Home Loan Interest Rates Based on Different Credit Scores

Highlights

  • 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. Lenders pull your credit score from – CIBIL, Experian, Equifax or CRIF HIGHMARK – to set your home loan interest rate. In this post, we have showcased credit score based interest rates of different lenders.

Free CIBIL Score Check

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 700 can get the loan at the lowest rate of 7.55%. You can check the table below to track the rates across different credit scores and loan amounts.

CIBIL ScoreLoan SlabSalaried & ProfessionalNon-Salaried & Non-Professional
CIBIL≥700Up to 50 Lakh7.55% 7.65%
More than 50 Lakh & Up to 2 Crore7.75%7.85%
More than 2 Crore & up to 15 Crore7.90%8.00%
CIBIL 600-699Up to 50 Lakh7.80%7.90%
More than 50 Lakh & up to 2 Crore8.00% 8.10%
More than 2 Crore & up to 15 Crore8.15%8.25%
CIBIL <600Up to 50 Lakh8.25%8.35%
More than 50 Lakh & up to 2 Crore8.45%8.55%
More than 2 Crore & up to 5 Crore8.65% 8.75%
CIBIL101-200 or
NTC
Up to 50 Lakh8.20%8.30%
More than 50 Lakh & up to 1 Crore8.40%8.50%

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.

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 AboveCredit Score of 700 and Upto 749Credit Score of Less Than 700
Upto 30 Lakh7.00%-7.10%7.15%-7.25%7.25%-7.35%
Above 30 Lakh-75 Lakh7.15%7.40%7.50%
Above 75 Lakh7.15%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 ScoreInterest Rate (In Per Annum)
760 and above6.85%
725 to 7597.00%-7.15%
675-7247.10%-7.75%
-1 and 07.00%-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 Lakh700 and above6.70%-7.00%
Below 7006.85%-7.10%
Above 30 Lakh-75 Lakh700 and above6.95%-7.00%
Below 7007.00%-7.05%
Above 75 Lakh700 and above7.40%-7.45%
Below 7007.10%-7.15%

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!

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 7.55% - 8.05%.

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.

Salaried

Loan Amount (In INR)CIBIL Score >800CIBIL Score >750-800CIBIL Score of 700-749CIBIL Score<=700NTC
Upto 35 Lakh7.60%7.65%7.90%8.05%8.00%
Above 35 Lakh-75 Lakh7.60%7.90%8.00%8.20%8.15%
Above 75 lakh7.60%8.00%8.10%8.30%8.25%

Self-employed

Loan Amount (In INR)CIBIL Score >800CIBIL Score>750-800CIBIL Score of 700-749 CIBIL Score<=700NTC
Upto 35 Lakh7.70%7.80%8.05%8.20%8.15%
Above 35 Lakh-75 Lakh7.70%8.05%8.15%8.35%8.30%
Above 75 lakh7.70%8.15%8.25%8.45%8.40%

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.

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Credit ScoreNormal Home Loans“UNNATI” Home Loans
Salaried/Self-employed ProfessionalsSelf-employedSalaried/Self-employed ProfessionalsSelf-employed
Home Loans/NRPL under Unnati Program
NTC CIBIL >=1708.95% for Loan Amount Up to INR 35 lakh

8.15% for Loan Amount Above INR 35 Lakh
9.30% for Loan Amount Up to INR 35 Lakh

9.50% for Loan Amount Above INR 35 Lakh
10.75%12.00%
NTC CIBIL <1709.65% for Loan Amount Up to INR 35 Lakh

9.85% for Loan Amount of More Than INR 35 Lakh
9.95% for Loan Amount Up to INR 35 Lakh

10.20% for Loan Amount of More Than INR 35 Lakh
Upto 6509.60% for Loan Amount Up to INR 35 Lakh

9.80% for Loan Amount of More Than INR 35 Lakh
9.95% for Loan Amount Up to INR 35 Lakh

10.15% for Loan Amount of More Than INR 35 Lakh
>650 to < 7009.40% for Loan Amount Up to INR 35 Lakh

9.60% for Loan Amount of More Than INR 35 Lakh
9.75% for Loan Amount Up to INR 35 Lakh

9.95% for Loan Amount of More Than INR 35 Lakh
>700 to <7258.30% for Loan Amount Up to INR 35 Lakh

8.50% for Loan Amount of More Than INR 35 Lakh
8.65% for Loan Amount Up to INR 35 Lakh

8.85% for Loan Amount of More Than INR 35 Lakh
>725 to < 7508.00% for Loan Amount Up to INR 35 Lakh

8.15% for Loan Amount of More Than INR 35 Lakh
8.35% for Loan Amount Up to INR 35 Lakh

8.40% for Loan Amount of More Than INR 35 Lakh
>750 to <7757.70% for Loan Amount Up to INR 35 Lakh

7.80% for Loan Amount of More Than INR 35 Lakh
7.90% for Loan Amount Up to INR 35 Lakh

8.25% for Loan Amount of More Than INR 35 Lakh
>775 to 7997.55% for Loan Amount Up to INR 35 Lakh

7.65% for Loan Amount of More Than INR 35 Lakh
7.75% for Loan Amount Up to INR 35 Lakh

7.90% for Loan Amount of More Than INR 35 Lakh
>8007.50% for Loan Amount Up to INR 35 Lakh

7.60% for Loan Amount of More Than INR 35 Lakh
7.60% for Loan Amount Up to INR 35 Lakh

7.85% for Loan Amount of More Than INR 35 Lakh

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  • Home Loan Interest Rates July 2022
    Axis Bank7.60% - 8.05%
    Bank of Baroda7.45% - 8.80%
    Citibank6.65% - 7.40%
    HDFC7.65% - 8.55%
    ICICI Bank7.10% - 7.95%
    Indiabulls Housing Finance Limited8.65%
    Kotak Bank7.50% - 8.10%
    LIC Housing7.55% - 8.75%
    Piramal Capital & Housing Finance10.50%
    PNB Housing Finance7.50% - 10.20%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI7.05% - 8.05%
    Tata Capital7.75%