CIBIL Score For HDFC Home Loan
HDFC bank considers the good CIBIL scores for sanctioning loan to the lenders. But the main question is what should be CIBIL score for HDFC home loan? CIBIL scores must be enough good because it is used by the bank to check the creditworthiness of the applicants. CIBIL is responsible for preparing the credit information report.
If the credit score is low, the bank can still grant you loan at a higher rate of interest depending on the information available in the applicant’s credit information.Here , you will get to know some terms and conditions that are required to apply for housing loan at HDFC bank that are being listed below.
Check Here – CIBIL Customer Care
CIBIL Score for HDFC Home Loan
Just like other banking organizations, HDFC also check the CIBIL credit scores to know whether the applicant is available for loan approval or not. In today’s scenario, bank highly considers the personal loans to the eligible and deserving candidates at good rate of interest.
So as to check their eligibility, the personal loan is sanctioned on the basis of CIBIL report prepared by the authorities. HDFC offers a personal loan in a matter of 72 hours to an individual with a favorable credit score.
Get Details – What Is A Good CIBIL Score?
Term and conditions to get HDFC home loan
Individuals can check the below mentioned details of CIBIL Score which is required for HDFC Home Loan, so please have a look at once!!
- Nature of employment and net monthly income
- Fixed Obligation to Income Ratio (FOIR) or Debt to Income Ratio (DIR)
- Credit repayment history as stated in the CIBIL Report or Credit Information Report (if any delinquency there, then valid reason for same).
- Banks generally prefer minimum CIBIL score of 700 and more.
Types of Home Loans offered by HDFC
Housing Development Finance Corporation (HDFC) provides housing finance as its core business. This organization offers different needs through the different phases of one’s life but mainly focus on housing. It has fulfilled 4.9 million dreams over the last 3 and half decades. HDFC offers the following types of home loans or Indian Residents are offered home loans for the following purpose:
- To buy a new house or a flat and bungalow from developers.
- For the construction of their own home
- To transfer outstanding home loan balances from other banks to HDFC to avail the benefit of paying low monthly installments, customized repayment options and attractive interest rates.
- Home Improvement Loans for renovating or upgrading homes.
- Home Extension Loans for extending houses.
- Plot Loans to buy a plot of land.
- To individuals who have set their eyes on a new house but have to wait till the old house is sold to make the payment, the HDFC bank offers Short Term Bridging loans to provide funds required to purchase the new house until the old house is sold.
- To agriculturists who wish to own a house in the rural or urban area, HDFC offers Rural Housing Finance. Salaried and self-employed persons can also avail this loan if they wish to own a space in their hometown that is in these areas.
Know About – What Is CIBIL Score?
Features of HDFC Personal Loan
Loan applicants must be aware about the features and specificationsbefore applying for home loan at HDFC bank. So, here we have presented some major characteristics for applying for home loan at HDFC bank on basis of CIBIL scores.
- Developer of housingfinance in India with more than 35 years of lending experience.
- Most experienced and empowered personnel to ensure smooth & easy processing
- For acquiring the property, there will be proper counseling and advisory services to the applicants.
- If your property is being selected the loan will be approved by the HDFC banking organization on basis of CIBIL scores.
- Loan from any HDFC office for purchase of home anywhere in India
- Flexible loan repayment options
- Free & safe document storage
CIBIL Score and Condition for the approval of CIBIL Score For HDFC Home Loan
#1.700 and above
Generally considered as best CIBIL score for loan
FOIR of less than or equal to 50% for people with salary upto Rs. 40,000 per month and upto 65% for those with salary above Rs. 40,000 with new home loan EMI
#2.650 – 750
Satisfactory justification for delayed payments on existing or past loans and credit cards
FOIR of less than or equal to 65% after taking into account new home loan EMI
Low proportion of unsecured loans and low credit card outstanding
Average credit card outstanding not more than 50% of credit limit
#3.Less than 650
Very low chances of loan application getting approved
Low loan to value (LTV) – less than 50%
EMI payment by joint applicant with good income, low obligation and clean CIBIL record
Do You Know – How To Check CIBIL Score
Current Interest Rate of HDFC
Individuals are informed that current home loan interest rate of the HDFC Bank is well mentioned in tabular form, so what are you waiting for? Go ahead and grab the details as for CIBIL scores for HDFC housingloan as soon as possible!!
|Rs. 3,000,001 -7,500,000||8.50%|
|Rs. 7,500,001 -20,000,000||8.55%|
|Above Rs. 20,000,001||8.55%|
Importance Of CIBIL Score While Applying For HDFC Home Loan
Appliers for any type of loan must know about the Importance of CIBIL Score in obtaining a positive approval. At the time of submitting the application, lenders check Credit Score, Credit Rating and report of the applicant, firstly. In case of low Credit Score, lender may even reject the loan application. In other case of high credit score, the lender will look into the application and checks the applicant’s creditworthiness on basis of CIBIL score for HDFC home loan.
Credit Score is like an impression of the applicants but CIBIL does not decide if the loan or credit card should be sanctioned nor can it delete any records reflection on the Credit Information Report. Credit Information Bureau India Ltd. helps the lenders to know about the applicant’s credit worth.
There are various Factors that impact CIBIL Score and appliers of the loans and credit must acknowledge the entire details in this concern also. The CIBIL Score ranges from 300-900. It is noticed that the credit score above 750 is preferred by the loan providers.
We hope, you are satisfied with our page of CIBIL Score for HDFC Home Loan
Have A Look On Below Links