What is a good CIBIL score for home loan?

When you go to a lender for money they prefer that you have a good CIBIL score so that they can provide you the loan. If you have a good score, you can take a loan up to a few crores. Therefore, when you apply for a loan, lenders will give their one hundred percent to check whether you will be able to pay the loan you have borrowed. Since having CIBIL score is crucial to get you the loan you may have wondered what is a good cibil score for home loan or

what is best cibil score for home loan

To know

what cibil score is good for home loan

you need to know what is CIBIL score.

There is a credit score given by the Credit Bureau TransUnion CIBIL to keep a record of every Indian citizen. There are other credit scores like Equifax, Experian, and Highmark, but when you apply for a loan your lender will give more weightage to the CIBIL score than other credit scores.

The CIBIL score generally ranges between 300 and 900. The best CIBIL score is 900. It is the highest CIBIL score. Having a score of 750 means, you are an ideal candidate to apply for a home loan. Means 750 is a good CIBIL score for home loan. 

A score between 650 and 749 is considered good. Lenders prefer to consider a minimum of 650 credit score to offer loans. A score between 550 and 649 is considered average, and you need to negotiate with the lender if you need a home loan. If you fall under the score between 300 and 549 it is considered bad. The terms NA or NH means you don't have a credit history.

• Go to CIBIL's official website.

• Tap on the "get your CIBIL score" option

• Choose a subscription plan.

• Enter your details like birth date, mobile number, email address.

• You need to have a strong password to log in later.

• Select ID type to enter your ID details.

• Answer all the questions to verify your identity.

• Click on the 'make payment tab'

• Login by getting OTP. You can also use email for the authentication process.

• After submitting the details you will see the CIBIL score on the dashboard.

Hope you get the idea of what is a good CIBIL score for home loan.