- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
Broadly speaking a CIBIL Score which is above 650 is fine for taking a home loan. It mostly happens that banks do not see the score. It is actually seen whether an individual has paid his previous loans in a regular manner or not.
Your home loan from SBI will get easily approved if you have a CIBIL Score more than 750. This is the ideal CIBIL Score to get a home loan approved from reputed banks.
Procedure to Be Followed before Applying for A Home Loan
Given below is the procedure that has to be followed in order to get your home loan approved
- Limit the number of unsecured loans: If you are an individual who wants to get a home loan from SBI, then the first thing you should concentrate on is limiting the number of unsecured loans.
- Keep A Check On CIBIL Score: You need to know your credit score before you have applied for the loan. This is done to make sure that you have the appropriate credit history and the correct personal details so that your home loan application does not get rejected. A credit report can be purchased online after the payment of an amount of Rs.470.
- Stop Applying Continuously: If the credit score of an individual is low and the home loan application of that individual has been rejected by some bank, then that individual should not apply for the same loan at other banks continuously. By doing so, you are not only reducing your CIBIL Score, but also getting a bad remark on your name.
- Limit Your Unsecured Loans: Try to set a limit for the number of unsecured loans you have. The more the number of unsecured loans you have, the more it lowers your CIBIL Score.
Why High CIBIL Score is Important for a Home Loan
If you don’t want your home loan application to get rejected, then you need to maintain a high CIBIL Score. Listed below are the advantages you could have if your CIBIL Score is high
- If you are an individual who has a CIBIL Score more than 700, then you have more options to select from.
- Having a high CIBIL Score helps in getting your home loan application approved easily and without any difficulty too.
- You will be charged a lower rate of interest when your CIBIL Score is high.
Ways to Improve CIBIL Score to get SBI Home Loan
In order to get a home loan from SBI, you should have a CIBIL Score of 700 and above. If your CIBIL Score is below 700, you will have to improve your credit score so that you can become eligible for a home loan and your home loan request does not get rejected.
- You need to keep a record of the limit of the credit card and the balance that is outstanding. It is better not to exceed the limit of the credit card as this will affect the CIBIL Score.
- You need to strike a balance between the number of secured and unsecured loans. This is done so that the higher number of unsecured loans does not lower down the CIBIL Score.
- If your payments are irregular, then you need to put them on track. This will help your CIBIL Score to rise and thus make it easy for you to get the home loan.
- Identify the defaults in your credit report and CIBIL Score before it is too late.
- Avoid applying for different loans at different banks simultaneously. This will cause a negative impact on the CIBIL Score.
Will My Home Loan Approved If I Do Not Have Any Credit History?
Your home loan will be approved even if you do not have any history because home loans are secured loans. Eventually, the CIBIL score is used to understand how creditworthy an individual is? It also helps in understanding how much is the capacity of an individual to repay. Since a home loan is a secured loan, the CIBIL Score required to get a home loan approved is the most crucial criteria, apart from the other criteria for the decision to approve a home loan.
List of SBI home Loan Plans:
- SBI Maxgain
- SBI Yuva home loan
- SBI NRI home loan
- SBI Realty home loan
- SBI Pal home loan
- SBI Tribal-Plus home loan
- SBI Gram Niwas home loan
- SBI Sahyog Niwas home loan
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