Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT
Loans For You
Loans for Business
Investment
Insurance
Apply

Quick Links for loans

Quick Links for Insurance

Investment

Offers Quick Pay
Back

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure
Know More
Back

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required
Know More
Back

New Commercial Vehicle Financing

  • First time user
  • Retail and strategic Clients
Know More
Back

Used Commercial Vehicle finance

  • Repurchase
  • Refinance
  • Top up
  • Balance Transfer
Know More
Menu  
 
Apply Now

Tata Capital > Blog > Loan for Home > How much CIBIL Score Required for Home Loan

Loan for Home

How much CIBIL Score Required for Home Loan

How much CIBIL Score Required for Home Loan

So, you have finally decided to become a homeowner. You have everything planned, down to the decor and the colour of your walls. But for a home, you need a home loan. And for a home loan, you will most likely need a good CIBIL score. But how much CIBIL score do you require for a home loan, and how to get it?

What is a CIBIL score?

A CIBIL score is a metric of measurement used by most lenders to judge your repayment abilities. Since the RBI authorizes it, most lenders consider the CIBIL score as one of the most critical factors of your home loan application. It is a three-digit number and ranges between 300 to 900. CIBIL evaluates your payment history, credit handling trends, and existing banking to arrive at a final score.

CIBIL score for a home loan

Ideally, the CIBIL score required for a home loan is 750 and above. It is the ideal score for anyone to have since it demonstrates a good credit history. You are still eligible for a home loan if your score is between 650-750. However, having a CIBIL Score between 650 -750 will make the lenders look more closely at your finances. Most lenders consider a score of 650 as the minimum requirement for a home loan. 

Additional Read: Do Credit Scores Affect Your Home Loans?

Benefits of a good CIBIL score

A good CIBIL score can ensure that you get a low home loan interest rate. Also, it gives you more negotiating power, more significant loan finances, and flexibility in repayment. However, if you do not have a good score, it can get challenging to get a home loan.  Lenders may take longer to approve it. You might receive higher interest rates, less flexibility in repayment, as well as only partial financing. 

How to improve CIBIL score

If you do not have a good score yet, don’t worry. You can still improve your home loan CIBIL score. Since your CIBIL score demonstrates your ability to repay – consider doing the following: 

  • Keeping credit utilization under 30%
  • Paying your EMI’s on time
  • Paying your credit card bills on time
  • Monitor your credit report regularly

These steps should improve your credit score and allow you to get a lower home loan interest rate. 

In case you do not want to do the above, consider applying for a loan with a co-applicant. The co-applicant should be someone with a high CIBIL score. This will improve your chances of getting a home loan quickly. 

Additional Read: Is It Possible to Improve Your Home Loan Eligibility?

An ideal solution for your home financing needs

Are you considering getting a home loan? Not sure what your options are with your current credit score? If yes, then the most important thing for you is to choose a well-reputed lender. 

 If you or a loved one needs a home loan, then reach out to Tata Capital today. You can avail reliable consultation on your financing options, as well as your CIBIL score. Also, you can take advantage of Tata Capital’s competitive interest rates, multiple financing options, and flexible repayment options. 

Your dream home awaits you. Apply for a home loan with Tata Capital today. 

Apply For Home Loan

Say Hello to Your New Home with Our Easy Home Loans!

Apply now
Popular Searches
anyror modt charges 712 utara online gujarat pre emi calculator earnest money deposit Goa Land Record earnest money khasra number meebhoomi Assam Land Record
Disclaimer

Most Viewed Blogs

Trending Blogs

Calculator

Personal Loan EMI Calculator

Personal Loan EMI Calculator
Home Loan EMI Calculator

Home Loan EMI Calculator
Business Loan EMI Calculator

Business Loan EMI Calculator
Used Car Loan EMI Calculator

Used Car Loan EMI Calculator
Two Wheeler Loan EMI Calculator

Two Wheeler Loan EMI Calculator
Loan Against Securities Calculator

Loan Against Securities Calculator
Loan Against Property Calculator

Loan Against Property Calculator
More Tools
Our Subsidiaries
Our Other Websites

Useful Links and Resources

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Policies, Codes & Other Documents

Most Important Terms & Conditions - Home Loans

Download in your preferred language

Download

Tata Capital Solutions & Services

Uh oh, something went wrong

Please try again later.