How to Calculate CIBIL Score for Home Loan?

Hi there. I availed of a home loan through the HDFC Bank in April this year. Your CIBIL score is a deciding factor in sanctioning your loan. In this answer, I will guide you to learn how to check CIBIL score for home loan. 

How much CIBIL is Required for Home Loan?

The range of a CIBIL score lies between 300 and 900. Financial institutions consider 701 as the minimum required CIBIL score to grant a home loan. In some cases, you can get a home loan with a CIBIL score of 650 as well. However, a credit score of 800 is deemed the ideal one for a home loan application. 

How to Calculate Credit Score for Home Loan?

I read LishaH’s answer, where the process to check your credit score was given in a simplified manner through the official CIBIL website. I would like to share one more process to do the same. Here it is.

1. Visit the

   Get CIBIL page on the SBI Home Loans website

   .

2. Once you visit the page, you will see a form. Fill in all the details mentioned in the form, such as your personal details, address details, identity details, and contact details. 

3. Lastly, tick the box to accept the terms and conditions and click the 'Submit’ button.

4. You will be able to view your CIBIL score after successfully submitting the application.

This is all I had to say in this answer. I hope this answer helps you to know the princess to check your CIBIL score.

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Read More How to Remove Settled Status from CIBIL? 

A Home Loan can be availed to purchase a liveable property, apartment, house or flat. This is the most acquired loan as owning a house is a dream for most people. A CIBIL Score of 750 or above is a mandatory requirement. A CIBIL Score is a report curated by an RBI authorized agency. The CIBIL Number is a three-digit numerical score that determines your loan eligibility. This score runs from 300 to 900, with 300 being the lowest and 900 being the greatest. You can check  home loan amount with access to information like your monthly income, expected loan amount and more. I would recommend you do that and get to know the amount asap. [widget_homeLoan_checkEligibility_form]

Home Loan approvals rely heavily on your CIBIL score. It is important to maintain a higher CIBIL score in order to get quicker loan approval. To understand what impacts CIBIL score and how to calculate CIBIL Score for home loan, it is important to understand that CIBIL is a three-digit number which determines your creditworthiness, i.e., your ability to borrow money and repay it within a stipulated time. 

How to calculate CIBIL Score for Home Loan?

To calculate your CIBIL score, you must first know what is the right credit score to get home loan approval. In order to have a smooth home loan approval, the credit score of an individual must be above 750, anything around 850 is considered excellent. If you hit that mark, your chances of getting a home loan increase considerably. 

There are many online CIBIL score calculators for you to use. Here are the steps to calculate your CIBIL Score:

1. Visit

   https://www.cibil.com/

2. Go to ‘Get Your CIBIL Report and Score’ on the top right hand corner of the screen.

3. You can create a free account. 

4. Enter basic details and PAN details, and contact details.

5. Check mark the terms and conditions box

6. You will receive an OTP on your mobile.

7. Verify your identity, and you will be taken to the dashboard. 

8. The CIBIL score will be displayed on your screen.

How is CIBIL Score Calculated? - Factors

Your CIBIL Score is calculated considering a number of factors. Each of these factors have a certain contribution in calculating your CIBIL score. Let us have a look:

• Your Repayment History

If you have had any loans in the past or have any active loans, your repayment capacity plays an important role in determining the score you achieve. Usually, it makes up for 35% of the CIBIL score. Untimely repayments can impact your CIBIL negatively.

• Current loans and credit utilization

30% of your CIBIL score is affected if you have higher credit utilization and have a higher loan amount sanctioned in your name.

• Type of Loan

Another 10% of your CIBIL is affected by the type of loan you have applied for in the past. Infact this percentage is inclusive of your active loan and its type.

• Duration of your loan

When you apply for a loan, your repayment tenure also plays a huge role in calculating your CIBIL score. The contribution of your repayment duration is 15%.

Apart from this it is also taken into account how many times have you inquired about the loan from lenders. If you are doing it quite often, you must know it impacts your CIBIL score negatively.

Now that you know

how to calculate CIBIL score for home loan, and what are the factors that affect the CIBIL Score, make sure you start working towards improving your score. Click on the link below if you want to learn more about 

How much CIBIL Score is Required for Home Loan