Your CIBIL score is a 3-digit number, ranging from 300 to 900, that summarises your credit history. It is based on the information in your CIBIL report. Since your CIBIL score represents your creditworthiness, lenders consult it before approving loans. Further, with a home loan being a high-value loan, it becomes important to know and maintain the necessary CIBIL score for home loan approvals.
As a borrower, you shouldn’t stop at asking questions like:
Once you know your CIBIL score, focus on improving your CIBIL score and bringing it into the ideal range. This way you’ll get a faster approval and better terms. To learn more, read on.
What is the ideal CIBIL Score for home loan? The ideal CIBIL score for home loan is 750 or above. Such a score is excellent and keeps your eligibility and approval chances high. It speaks to your diligence and financial readiness. With such a score, lenders usually offer favorable terms like a high loan amount and a competitive home loan interest rate.
What is a good CIBIL score for home loan? For a home loan, a score of 700 and above is good. When you have such a score, lenders will check eligibility criteria of home loan based on several factors like your income, age etc before giving approval.
Yes. Since your CIBIL score indicates your financial health, it impacts everything from approval to loan terms. Lenders use your CIBIL score to determine whether you are eligible for home loan or not. They perform a credit enquiry to check the same. You can also check your eligibility beforehand by using the home loan eligibility calculator. With a good CIBIL score you can secure:
You cannot calculate your CIBIL score manually. CIBIL does so based on factors like:
Similarly, you cannot calculate the necessary CIBIL score for home loan approvals. You can check your CIBIL score first and then approach your preferred lender to know how much CIBIL score for home loan is required as per their policy.
You can check your CIBIL score directly with CIBIL or check your credit score for free via Bajaj Finserv. Once you do so, you can cross-check what CIBIL score is required for a home loan and then either proceed to apply for the loan or improve your score.
To reach the required CIBIL score for home loan, you can do the following:
The minimum CIBIL score for home loan approval is lender-specific, but it is possible to get a home loan with a score of 650 and above. Before approval lenders will check parameters such as your debt-to-income ratio. Also, the interest charged may be higher if you score is less than ideal.
Now that you know what is CIBIL score for home loan and how much CIBIL score required for home loan in India, proceed to improve your score and secure an affordable home loan.
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Last update on 11-Mar-2021
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