CIBIL Score is one of the most important factors which is taken into consideration by the lenders before approving home loans. Before telling you how much CIBIL score required for home loan, I will explain a little bit about CIBIL Score. It is a numeric expression that checks the creditworthiness of an individual.
When you are applying for a home loan, your CIBIL Score is analyzed. Here is how you get to know your eligibility to get a home loan on the basis of your CIBIL. The higher the credit score, the better your chances of getting a home loan.
- Score above 750: If your CIBIL score is above 750, the borrower will see that you have better creditworthiness. This will make the home loan process quicker and easier. Besides this, the applicant can get a better loan amount and interest rates.
- Score between 600 and 749: Although the chances are not as high as that with the CIBIL score above 750, yet you can apply for a home loan and be eligible for it. If you have a credit score in between 600 and 749, the lender will most likely negotiate on the home loan amount. They will also consider your monthly income, other active loans, stability of income, etc.
- Score between 300 – 599: The numbers in this bracket fall under poor credit score and there is a high possibility that you will struggle to get approval on home loans. The lenders in this case offer less loan amount at a higher interest rate. You may be asked to give a collateral as well.
- Go to https://www.cibil.com/
- Click on ‘Get Your CIBIL Report and Score’ on the top right hand corner.
- Create a Free Account by entering your details such as email address, first name, last name, ID (PAN Card, Passport, Voter ID, Driver’s License, Ration Card), Date of Birth, Pin code, and mobile number.
- Agree to terms and conditions by clicking on ‘Accept and Continue’ button.
- You will receive an OTP on your mobile.
- After verifying your identity, you will get access to dashboard and the CIBIL score will be displayed on your screen.
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How much CIBIL score is required for home loan?
Anonymous
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2021-04-27T17:02:55+00:00 2023-06-29T11:33:31+00:00Comment
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