I was laying the groundwork to buy a property in Indirapuram for almost a year. The biggest concern as almost every middle class man in the town was to get finances together. I had charted out a plan, I would make the downpayment and apply for a home loan of 35 lakhs. When I talked to the bank manager about it, the first thing he mentioned was CIBIL Score. I am familiar with what it is but I did not know what is the minimum CIBIL score for home loan. So I asked the same from him. He shared a few details with me. I am going to tell you the details and also a few ways to improve CIBIL score.
What is the CIBIL score required for home loan?
Upon asking this question, the bank manager explained that although the credit score required for home loan is set at a minimum of 650 points in most banks, it is equally important to increase this number. It is because the higher the CIBIL score, the higher loan amount disbursal.
This is the information which will help you know about CIBIL score requirements:
Score above 750: Indicator of better creditworthiness, hence better deals on loan amount and interest rates.
Score between 600 and 749: indicates average creditworthiness and lender will try to negotiate on the home loan amount.
Score between 300 – 599: indicator of poor credit worthiness, home loan application will likely be rejected.
When someone asks me what is the minimum CIBIL score required for home loan, I recommend that they maintain it around 800.
Ways to improve CIBIL score:
- Pay all your bills and EMIs on time
- Don’t take too many loans at the same time
- Restrict your credit utilization
- Try to pay off small loans as quickly as possible
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What is the CIBIL score required for home loan?
Aakash
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1 Answers
3 Year
2021-12-28T13:36:14+00:00 2022-01-03T13:12:21+00:00Comment
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