Tag: emi for home loan

How to Correct a Late repayment record on your Credit Report at Letzbank

Did you know that even a minor delay in repayment of your loan EMI or your credit card bill gets recorded in your credit report and forms the basis of your Credit Score? Therefore you need to take your finances seriously and live a disciplined life in terms of your finances.  If you have ever owned a credit card then you would know that your credit card limit is automatically enhanced if you make you payments in time however, if you fail to make the credit card repayment in time it can lead you into a debt trap which would ultimately lead to a poor credit report. Once you credit report is poor your credit score will automatically be poor, now the question arises how to set straight your credit report – here’s the answer.

Every banking or financial institution that lends money to people check their credit score and credit report before they lend the loan or offer credit card to the borrower in order to ensure that the borrower is a financially responsible citizen and will make the loan repayment in time. Any fishy thing found in the credit report or a low credit score would ultimately lead to rejection of your loan application or your credit card application. The banks or the financial institutions either ascertain the credit score or the track record of the borrower themselves or hire an agency to check the credit score and credit report of the borrow. The three credit bureaus in the country are Experian, CIBIL and Equifax.  You can also check your own credit report or credit score for Free from Experian at Letzbank portal.

So what would you do if you find that there is a late repayment recorded in your credit report? It is not a cake walk to strike off a late repayment record from your credit history and it is hard to convince your lender to ignore a mistake that you have made, therefore this is what you need to do to strike off a bad remark on your credit image:


  • Firstly you need to get a copy of your credit report. Once you received the copy of your credit report, you must check it thoroughly for any error or inaccurate information mentioned in the report including late repayment.
  • If there is a default since you forgot the date the due date you can request your lender to strike off on a goodwill basis – such arrangement is also known as “Goodwill Adjustment”. However, yourlender can only consider your excuse and make an adjustment if you have a good repayment history and have barely ever defaulted. It is solely for the lender to decide if he wishes to strike off your late repayment or not.
  • There can be cases where the lenders may require some kind of assurance from you part before he strikes off your late repayment record. They may often request you to sign up for auto-debit towards payment, so you do not default again.
  • You can also request your lender to remove the late repayment remark by agreeingto pay the outstanding amount either partially or fully.


You can also get in touch with an agency like Experian and they will be able to help you strike off your late re-payment record. Keeping a track of your credit report and making payments in time are two very genuine and doable ways so that you do not land yourself into the trouble in the first place. Check your Credit Report and Credit Score for Free from Experian at Letzbank!



Know Quick tips of getting home loan approved at Letzbank

Want to buy your dream house but don’t have the savings? No worries at all because the banks are ready to help you get the home you love by offering you a home loan. This everyone knows that the banks are the biggest help but if you’re afraid listening to the rejection stories from the people who applied for the loan thinking it will happen to you too, then you have reached the right place, cause we are sharing you tips that will help you get your home loan approved.


  • Clear your credit score – This is the number one thing to take care of because applying for not just the home loan but any kind of loans. If you have thought that the owed debts are at a different bank, organizations, etc. then that is not the case. The complete history and financial data is shared amongst the institutions. So always make sure your credit scores are fine and it’s better to take a no-dues certificate from them.
  • Have the answers before questioned – Some of the basic but important questions that the lending party would want to know are your monthly income, assets, your credit history, existing loans and your job background. Most of the times the rejection happens here in this step itself, so already getting prepared with these questions will help you be prepared to furnish your details more confidently with the lenders.
  • Be stable – It is very important that the lenders know that you’re stable with the jobs you do. Strictly avoid changing your job during the loan process. They will not be able to trust you with the commitment of paying your EMIs on time and regularly. But if it’s necessary for you to shift your employer during the loan process then make sure your pay is higher than the previous job and you’re not getting into a self-employed job.
  • Be careful with your spending – This is another important thing to keep in mind while applying for a loan. Make sure you don’t get into a bike loan, laptop loans or don’t take a big amount of personal loans before applying for a home loan, because what happens in this case is that already your EMI would be high as the product bought costs high. The home loan EMI depend on your monthly income and the spending you do in the particular month. So be careful of that.

The points given are very important, if you think you could skip any of it and try to still take a chance applying for a home loan, we recommend not to, because another point to keep in mind is that the banks do ask if there has been a rejection of loan previously and take your loan strictly, digging out the history and then the chances of rejection is more. So avoid that stage and approach the lenders fully prepared to get them to accept. Hope you get your dream home soon.