Check Free CIBIL Score Online

Can CIBIL defaulter get Home Loan?

FAQ435 views

A home loan is given on the basis of your income, age, property value and authorization of both builder and location, and credit score. Since home loans are secured loans, credit score does not have much importance in this case, unlike a personal loan. So, even if you have no credit history or low credit score, you can get a home loan. But the question is, would you get a home loan if you are a defaulter? You may get it in conditions such as:

Conditions under which CIBIL defaulters can get a home loan

The conditions based on which CIBIL defaulters get a home loan are as follows:

Higher income

If you are a CIBIL defaulter but your current salary is good, lenders might approve your home loan.

Professional stability

Someone with higher income but no professional stability might not be accepted by the lenders. So, make sure you maintain professional stability as well.

High property value

In case of a home loan, property is the collateral on the basis of which lenders approve the loan amount. The higher property value means eligibility to get higher loan amount and it also means that the relevance of your CIBIL score is less in this case.

Good credit score of the co-applicant

You know that you can have a co-applicant with your home loan application and their credit score might help you in getting approval. Having a co-applicant with good CIBIL score would make it easier for the lender to trust repayment and approve the loan.

People Also Look For  Can Credit Card Bill be Paid by Cash?

Valid documents for delayed payments

If the customer can justify the delay’s in the payment and bouncing providing the documents, some lenders may consider your applications.

Other than the above mentioned conditions, it also depends where you are applying. Most of the big lenders do not prefer giving a secured loan to someone who has a poor credit history. So, it is better to maintain a good credit score or else make sure all other factors are perfect.

Free CIBIL Score
Personal Loan Interest Rates September 2019
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank11.25% - 21.45%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank11.50% - 18.00%
Tata Capital10.99% - 18.00%
Home Loan Interest Rates September 2019
State Bank of India/SBI8.05% - 8.95%
HDFC8.35% - 8.95%
LIC Housing8.60% - 9.15%
PNB Housing Finance9.25% - 12.00%
Piramal Capital & Housing Finance9.00% - 9.10%
Tata Capital9.20% - 9.35%
ICICI Bank8.65% - 9.25%
Bank of Baroda8.40% - 9.40%
Axis Bank8.90% - 9.15%
Citibank9.00% - 9.85%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.90% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 14.00%