- Having a credit score of 750 and above? You’re in for a home loan at much lower rates
- Check out home loan rates of different lenders based on your credit score
A good credit score of 750 and above heightens the possibility of getting a home loan at a lower rate of interest. And, with lower rates, you can save a lot on the interest outgo on a loan that can potentially run for as long as 20-30 years. Lenders have started pricing home loans based on the credit score of an individual. It depends on whose score – CIBIL, Experian, Equifax or CRIF HIGHMARK – does the lender choose to set your home loan interest rate. In this post, we have showcased credit score based interest rates of different lenders.
Table of Contents
- 1 CIBIL Credit Score Based Home Loan Interest Rates of Different Lenders in India
- 1.1 LIC Housing Finance Home Loan Interest Rates Based on Credit Score (CIBIL)
- 1.2 How Does Bank of Baroda Set Home Loan Rates Basis Your Credit Score?
- 1.3 How Much Does the Punjab National Bank Charge on a Home Loan?
- 1.4 How Does the Bank of India Home Loan Interest Rate Fare Based on Credit Score?
- 1.5 Union Bank of India Can Give You a Home Loan Below its Benchmark Rate!
- 1.6 Are SBI Home Loan Rates Based on Credit Scores?
- 1.7 HDFC LImited Home Loan Interest Rates Based on Credit Score
- 1.8 How Does the ICICI Bank Set Home Loan Interest Rates Based on CIBIL Score?
- 1.9 PNB Housing Finance Home Loan Interest Rates Based on Credit Score
CIBIL Credit Score Based Home Loan Interest Rates of Different Lenders in India
LIC Housing Finance Home Loan Interest Rates Based on Credit Score (CIBIL)
Individuals with a credit score of greater than equal to 800 can get the loan at the lowest rate of 6.66%. You can check the table below to track the rates across different credit scores and loan amounts.
|Loan Quantum (In INR)||CIBIL Score||Salaried & Professionals||Non-Salaried & Non Professionals|
|Up to 50 Lakh||>=700||6.66%||6.76%|
|Above 50 lakh to 1 Crore||>=700||7.00%||7.10%|
|Above 2 Crore to 3 Crore||>=700||7.10%||7.20%|
|Above 3 Crore to 15 Crore||>=700||7.20%||7.30%|
How Does Bank of Baroda Set Home Loan Rates Basis Your Credit Score?
Individuals having a credit score (CIBIL) of 775 and above are eligible to get the loan at the benchmark rate i.e. BRLLR of Bank of Baroda (BoB). Even the bank staff can access the loan at BRLLR, which presently stands at 7.00%. BoB home loan rates across different credit scores can be seen in the table below.
|CIBIL Score||Interest rate|
|775 and above||6.75%|
|726 and above but less than 775||7.10%|
|701 and above but less than 726||7.35%|
|650 and Above but less than 701||8.35%|
Note: BoB will charge a risk Premium of 0.05% as per extant guidelines for customers not obtaining credit insurance cover.
How Much Does the Punjab National Bank Charge on a Home Loan?
With a credit score of 750 and above, you can access Punjab National Bank Home Loan at as low as 7.00% per annum. The table below shows the rates for individuals with different credit scores.
|Loan Amount (In INR)||Credit Score of 750 and Above||Credit Score of 700 and Upto 749||Credit Score of Less Than 700|
|Upto 30 Lakh||7.00%-7.10%||7.15%-7.25%||7.25%-7.35%|
|Above 30 Lakh-75 Lakh||7.15%||7.40%||7.50%|
|Above 75 Lakh||7.15%||7.50%||7.60%|
How Does the Bank of India Home Loan Interest Rate Fare Based on Credit Score?
If you’ve a credit score (CIBIL) of 760 and above, the Bank of India Home Loan interest rate can be as low as 6.85% per annum, which happens to be the benchmark rate of the bank. But for credit scores other than that, you need to look at the table below.
|Credit Score||Interest Rate (In Per Annum)|
|760 and above||6.85%|
|725 to 759||7.00%-7.15%|
|-1 and 0||7.00%-7.15%|
Union Bank of India Can Give You a Home Loan Below its Benchmark Rate!
The external benchmark rate of Union Bank of India is 6.80% with effect from June 1, 2020. But you can access the home loan upto INR 30 lakh at 6.70% if you have a credit score of 700 and above and the loan to value ratio is less than 75%. This is unique as most banks would either give the loan at the benchmark rate or after adding a spread over the same. For extensive details on the interest rates, you can glance at the table below.
|Loan Quantum (In INR)||Credit Score (CIBIL)||Interest Rate (In Per Annum)|
|Upto 30 Lakh||700 and above||6.70%-7.00%|
|Above 30 Lakh-75 Lakh||700 and above||6.95%-7.00%|
|Above 75 Lakh||700 and above||7.40%-7.45%|
Are SBI Home Loan Rates Based on Credit Scores?
Although the country’s largest lender State Bank of India (SBI) does not mention clearly the exact rate of interest you will get based on your credit score, its rates do factor in risk grading. The bank considers the credit score, income, repayment capability, credit exposure and several other elements as part of risk grading. So, with a good credit score and positive indicators on other elements, you give yourself the chance to access loans at a lower rate of interest. If you want to check out the rates, the below table is for you to look at!
|Profession||Loan Amount||Interest Rates for Women (p.a.)||Interest Rates for Others (p.a.)|
|Salaried Borrowers||Upto 30 lakhs||6.95% - 7.05%||7.00% - 7.10%|
|Above 30 to 75 lakhs||7.20% - 7.30%||7.25% - 7.35%|
|Above 75 lakhs||7.30% - 7.40%||7.35% - 7.45%|
|Non Salaried Borrowers||Upto 30 lakhs||7.10% - 7.20%||7.15% - 7.25%|
|Above 30 to 75 lakhs||7.35% - 7.45%||7.40% - 7.45%|
|Above 75 lakhs||7.45% - 7.55%||7.50% - 7.60%|
HDFC LImited Home Loan Interest Rates Based on Credit Score
If you have a CIBIL Score of 780 and above, you can get an HDFC Home Loan at an interest rate of 6.95% per annum. This rate will apply irrespective of your profession and the loan amount you will avail of from this lender. On a whole, HDFC Home Loan Interest Rates range from 6.75% - 8.00%.
How Does the ICICI Bank Set Home Loan Interest Rates Based on CIBIL Score?
ICICI Bank has also started pricing home loans based on the CIBIL score of an applicant. However, the CIBIL score-based rate will differ among salaried and self-employed borrowers. While salaried can borrow at as low as 6.95%, the minimum rate for self-employed is 7.20%. These rates will apply when they have a CIBIL score of 750 and above. For detailed information on CIBIL-based rates, you can check the tables below.
|Loan Amount (In INR)||CIBIL Score >750||CIBIL Score 701-749||CIBIL Score<=700||NTC|
|Upto 35 Lakh||6.75%||7.00%||7.10%||7.15%|
|Above 35 Lakh-75 Lakh||7.00%||7.10%||7.25%||7.30%|
|Above 75 lakh||7.10%||7.20%||7.35%||7.40%|
|Loan Amount (In INR)||CIBIL Score >750||CIBIL Score<=701-749||CIBIL Score<=700||NTC|
|Upto 35 Lakh||6.90%||7.15%||7.25%||7.30%|
|Above 35 Lakh-75 Lakh||7.15%||7.25%||7.40%||7.45%|
|Above 75 lakh||7.25%||7.35%||7.50%||7.55%|
PNB Housing Finance Home Loan Interest Rates Based on Credit Score
PNB Housing Finance Limited, one of the renowned housing finance companies in India, has been charging home loan interest rates based on the credit score of applicants, irrespective of whether they are salaried or self-employed. Let’s check out the table below to know that in detail.
|Credit Score (Irrespective of Loan Amounts)||Normal Home Loans||“UNNATI” Home Loans|
|Salaried/Self-employed Professionals||Self-employed||Salaried/Self-employed Professionals||Self-employed|
Home Loans/NRPL under Unnati Program
|Less Than Zero||8.65%-8.80%||8.95%-9.05%||10.75%||12.00%|
|>650 to <700||8.35%-8.55%||8.60%-8.80%|
|>700 to <750||7.99%-8.10%||8.35%-8.55%|
|>750 to <800||7.80%-7.99%||8.30%-8.45%|