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Q.

How to get home loan with low CIBIL score?

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3 2024-06-25T12:11:16+00:00

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
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?  
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