If you are planning to purchase a house and want to avail a home loan to arrange the required funds, you need a decent CIBIL score for that. This score ranges from 300 to 900, and the closer your score is to the upper limit, the higher your chances of getting the loan sanctioned are. There are several banks and NBFCs offering home loans in India, and the minimum score requirements can vary depending from one financial entity to another. However, the general consensus is that one must have a CIBIL score between 700 and 750 to avail a loan from any of the top companies offering home loans in India.
Now the main question comes – can availing a home loan improve your CIBIL score?
Making late payments for ongoing loans can be a major reason behind an individual’s poor credit score. To maintain a decent score, it is important to pay all the EMIs on time. This will not only help avoid late fees or any other kind of penalty charges but also improve the credit score over time.
Are you looking for a home loan to purchase your dream home? Capri Loans is one of the best NBFCs for home loans in India, offering quick and hassle-free finance. You can explore our wide range of options to find a plan that matches your specific requirements.