Bills ofcredit cards used by the spouse as a Primary cardholder or an add-on card should be cleared timely. The family’s income must be sufficient to bear the cost of the total credit taken, as reflected in the CIBIL record.
If the Family owns a business, the CIBIL of the company and individual directors will be assessed before issuance of credit.The distribution of further credit will be based on the calculation and individual and company obligations. Any overdue loan or settlement track in the family is a deterrent.
A family CIBIL check is always not limiting; it has advantages too. A spouse having a healthy CIBIL is an asset, giving the lender a sense of confidence.
Banks also entertain loan applications for Personal Loans, Home Loans, and mortgages with family members as financial co-applicants. When clubbing the income together,the CIBIL obligations are also clubbed, increasing the eligibility for the loan amount.
Home Loans and mortgages are usually a family endeavor whether it is buying a new home for the family or a commercial space for business expansion the finances are shared and the finance request is forwarded jointly. If married, the husband and wife will beco-applicants if the primary applicant is single a blood relative the parents or a siblingis an option. The income of all the earning members is counted and if the CIBIL is above the required benchmark, there is no stopping getting the loan amount needed.
Family members help each other to maintain financial stability, and repaying credit promptly will ensure a secure future.
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