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CIBIL Score for Home Loan – How can I check my CIBIL Score for Free? Home loans

By IIFL Home Loans | Published On Feb 21 2024 8:37 AM 1 min read 1567 views 3835 Likes
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CIBIL Score

Home loans have always acted as a catalyst to fulfil the dreams of many to buy a new home. However, multiple factors come into play when it comes to determining your eligibility for a home loan. One such crucial factor is the CIBIL Score. That’s why CIBIL Score check is important before applying for home loans. To simplify things for you, we have listed down all the eligibility criteria for home loansandhow you we check credit scores for free.

Eligibility Criteria for Home Loans

Following is a few of the eligibility criteria for home loans in India:

  • Age: Most banks require you to be between the ages of 21-60 years if you are applying for home loans.

  • CIBIL: A CIBIL score of above 700 is generally considered good. You should check the minimum CIBIL score for home loans that your lender may require.

  • Occupation: You should either be self-employed or a salaried person.

  • Income: You should have sufficient income to be able to repay home loan EMIs.

  • Banking: You need to submit a bank statement for the last one year

Why CIBIL Score is important for Home Loans

The CIBIL score is one of the most important criteria for home loansin India. CIBIL score is a 3-digit number between 300-900. It shows your creditworthiness and repayment capabilities. A high CIBIL score shows that you are regular with your loan repayments. Therefore, before applying for a home loan, you should always check your CIBIL score. Wondering how to get CIBIL Score? Let’s find out!

Woman wondering about CIBIL Score

How to Check Your CIBIL Score For Free

Certain financial institutions like IIFL Home Finance allow you to check free CIBIL score online. Here’s how you can do it:

  • Visit the official IIFL website as it allows you to check the CIBIL score free of cost.

  • Enter your basic details. These include your full name, date of birth, PAN number, pin code, mobile number, and email ID.

  • Click on ‘Generate Free Report’ to get your latest CIBIL report.

By following the above steps, you will get the CIBIL score for your home loan.

Why checking your CIBIL Score before getting a Home Loan is Important

Before you apply for a home loan, it is important to check your CIBIL report. This helps you in the following ways:

  • Creditworthiness: It allows you to assess your creditworthiness. A high CIBIL score shows a better credit history, which increases your chances of loan approval.

  • Choosing the Right Lender: If you know your CIBIL score beforehand, then it can help you select the right lender. The lender determines your entire loan experience and selecting the right lender can help you obtain a loan at affordable interest rates, tenure and other terms and conditions.

  • Arranging Down Payment: If your CIBIL score is low, you are likely to get a lower home loan amount sanctioned. Thus, you will have to spend a higher amount from your pocket for the down payment. Knowing your CIBIL score beforehand buys you enough time to arrange for a higher down payment amount.

Why a Good CIBIL Score is Important?

While you have understood how to get credit score for free, here are some of the perks you enjoy for having a high CIBIL score:

  • High Loan Amount: A good CIBIL score reduces the risk of the lender. Therefore, banks are willing to grant you a higher loan amount in such cases.

  • Low Interest Rate: As banks pose a lower risk, therefore, they are ready to provide loans at affordable interest rates to borrowers with good CIBIL scores.

  • Favorable Terms: You can negotiate favorable terms with your lender in case you have a good CIBIL score.

  • High Loan Approval Probability: The chances of getting your home loan approved become quite high if you have a good CIBIL score.

  • Faster Approval: Banks process home loan applications quickly in the case of borrowers with good CIBIL scores. This is because banks do not raise many queries and additional requirements like additional documentation, co-applicant, guarantor, etc., thus speeding up your loan process.

In a Nutshell

Getting a home loan becomes easier if you have a good CIBIL score. If your CIBIL score is not satisfactory, you may face difficulties during the loan process. Apart from a good CIBIL score, selecting the right lender is equally important.

IIFL Home Loans is one of the pioneering financial institutions that provides affordable home loans with easy-to-fulfill eligibility criteria. With minimal documentation and faster documentation, you can get your home loan approved instantly. Further, you can also know CIBIL score for free by visiting the IIFL website.

If you are concerned about EMIs, we have a solution for that as well. You can use the IIFL Home Loan EMI Calculator. It allows you to know your EMI beforehand as well as the total amount of interest you will have to pay over the loan tenure. Buy your dream home now with IIFLHome Loans.

Frequently Asked Questions

Q1.  How to use the Home Loan EMI Calculator?

A: You can use the IIFL Home Loan EMI Calculator by entering the loan amount, tenure and home loan interest rate.

Q2. If I check my CIBIL score, will it have reduced?

A: No. Your CIBIL score won't reduce even if you check it multiple times.

Q3. Are online CIBIL scores genuine?

A: Yes, online CIBIL scores are genuine and show your creditworthiness based on your past credit performance.

Q4. How can I increase my CIBIL Score?

A: You can always increase your CIBIL score by improving your credit behaviour. This normally includes regularly repaying your EMIs within the due date, avoiding hard inquiries, avoiding maxing out your credit cards, paying credit card bills on time, etc.

Q5. What are the other important factors in getting a home loan approved?

A: Other important factors for your home loans include income and age criteria.

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