Wednesday, September 28, 2022

How High CIBIL Score Helps In Home Loan?

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What happens if you have a high CIBIL score? What are the implications of CIBIL scores? You’ve come to the right place if you’re looking for answers to these questions.A credit score is a three-digit number assigned by any of the credit bureaus based on your past and present credit behavior — CIBIL, Experian, Equifax, or CRIF High Mark. This can range from 300 to 900, with higher numbers indicating more responsible credit behavior trends.Before approving your loan application, all lenders look at your CIBIL score. A high CIBIL score is thus required for loan/credit card approval.A high credit score indicates that the applicant has used credit responsibly. However, there are numerous other advantages to having a high credit score.

How much CIBIL score is required for a home loan?

A CIBIL score of 750 or higher is required for a home loan. However, a credit score of 700 or higher is still acceptable to most lenders. However, the actual figure varies depending on the lender. A higher CIBIL score means a faster loan approval and better terms. As a result, having a higher CIBIL score in terms of the upper limit is always preferable.

Does my CIBIL score affect my home loan eligibility?

Yes. If you have a good CIBIL score for a home loan, the eligibility terms become easier to understand, and your application is approved quickly. Lower scores indicate risk, and lenders may need to adjust their loan offerings accordingly. For example, a loan offered for a credit score of around 600 may require you to accept a lower principal amount, say up to 40% of the value of your asset. Similarly, without a credit score, it may be difficult to obtain a home loan, and lenders will have to thoroughly investigate other personal finance factors before approving such an application.

Avoid Home loan Rejection

Yes. If you have a good CIBIL score for a home loan, the eligibility terms become clearer, and your application is processed quickly. Lower scores indicate risk, and lenders’ loan offerings may need to be adjusted accordingly. For example, a loan with a credit score of around 600 may require you to accept a lower principal amount, say up to 40% of the asset’s value. Similarly, obtaining a home loan without a credit score may be difficult, and lenders will have to thoroughly investigate other personal finance factors before approving such an application.

Yes. If you have a high CIBIL score, the eligibility terms for a home loan become clearer, and your application is processed quickly. Lower risk scores indicate that lenders’ loan offerings may need to be adjusted. A loan with a credit score of around 600, for example, may require you to accept a lower principal amount, say up to 40% of the asset’s value. Similarly, without a credit score, it may be difficult to obtain a home loan, and lenders will have to thoroughly investigate other personal finance factors before approving such an application.

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Bottom Line

On any previously closed loan, you must obtain a NOC (No Objection Certificate). Avoid  rejection in home loan application by providing a NOC from a previously closed loan.The list is extensive, and getting your home loan approved is no easy task. As a result, you must be certain that your records are accurate. Additional security for your home loan application, such as fixed deposits, collateral securities, a guarantor, or insurance policies, can sometimes help you secure the home loan you want.

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