CIBIL Score Required to Get a Home Loan

Home loans bring you closer to making your dream of owning your own space a reality. To approve a home loan, the first factor a lender considers is the borrower’s CIBIL score. Only if the credit score falls within the required criteria the lender approves the loan application for further processing.

In this article, we look at how much CIBIL score is required for a home loan and how to check your CIBIL score for your loan. 

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What Is A Good CIBIL Score For a Home Loan?

The minimum required CIBIL score for a home loan is not explicitly stated. However, lenders expect a CIBIL score of at least 750 from the borrowers to process the loan application. A CIBIL score of 750 or above will tell the lender that the individual can repay the loan as per the agreed-upon terms. 

If an individual's CIBIL score is between 750 and 650, he/she can still get the home loan, except at higher interest rates and a shorter repayment tenor.

To know how much CIBIL score is good for a home loan, check the lender’s requirements. 

How To Calculate CIBIL Score For Home Loan?

Before approaching a lender for a home loan, you must check your CIBIL score to calculate if your score satisfies the requirements of the lender. You can check your CIBIL score for home loans by following these simple steps. 

• Visit the official website of CIBIL
• Click on “Get Free CIBIL Score & Report” 
• Login with your details or create a new account by entering your email address, mobile number, name, and PIN code
• After that, choose a type of ID proof and enter the ID number 
• Create a new account on CIBIL by clicking on 'Accept and Continue'
• On the next screen, enter other necessary details like your address, date of birth, Aadhaar number, and PAN
• Verify your details by entering the OTP sent to your email or phone number
• Verification of your loan account details and credit card information will follow
• Next login to your new account and check your score and report on the dashboard

You can also subscribe to CIBIL and become a paid member. You can receive daily updates and alerts based on your credit score with a paid membership. 

Can I Get A Home Loan With a Low CIBIL Score?

It is difficult to get a home loan with a low CIBIL score but not impossible. You can try the below methods to secure a home loan on a low CIBIL score.

• Opt for a different lender
• Provide collateral to minimize risk for the lender
• Choose a co-applicant
• Show stable income and a sizeable bank balance

A CIBIL score is essential for securing a home loan with lower interest rates and longer tenure. It allows borrowers to negotiate loan terms to suit their financial needs. A good credit score also fastens the loan approval process and decreases the chances of loan rejection. Hence, you must improve your credit score before applying for a home loan.