Adulting is seriously hard. You don’t only have to earn and maintain your accounts but if you need to own a home and rely on home loan schemes there is much more than just your income factoring in. I am currently planning to buy a house in Delhi and when I started on this journey I had no clue about how much a credit score can make or break my chances of getting a home loan. It was only after I visited the bank for a home loan query that I realized that credit score for home loan must be on a higher side. I asked her what is the best CIBIL score for home loan. She gave a detailed explanation, I can share that with you.
How much credit score is good for home loan?Okay, credit score and CIBIL scores are basically the same thing basically. If you are unaware of its relevance then let me inform you that if you want to avail home loan, it is important to maintain your credit scores. The higher your credit score, the more chances of you having a quicker home loan.
CIBIL score is a 3 digit score assigned based on the credit assessment of an individual. Here is a table showing good and bad CIBIL scores:
Score |
Analysis |
300-579 |
Very Poor |
580-699 |
Fair |
670- 739 |
Good |
740-799 |
Very Good |
800-850 |
Excellent |
Ideally, when banks and financial institutions check your home loan application, they look for a credit score which is above 650. The best CIBIL score for home loan is anywhere above 650. If you have a CIBIL score which lies above 740, then your loan application will have faster chances of approval.
I hope this clarifies your doubts regarding how much credit score is good for home loan.
You can expedite the home loan process and get best deals via NoBroker Home Loan services, check out now!!Read more:
How to increase CIBIL score immediately
How to calculate CIBIL score for home loan
How to Check CIBIL Score
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How much credit score is good for home loan?
Kinjal
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2 Year
2021-12-23T10:39:55+00:00 2021-12-23T10:41:02+00:00Comment
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