How much CIBIL score is required for home loan?

• Score above 750: If your CIBIL score is above 750, the borrower will see that you have better creditworthiness. This will make the home loan process quicker and easier. Besides this, the applicant can get a better loan amount and interest rates.
• Score between 600 and 749: Although the chances are not as high as that with the CIBIL score above 750, yet you can apply for a home loan and be eligible for it. If you have a credit score in between 600 and 749, the lender will most likely negotiate on the home loan amount. They will also consider your monthly income, other active loans, stability of income, etc.
• Score between 300 – 599: The numbers in this bracket fall under poor credit score and there is a high possibility that you will struggle to get approval on home loans. The lenders in this case offer less loan amount at a higher interest rate. You may be asked to give a collateral as well.

1. Go to https://www.cibil.com/
2. Click on ‘Get Your CIBIL Report and Score’ on the top right hand corner.
3. Create a Free Account by entering your details such as email address, first name, last name, ID (PAN Card, Passport, Voter ID, Driver’s License, Ration Card), Date of Birth, Pin code, and mobile number.
4. Agree to terms and conditions by clicking on ‘Accept and Continue’ button.
5. You will receive an OTP on your mobile.
6. After verifying your identity, you will get access to dashboard and the CIBIL score will be displayed on your screen.

It is essential to get a home loan easily if you have a good CIBIL score. But how much CIBIL score is required for home loan? In India, a CIBIL score of 750 or above is generally considered good for getting a home loan. It increases your chances of loan approval and may help you secure lower interest rates and better terms. However, home loans can still be approved with scores as low as 650, depending on the lender and other factors.

How Much CIBIL Score Required for Home Loan?

CIBIL Score Ranges and Home Loan Impact:

1. 750 to 900 (Excellent): High approval chances, lower interest rates, faster processing.

2. 700 to 749 (Good): Approval likely, but interest rates may be slightly higher.

3. 650 to 699 (Fair): Moderate approval chances, higher interest rates, stricter checks.

4. Below 650 (Poor): Difficult to get approval; may need a co-applicant or collateral.

The CIBIL score reflects your creditworthiness based on past loan and credit card repayment history. Lenders use it to assess the risk of lending money. A high score shows responsible financial behavior and lowers the risk for the lender.

Steady income from a reputable employer strengthens your case. Fewer ongoing EMIs or loans mean better eligibility. The lender evaluates the loan-to-value (LTV) ratio. Adding a co-applicant with a good credit score can improve chances.

Yes, but with conditions. You may be asked for:

1. A higher down payment

2. A co-applicant or guarantor

3. Acceptance of a higher interest rate

Hope this helps!

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