Whoever said wishes don’t come true hasn’t explored our offers!
  • CIBIL Score For SBI Home Loan

    A good CIBIL score ensures that you obtain loans at lower interest rates. Read on to find out the CIBIL score required to avail an SBI home loan.

    Advertisement Below

    Loading your search...
  • 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:

    • A good CIBIL score above 750 will ensure that your home loan is approved quickly without any hassles.
    • A good CIBIL score might get you lower interest rates.
    • More loan choices.
    • Opportunity to negotiate.

    What is CIBIL and what does it do?

    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.

    Factors affecting CIBIL score

    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.

    Minimum CIBIL Score For Home Loan

    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.

    How does SBI evaluate borrower’s creditworthiness using credit score?

    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.

    Home Loans offered by State Bank of India

    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%

    Documents required for SBI home loan

    • Proof of identity
    • 3 passport size photographs
    • Driving Licence
    • Proof of residence
    • Bank account statement
    • Completed loan application
    • Property tax receipt
    • Personal Assets statement
    • IT PAN card
    • Original salary certificate from employer
    • TDS certificate on Form 16
    • Application for a Loan for an Employer Identity Card: properly filled out loan application form with three passport-size photos attached

    Property Documents:

    • Construction authorisation (where applicable)
    • Allocation letter, stamped agreement for sale, registered agreement for sale (only for Maharashtra)
    • Ownership Certificate (in case of ready to move property)
    • Photocopy of the property tax receipt, approved plan copy, registered development agreement of the builder, share certificate (only for Maharashtra),
    • Maintenance bill, electricity bill, conveyance deed (For New Property)
    • Receipts for payments made to the builder or seller or a bank account statement

    Benefits of SBI Home Loan

    • No hidden charges.
    • No prepayment charges
    • Tenure of up to 30 years
    • Home loan can be availed as overdraft
    • Interest charged on the balance reducing on a daily basis
    • Women can enjoy a concession on their interest charged
    • Low processing fee

    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.

    FAQs on CIBIL Score For SBI Home Loan

    1. What is the minimum CIBIL™ score for SBI home loans?
    2. 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.

    3. What factors impact the eligibility of home loans?
    4. The factors that impact the eligibility of home loan are age, salary, property type, and occupation of the applicant.

    5. What is the effect of delayed or missed payments on the CIBIL™ score?
    6. 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.

    7. How do multiple personal unsecured loans affect your credit score in a negative way?
    8. 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.

    9. Does home loan rejection affect CIBIL score?
    10. 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.

    11. Does a 1-day late payment affect CIBIL score?
    12. Yes, even a single or one late payment impacts your CIBIL score negatively reducing your creditworthiness.

    13. Can I remove 1 late payment from my credit report?
    14. Late payments stay on the credit report for seven years but can be removed if the report is incorrect.

    15. Can I buy CIBIL score?
    16. Yes, you can buy the CIBIL score for around Rs.550 and can access your credit report within three business works.

    17. What is the required CIBIL score to qualify for a mortgage?
    18. 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.

    19. I have a CIBIL score of 600. Can I receive an SBI Home Loan?
    20. 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.

    21. How can I instantly raise my CIBIL score from 600 to 750?
    22. 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.

    23. Will my CIBIL score get impacted if I miss my SBI home loan EMI?
    24. 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.

    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.

    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.

    This Page is BLOCKED as it is using Iframes.