Home / Finance / Home Loan / How to get home loan with low CIBIL score?
Q.

How to get home loan with low CIBIL score?

view 272Views

2 Year

Comment

2 Answers

3 2024-06-25T12:11:16+00:00
⤺ Reply

Last year, when I applied for a home loan my CIBIL score was 550 and because of this, my loan application got rejected. I got a call from the bank that as I have poor CIBIL scores, banks refuse to provide me the loans. I then asked my banker friend how to get home loan with low CIBIL score. He informed me that it is quite challenging but there are a few ways to get a home loan.

How to Get Home Loan If CIBIL Score is Low?

My buddy said since lenders utilise CIBIL scores to determine a borrower's creditworthiness, it can be difficult to be approved for a home loan if one has a low score. 

Moreover, he said even with a bad credit score, I can still get a home loan by using the following strategies. 

  • Pay down all of your loans on schedule to lessen your total debt load.

  • Approach the bank or financial institution that you collaborate with. Even with a low credit score, you may obtain a home loan due to your devoted customer base.

  • A guarantor or co-applicant is someone who guarantees the loan will pay it back if you don't return it. Even with a poor CIBIL score, having a guarantor can help improve your chances of being approved for a loan.

  • Even with a low CIBIL score, you can still improve your chances of securing a loan by offering collateral. If you don't make loan payments as agreed, the lender may take possession of the collateral.

  • If you can provide proof of a steady and sufficient income, lenders can be more inclined to approve a loan. Provide pay slips, income tax returns, or other documentation.

I hope this solves your doubt about the CIBIL score low how to get home loan.

Check Your CIBIL Score and Get Doorstep Assistance for Your Home Loan Here. Read more -

What Is The Minimum CIBIL Score Required For A Home Loan?
0 2021-10-14T17:51:50+00:00
⤺ Reply
Most of us dream of purchasing a house where we can live. For that, we tend to take home loans and repay our debts in a given period. Before sanctioning the home loan the bank runs a background check to make sure that we are eligible to pay the amount we are taking the loan for. One of the essential eligibility criteria is the Credit Information Bureau (India) Limited (CIBIL) score. Since I earn less, I missed paying my credit card dues on time and hence I had a low CIBIL score. But still I could get a loan from the bank. If you are wondering how to get home loan with low cibil score you have come to the right place! Well, you cannot get a home loan without CIBIL score but you definitely can get home loan if you have a low CIBIL score. How to get home loan with low CIBIL score
  • Pay your dues on time.
  • Be prompt while using your credits.
  • Try taking home loan schemes with longer tenure.
  • Try applying for joint home loans
  • Take a limited number of loans to have a good score.
My CIBIL score was 330 and it falls in the lower range. I had decided to take a joint home loan with my husband. My home loan was immediately sanctioned as I approached for a joint home loan. I feel if you follow the tips I have provided above you can easily get home loan with low CIBIL score without facing any trouble. To calculate your EMI you can use the NoBroker EMI calculator: [widget_emi_calci] Read more: How to check CIBIL score? What is a good CIBIL score for a home loan?  

Most Viewed Questions

How to Change Email ID in PAN Card?How Much Money Can Be Transferred Through YONO SBI?What is Cooling Period in SBI YONO?How to Increase Transfer Limit in SBI YONO?How to Check Personal Loan Eligibility in SBI Yono App?How to Pay SBI Home Loan EMI Online?How to Add Beneficiary in SBI YONO App?How to Transfer Money From YONO SBI?How to Pay Loan Amount in YONO SBI?How to Preclose ICICI Personal Loan?See All

Recently Published Questions

What are Navi Personal Loan Reviews?How Can I Apply For a Personal Loan?How to Apply L and T Finance Personal Loan?What is the Minimum Balance in Canara Bank?What are the Bajaj Finance EMI Bounce Charges?How to Apply For a Loan?How to Get a Personal Loan Quickly?How to Get NOC from HDFC Bank for Personal Loan?What is ICICI Personal Loan Preclosure Charges?Yes Bank Personal Loan Documents Required?See All

Authors Of The Question

profile
Sarmana

0 Total Answers


0


profile

Recently Answered Questions

I want to give my shop on rent. How to rent it out? Which bank is best for SCSS? Is MIS in post office taxable? Which Direction is Kubera Moola? Bharat Gas SV number Can I pay rent to my wife and claim HRA? How to find registration number? What are the reviews of Godavari apartment Balaji Nagar? How to repair a hole in uPVC window frame? How to change a light fixture?
profile
Hafsah

0 Total Answers


0


profile

Recently Answered Questions

How Much Does it Cost to Paint a 10x10 Room? How much paint needed for 10x10 room? What is the Anytime Packers and Movers Delhi Review? How to get May's bill? How to get home loan with low CIBIL score? How to Calculate Grout for Tiles? At What Height TV Should Be Placed? What is the Cost of Construction Per Sq Ft in Noida? How to Check CIBIL Score Without PAN Card? How to Remove Double Sided Tape from Wall?
Flat 25% off on Home Painting
Top Quality Paints | Best Prices | Experienced Partners
Get your Home Sparkling Clean
Best Price | 5-Star Rated Partner | Safe Chemicals
Get Rs.1000 off on Your Lowest Quote
On-Time Delivery | Reliable Packing | Professional Labour
Buy Your Dream Home with NoBroker.com & Enjoy Exclusive Benefits on Home Loan & Interior Services
Fastest Sanction in 7 Days from 15+ Banks | Max Funding | No Hidden Charges
Get upto ₹10 Lacs Instantly in your bank account | Instant Disbursal |
Save Lakhs on Brokerage
Get Dedicated Expert to Search Property, Contact Owners & Negotiate for You