CIBIL Score For HDFC Home Loan
HDFC is the leading provider of Housing Finance in India which provides home loans starting at an attractive interest of 9.90% p.a. (subject to change) whereby EMIs can be as low as Rs.871 per lakh (subject to conditions). While applying for HDFC Home loan, individuals must check their CIBIL Score which determines their credit worthiness and repayment capacity. So do you know What Should Be The CIBIL Score For HDFC Home Loan? Let’s check here!!
Banks or housing financing company will decide your loan eligibility on the basis of CIBIL score. A Good CIBIL Score will definitely provide you higher eligibility for home loan, but banks will prefer to look at the complete picture rather than basing their decision on a single score. Consequently, applicants must have score of 750 or above for HDFC Home Loan and for more details, please scroll down this page!!
CIBIL Score for 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.
CIBIL Score and Condition for the approval of 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
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.
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.
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 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%|
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