Home loan is considered as the savior for those people who have always dream of their own house or are planning to get their own house. The home loan is not everyone’s cup of tea. It requires a certain criterion’s which needs to fulfill.
The main one is the credit score.

Maintaining a healthy cibil score/ credit score is very important these days in order to process for some kind of loan either it is secured or unsecured. It is very important to repay your dues properly and efficiently. A credit score between 750-900 is considered as a healthy score. People with low cibil diminishes there a chance of getting approval for loans. But don’t feel worried, as having low cibil doesn’t mean you can’t get a loan, you can but with some criteria’s.

Banks would be a headache in order to avail a home loan if you have a low cibil they will either directly reject your application or they will hold on to your case for a while. Whereas, one can definitely approach to NBFCs, as they can help you to how to take a home loan. As they are taking waiver in your cibil they generally provide you home loans with higher interest rates as compared to banks and other financial institutions. If by any chance you are rejected from the NBFCs as well, then you can go for HFCs or Housing Finance Companies.

Housing Finance Companies are the best platform for you as they don’t consider your cibil at all; they just see your financial history as the only base for providing you with home loans. If you have stability in your employment for at least 1-2 years then HFCs are best to go. The interest rate over here, might somehow high or low, depending on where you are applying.

So availing a home loan with a low cibil can happen, but just make sure that after getting the home loan repays the amount properly as this will enhance your credit score.