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CIBIL score plays an essential role when you wish to opt for a loan. It is one of the most basic parameters considered by banks to decide your payback capacity.
There is a lot of risk in granting a personal loan, that is why banks check credit scores to check the borrower’s creditworthiness.
There are several reasons why a good CIBIL score is an advantage for SBI home loan:
Credit Information Bureau Limited (CIBIL) is an Indian credit information company that records an individual’s credit history pertaining to loans and credit cards. CIBIL extracts this information from member banks and credit institutions and creates a CIBIL score for that particular individual based on their credit history.
CIBIL score is calculated based on various factors such as one’s payment history, number and type of loan accounts, length of one’s credit history, outstanding debt and many other factors. CIBIL scores play a very important role in India’s financial system and help consumers secure credit quicker and also help loan providers manage their business better.
A lot of factors come into play while deciding a CIBIL score. Listed below are some of the factors that affect CIBIL score.
Late payments: If you have delayed payments on your existing loans over the last couple of years, chances are that your credit score will be negatively affected.
Higher percentage of credit cards or home loans: A higher concentration of unsecured loans will not help your credit score.
Misuse of credit limits: Increased spending on your credit cards will not affect your score negatively but overshooting the balance on the card over time will.
You must maintain a good cibil score in order to be it easier for you to apply for a home loan. Generally, a cibil score of 750 and above is considered excellent. However, you will be good enough to get a home loan even if you maintain a score of 650. You can consider it as minimum cibil score for home loan. However, higher your credit score, lower the interest likely to be charged on your home loan.
A high credit score indicates that you have repaid all your loans/ debts in the past on time. This means you will be considered under the low-risk management category, and it is safe to grant you a loan. Aa poor credit score indicates that you are not trustworthy when granting a loan.
State Bank of India is an Indian public sector bank and financial service company. It has a 23% market share in loans and deposits among Indian commercial banks. SBI offers a range of personal loans, home loans, auto loans and other kind of loans.
SBI offers home loans at attractive interest rates. It has different home loan plans to suit the needs of its customers. Listed below are the home loan plans offered by SBI.
| Home Loan Plan | Interest Rate |
|---|---|
| SBI Regular Home Loan | 9.15% - 10.05% |
| SBI NRI Home Loan | 9.15% - 10.15% |
| SBI Flexipay Home Loan | 9.15% - 10.15% |
| SBI Privilege Home Loan | 9.15% - 10.15% |
| SBI Shaurya Home Loan | 9.15% - 10.15% |
| SBI Realty Home Loan | 9.45% - 10.05% |
| SBI Tribal Plus | 9.25% - 9.75% |
| SBI Home Loan to non-salaried | 9.15% - 10.15% |
| SBI Commercial Real Estate (CRE) | 9.35% - 10-.15% |
| SBI Pre-approved Home Loan | At the discretion of the bank |
| SBI Home Top up Loan | 9.75% - 10.15% |
| YONO Insta Home Top Up Loan | 9.75% |
| Reverse Mortgage | 11.55% |
| Loan against Property (LAP) | 10.90% - 11.30% |
It is very important to maintain a good CIBIL score to ensure that you can avail the SBI home loan without any complications and enjoy the benefits offered by SBI home loan.
The minimum CIBIL score required for SBI home loan approval is 650, below this threshold limit customers might get a home loan with high interest rate.
The factors that impact the eligibility of home loan are age, salary, property type, and occupation of the applicant.
Delayed payment or missed payment drops your CIBIL score, which further reduces your creditworthiness. Such a situation may result in rejection of home loans by the lenders and reduction of credit limit of your credit card as well.
Personal loans or unsecured loans have high interest rates over other loan types such as home loan, vehicle loan, and others, which leads to a high chance of default, thereby impacting your credit score negatively.
A loan gets rejected if the CIBIL score is not as per the loan eligibility. But rejection of loan further drops your CIBIL score, thereby reducing your chance of borrowing.
Yes, even a single or one late payment impacts your CIBIL score negatively reducing your creditworthiness.
Late payments stay on the credit report for seven years but can be removed if the report is incorrect.
Yes, you can buy the CIBIL score for around Rs.550 and can access your credit report within three business works.
When your credit score is between 650 and 749, lenders may decide to give you a house loan after learning more about your other financial circumstances. However, the minimum CIBIL score necessary for a home loan is often 650.
A score below 600 is typically seen by mortgage lenders as low. The eligibility for CIBIL scores, however, may differ from lender to lender. Banks prefer a CIBIL score between 700 and 750 before approving a home loan. To find out if you can acquire a loan with a score of 600, speak with an SBI representative.
Building a solid credit history, managing loan payments wisely, keeping open old credit accounts, making EMI payments on time, and keeping an eye on your credit report are all necessary to raise your CIBIL score from 600 to 750+. Getting a loan would be simple if you have a CIBIL score of 750 or higher.
A missed payment of SBI home loan EMI will be considered as minor default. In order to avoid being a defaulter, you should clear all your dues on time.
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TransUnion CIBIL is one of the leading credit information companies in India. The company maintains one of the largest collections of consumer credit information in the world. CIBIL Score plays a key role in the lives of consumers. Banks and other lenders check the CIBIL Score of the applicants before approving their loan or credit card application. Consumers can visit the official website of CIBIL to check their CIBIL Score and Report. CHECK YOUR CIBIL SCORE now.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
