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Check out the minimum CIBIL score required for a home loan. Learn how your score impacts your eligibility and loan approval chances.
A good CIBIL score is one of the most important factors when applying for a home loan. It determines your eligibility and influences the interest rates you get. Higher scores indicate lower credit risk to the lender, improving your chances of approval and favourable terms.
Most lenders require a minimum CIBIL score of at least 700 for home loans, though some may prefer scores of 750 or higher. Maintaining a score of 750 or more greatly improves your chances of approval and access to favourable terms.
Your CIBIL score significantly impacts your eligibility and the interest rate offered. However, factors like income and age also play a big role in determining the loan amount and repayment tenure. You can check your CIBIL score for a home loan to see where you stand.
Check the table below to know how the scores can impact your chances for approval.
| CIBIL Score Range | Home Loan Approval Probability |
|---|---|
750-900 |
A score of 750 or above is considered ideal, increasing the likelihood of securing a home loan with favourable terms. |
700-749 |
A score within this range is considered good. It improves your chances of getting a home loan approval with fairly favourable interest rates and terms. |
650-699 |
The 650-699 range is considered to be average. It makes you eligible to get a home loan at reasonable terms. |
550-649 |
If your score falls under this range, the chances of loan approval are low but not zero. A higher interest may be levied on the loan, and the tenure provided may be shorter. |
300-549 |
Securing a home loan with a score that falls under this range may be difficult. Try building your score prior to applying for the loan. |
Below 300 / NH |
This signifies no credit history. You may not be eligible unless you get a co-applicant with a good score. |
Key factors, such as repayment history, credit utilisation, credit mix, number of inquiries, and accuracy of your credit report, determine your score and eligibility. Learn more about them below:
Timely payment of EMIs and credit card dues has a positive impact on your credit score, while missed or delayed payments can lower it.
It is advisable to keep your CUR below 30%. A lower utilisation indicates responsible credit management.
Having experience with a healthy mix of secured (like home or car loans) and unsecured credit (such as personal loans and credit cards) can positively impact your credit score. Relying too heavily on one type can negatively impact your profile.
Submitting multiple loan or credit applications within a short time reflects credit-seeking behaviour. This can negatively affect your score.
Mistakes in reporting loan status or repayments may reduce your score. Checking your report regularly and correcting errors is essential.
Obtaining a home loan as a CIBIL defaulter can be challenging, but it is not entirely impossible. Approval depends on several factors, including steady income, job stability, and the availability of collateral.
Defaulters typically have scores below 600, often in the 300–549 range, and are considered high-risk borrowers. These low scores usually result from missed or delayed payments on past loans. To improve your chances of approval, consider applying with a co-signer or providing adequate collateral and income proof.
It is possible to secure a home loan with a low CIBIL score, although the process can be more challenging. Applying jointly with a co-applicant who has a strong credit history enhances your credibility and improves the chances of approval.
A stable income, job security, and low existing debt further strengthen your application. In some cases, issuers may approve the loan at a higher interest rate to compensate for the risk.
If you want to check your score, you can do so through the official CIBIL portal. You are entitled to one free CIBIL report every year. You can even check your score on Bajaj Markets.
If your CIBIL score is low, you can improve your chances by demonstrating stable employment and additional income sources. Adding a co-applicant or guarantor with a good credit history can further strengthen your eligibility.
Yes, the score does have a major impact on your home loan eligibility. It plays a major role in indicating your repayment ability and creditworthiness.
A CIBIL score of 700 or higher is generally considered ideal for a home loan. It increases the likelihood of approval and may help you secure better interest rates and favourable terms.
Yes, you may be able to get a home loan with a CIBIL score of 550, but it can be challenging. Applying with a co-applicant or agreeing to a shorter tenure/higher interest rate may improve your chances of approval.
Yes, lenders on Bajaj Markets check your CIBIL score to determine eligibility and loan terms. You can also review your score on this platform before submitting your application.
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