Lenders take a risk when they grant a loan to a borrower and therefore, to minimize the chances of loan default, they set up eligibility requirements. Borrowers who do not meet eligibility either get rejected or find themselves repaying the loan at high-interest rates. Lenders’ eligibility requirements vary around factors, such as age, income, existing debt, LTV ratio, etc. One of the key factors that influence Home Loan eligibility is the credit score.
The credit score or CIBIL score is a three-digit number between 300 and 900, assigned to a borrower based on their credit history, that represents a borrower’s creditworthiness and ability to repay the loan on time. The higher a borrower’s credit score or the closer it is to 900, the better their chances of availing of a Home Loan or a loan of any kind. Credit rating agencies assign credit scores to borrowers based on the credit report, which is an electronic representation of a borrower’s credit history and the ideal credit score for Home Loans is anything above 750.
In this article, we look at the importance of credit scores and how and why a good CIBIL score range can help borrowers avail of a loan on beneficial terms and conditions.
Importance of Credit Scores in the Home Loan Process
These days, most people rely on Home Loans to fund a property purchase. Home Loans give borrowers the required funds to invest in real estate. Further, when it comes to Home Loans, the borrowers get the added benefit of a long repayment tenor, which makes repayment easy, giving borrowers ample time to repay the loan without feeling financially burdened. Further, Home Loans are low-interest rate loans and therefore, they are affordable too. However, borrowers get low-interest rates and long repayment tenors on Home Loans only when their CIBIL score falls within the good CIBIL score range, i.e. anything between 750 and 900. Let us understand why a good CIBIL score is important when availing a Home Loan.
Also Read: Importance of CIBIL Score & Tips To Improve It
It Helps a Lender Understand Your Attitude Towards Credit
What is the maximum CIBIL score one can have? The answer is 900. However, lenders consider anything between 750 and 900 excellent. Borrowers who have an excellent repayment history, have never missed any EMI payments, maintain a low credit utilization ratio and borrow credit only when necessary have such a CIBIL score. In other words, a credit score range of between 750 and 900 is a sign of a borrower who can be trusted with timely repayment of loan money. Such a borrower has a serious attitude towards credit and it is highly unlikely that they will default on loan repayment.
It Helps Lenders Assess the Risk Involved for Them
Borrowers whose credit score ranges between 750 and 900 have never defaulted on loan repayment and it is highly unlikely that they will do so in the future too. Borrowers whose credit score ranges between 700 and 750 cannot completely rely on timely repayment of loan money and therefore, there is some risk involved for the lender in lending them loan money. Borrowers whose credit score is below 700 pose much risk for the lender. By looking at a borrower’s credit score, lenders get an idea of the risk involved for them in lending money to the borrower and based on the kind of risk involved, lenders decide the terms and conditions of the loan.
A Borrower’s Credit Score Also Helps Lenders Assess their Current Debt Situation and Other Important Things
Credit information agencies decide a borrower’s credit score based on several factors, such as their repayment history, credit utilization ratio, credit mix, current debt, etc. While factors, such as repayment history and credit utilization ratio, help lenders assess borrowers’ attitudes towards credit, factors, such as current debt situation allow lenders to judge a borrower’s repayment capacity. A borrower’s debt situation and repayment capacity help lenders design the right loan plan for them.
The best CIBIL score for Home Loans is anything above 750. Here’s how such a CIBIL score can help borrowers during the Home Loan process.
Benefits of Credit Scores in the Home Loan Process
If you have a good credit score for Home Loans, here’s how you will benefit.
- The biggest benefit of a good credit score is that you will get approved for a loan quickly.
- If you have a good CIBIL score, i.e. anything between 750 and 900, your lender will offer you the lowest Home Loan interest rate they have to give. A low-interest rate loan will help you save money in the long run by way of reduced interest payout. Further, it will help you keep your EMIs affordable and easy to repay.
- Borrowers who have a good CIBIL score for Home Loans also have high negotiating power. In other words, such borrowers can negotiate with different lenders and ask them for better terms and conditions on their loans.
- A good CIBIL score for a Home Loan also makes borrowers eligible for a higher loan sanction. This is helpful as a bigger loan value helps borrowers afford their dream homes.
- As mentioned before, a good CIBIL score gives borrowers high negotiating power. All lenders want borrowers who have high repayment capacity and creditworthiness. Thus, when such borrowers approach a lender, lenders try to entice them with the best loan deals. Such borrowers not only get offered a low rate of interest and high loan sanction but also get offered a long repayment tenor to make repayment easier. If your credit score lies within the good CIBIL score range and your lender is not offering you these conditions, you can negotiate with them and ask for better loan terms and conditions.
- Lastly, if you have a good CIBIL score, you may be pre-approved for loans from lenders. When a borrower is pre-approved for a loan, the entire process of availing of the loan becomes quite straightforward.
Final Words
If you are planning to apply for a Home Loan, check your CIBIL score at least six months in advance. This will give you ample time to take corrective measures in case your CIBIL score does not meet your lender’s eligibility requirements. The best CIBIL score for Home Loans is 750 and such a CIBIL score will help you land the best Home Loan deals. However, if you do not have such a CIBIL score, do not worry. By practising strong financial discipline, you will easily be able to bring your credit score into the good CIBIL score range. So, be patient and keep working on building your credit score.
Also Read: Tips to Maintain Your Business CIBIL Score Above 700
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tax Tax
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What is a Property Tax in India and How is It Calculated?2024-03-13 | 4 min
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loan+against+property Loan Against Property
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cibil Cibil
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home+loan Home Loan
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6 Ways to Reduce Your Home Loan Interest2024-03-20 | 4 min
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cibil Cibil
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cibil Cibil
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What Factors Do Not Affect Credit Scores?2024-02-28 | 7 min
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cibil Cibil
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How to Check Your CIBIL Score for Free and What to Do If There Are Errors in It2024-06-05 | 4 min
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home+loan Home Loan
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What Affects the Interest Rate on Your Home Loan2024-03-13 | 5 min
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loan+against+property Loan Against Property
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cibil Cibil
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How to Check, Calculate, and Improve CIBIL Score?2024-01-11 | 2 min
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tax Tax
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tax Tax
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How to Save Tax Between Rs 20 to Rs 25L Salary in India2023-07-19 | 6 min
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home+loan Home Loan
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home+loan Home Loan
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home+loan Home Loan
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How to Determine Your Ideal Credit Score for a Home Loan?2024-03-28 | 4 min
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home+loan Home Loan
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Would it be Possible for Me to Apply for a Second Mortgage?2024-05-22 | 3 min
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cibil Cibil
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cibil Cibil
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home+loan Home Loan
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5 Benefits of Availing of a Home Loan at an Early Age2024-05-10 | 3 min
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7 Smart Ways to Boost Your CIBIL Score for a Home Loan2024-05-09 | 6 min
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cibil Cibil
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Pay Minimum Amount Due on Your Credit Cards Will Impact Your Credit Score2024-03-11 | 5 min
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cibil Cibil
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Here’s How a Short-term Loan Can Help You Improve Your CIBIL Score2024-03-25 | 5 min
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cibil Cibil
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How Can I Raise My Credit Score From 360 to 800 Within a Year?2024-03-21 | 5 min
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home+loan Home Loan
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What is an NOC Letter and Why is it Important?2024-05-14 | 3 min
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tax Tax
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loan+against+property Loan Against Property
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tax Tax
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home+loan Home Loan
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5 Tips for Lowering Home Loan Interest Rates in 20232024-03-19 | 5 min
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home+loan Home Loan
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How Can Your Credit Score Impact Your Home Loan Interest Rate?2024-02-13 | 6 min
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Everything You Need to Know About Home Loan Tax Benefits2024-04-23 | 6 min
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cibil Cibil
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Does a Name Change Affect Your Credit Score2024-01-07 | 4 min
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home+loan Home Loan
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Home Loan Balance Transfer: Benefits, Eligibility, and More2024-05-15 | 3 Min
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home+loan Home Loan
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Benefits of Submitting a Digital Home Loan Application in Current Times2023-12-20 | 4 min
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home+loan Home Loan
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Common Mistakes to Avoid When Applying for a Home Loan2023-12-04 | 2 min
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home+loan Home Loan
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Differences Between Fixed and Floating Interest Rates2024-05-15 | 2 min
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cibil Cibil
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Everything You Should Know About Your CIBIL Score2024-02-09 | 7 min
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tax Tax
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Top Benefits of Using an Online Income Tax Calculator2023-12-28 | 5 min
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cibil Cibil
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What is Credit Score and Its Impact on Loan Availability2023-03-27 |
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cibil Cibil
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What Does Your Credit Score Tell About You?2024-06-11 | 5 min
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cibil Cibil
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Know How Mortgage Loan Affect Your CIBIL Score2024-02-05 | 5 Min
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home+loan Home Loan
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ITR Filing for Home Loan – Know the Right Process to File Your Income Tax Returns2024-02-16 | 5 min
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cibil Cibil
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Why is a CIBIL Score Measured Between 300 and 900?2024-05-07 | 4 min
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cibil Cibil
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What are the Types CIBIL Errors & How to Correct Them?2023-11-22 | 6 min
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cibil Cibil
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What is CIBIL? Understand How It Works and Its Importance2024-01-31 | 6 min
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tax Tax
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What Does It Mean to Have a CIBIL Score of -12023-06-16 | 4 min
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home+loan Home Loan
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Home Loan Terminologies2024-06-01 | 3 min
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cibil Cibil
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What Are Tradelines and How to Find Them On Your Credit Report?2024-05-28 | 4 min
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home+loan Home Loan
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Ways to Check Bajaj Housing Loan Account Numbers2024-04-05 | 3 min
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home+loan Home Loan
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What Do You Need to Know About Home Loan Foreclosure?2023-03-23 | 5 min
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cibil Cibil
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Introduction to Credit Information Bureau India Limited (CIBIL)2024-04-15 | 6 min
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home+loan Home Loan
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Section 80EE: Claim Deductions on the Home Loan Interest Paid2023-02-17 | 6 min
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home+loan Home Loan
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What is the Process to Get Your Home Loan Approved Fast with Bajaj Housing Finance?2024-02-15 | 6 min
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home+loan Home Loan
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What are the Different Types of Loans Available in India?2024-01-02 | 5 Min
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cibil Cibil
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What Does a Zero or Negative Credit Score Mean?2023-02-24 | 4 min
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cibil Cibil
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How Many Credit Inquiries are Too Much in a Year2023-09-21 | 2 min
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cibil Cibil
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How to Check CIBIL Score Online?2023-03-14 | 5 min
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home+loan Home Loan
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Top 5 Home Loan Benefits for First-time Woman Buyers2024-05-14 | 5 min
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home+loan Home Loan
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Importance of an NOC Letter after Closing Your Home Loan2023-12-14 | 6 min
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home+loan Home Loan
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Benefits of a Joint Home Loan with your Spouse2023-08-04 | 4 min
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home+loan Home Loan
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How to Pick the Best Home Loan Tenor that Suits Your Budget2023-06-29 | 5 min
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How Digital Platforms Are Revolutionising the Face of Housing Finance2023-12-21 | 7 min
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home+loan Home Loan
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What is the Ideal Down Payment for a Home Loan?2024-05-16 | 5 min
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tax Tax
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Comparison Between New Tax Regime vs Old Tax Regime2024-04-10 | 5 min
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home+loan Home Loan
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Know All About the Home Loan Foreclosure Procedure2023-12-20 | 5 min
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cibil Cibil
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10 Common Myths About CIBIL Score2024-03-27 | 4 min
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cibil Cibil
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Check CIBIL Score with PAN Card for Free, in 3 Steps2024-02-27 | 5 min
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home+loan Home Loan
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Advantages of Including a Co-Applicant on Your Home Loan2024-01-21 | 7 min
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home+loan Home Loan
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What is the Difference Between Top-up Loan and Home Improvement Loan2023-01-11 | 5 min
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home+loan Home Loan
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Are Registration Charges Compulsory When You Opt for a Home Loan?2024-04-15 | 5 min
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home+loan Home Loan
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Can I Take a Home Loan and a Personal Loan Together?2024-01-17 | 4 min
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home+loan Home Loan
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Should You Take a Home Loan Even If You Have Enough Money to Buy a House?