If your CIBIL score is less than 750 then your chances of getting some kind of loan or home loan are very less. To get home loan at good interest rates you have to work on your cibil score.
For the borrowers of home loan, if your cibil is 600 which is such a bad score may be you get loan but in this case the bank and other housing finance company can take high interest rate on total amount of loan from the loan borrower. There'll be more possibilities to reject your loan application by several banks.
How to get loan with low cibil score and no Credit History:-
- If your cibil score is not good enough then you can apply for loan from smaller NBFCs( Non Banking Financing Companies) HFCs and MFCs. They can provide you a home loan with low cibil score, because some of the companies like this never check cibil score but they may charge higher interest rates than the bank. So, you can approach these kind of companies to take home loan.
- If you are facing issues to taking a home loan because of your cibil score and have no any credit history, you can apply for joint home loan with your spouse or other members of your family (blood relationship).
It is useful in getting home loan or bigger loan at lowest interest rate.
You can add a guarantor in case of bad cibil score or haven't any credit history.
- You can apply for loan against security on the basis of your gold, LIC policy or any Fixed deposit.
Interest rates can be little higher than home loan but will be much cheaper than personal loan. If you are taking loan against property then make your all installments on time, it helps to improve your cibil score.
- You can approach for home loan to private lenders. It is popular in semi- urban/ rural areas but they charge too much higher interest rates from their borrowers.
They charge 9%* -12%* interest annually. It can be helpful but always take this kind of loan in small amount and for short term.
Frequently Asked Questions
Is 600 cibil score considered a good CIBIL?
Your score falls within the score range of 580 to 669, which is considered fair. A 600 FICO® score is a lower than average credit score. Some lenders view consumers as having unfavorable credit within a reasonable range, and may reject their loan applications.
What is the minimum CIBIL score for home loan?
A score between 650 and 749 is considered good, and lenders may offer you a home loan after checking your other financial details. However, lenders generally consider 650 as the minimum CIBIL score required for a home loan. Marks between 550 and 649 are average and need to be worked out.
Is 600 a good CIBIL score in India?
While you may be able to get a personal loan with a credit score between 600 and 700, the lower your score, the lower your approved loan amount. A credit score of less than 600 is considered insufficient for a personal loan in most cases.
How can I increase my CIBIL score from 600 to 750?
- Always check your credit report.
- Use your credit card sparingly.
- Clear your all outstanding bills.
- Avoid closing old accounts from reports.
- Always Plan your credit on time.
- Please Avoid multiple loans.
- Pay your card balance through personal loan.
Is 640 a good credit score to buy a house?
A credit score of 640 is the lower end of the spectrum for many mortgage lenders. This should get you approved, but it's usually not enough to get the best deal with interest rates on any type of loan.
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