{"id":437,"date":"2020-10-14T11:26:05","date_gmt":"2020-10-14T11:26:05","guid":{"rendered":"https:\/\/www.loanfasttrack.com\/blog\/?p=437"},"modified":"2020-11-28T10:25:20","modified_gmt":"2020-11-28T10:25:20","slug":"how-to-apply-for-home-loan-with-bad-cibil-score-by-loanfasttrack","status":"publish","type":"post","link":"https:\/\/www.loanfasttrack.com\/blog\/blog\/home-loan\/how-to-apply-for-home-loan-with-bad-cibil-score-by-loanfasttrack\/","title":{"rendered":"How To Apply For Home Loan With Bad CIBIL Score – By Loanfasttrack"},"content":{"rendered":"\n

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Is\nyour CIBIL score low? Are you facing difficulty in getting a loan with bad\nCIBIL score? No worries- Here is what experts at Loanfasttrack suggests.<\/em><\/strong><\/p>\n\n\n\n

Understanding CIBIL<\/strong><\/h2>\n\n\n\n

What is CIBIL & CIBIL score?<\/strong><\/h4>\n\n\n\n

CIBIL\n(Credit Information Bureau (India) Limited) is an authority which provides\ncredit ratings to an individual based on his credit worthiness and credentials\nwhich is decided on the basis of his lending and borrowing transactions. The\nagency which assesses the credit worthiness of the individuals is called the\nCredit Rating Agency (SRA). The authorized credit rating agencies in India are\nCRISIL (Credit Rating Information Services of India Limited, ICRA (The\nInvestment Information and Credit Rating Agency), CARE (Credit Analysis and\nResearch Limited), SMERA, Fitch India\u2019s -India Ratings and Research Pvt. Ltd.)\n& Brickwork Ratings India Pvt. Ltd., etc.<\/p>\n\n\n\n

These\nagencies analyze the individual\u2019s repayment capacity, payment history, lending\nand borrowing history, outstanding balances, past credit and its repayment\nbehavior, credit inquiries, etc. and generate CIBIL reports to ascertain his\ncredit worthiness in the form of numeric ratings which is CIBIL Score. Below\ngiven are the approximate percentile weightage of the parameters which are\nsalient for the calculation of the credit report\/ credit score.<\/p>\n\n\n\n
\n Weightage\n (%)<\/strong>\n <\/td>\n Parameters<\/strong>\n <\/td><\/tr>
\n 35% \n <\/td>\n Repayment\n History.\n <\/td><\/tr>
\n 30%\n <\/td>\n Total\n Credit Being Utilized.\n <\/td><\/tr>
\n 15%\n <\/td>\n Total\n Loan\/Credit Tenor.\n <\/td><\/tr>
\n 10%\n <\/td>\n Credit Mix Availed.\n <\/td><\/tr>
\n 10%\n <\/td>\n No.\n Of Times Credit Inquiries Sought. \n (Click to know how do\n the credit inquiries impact your CIBIL scores<\/a>) \n \n <\/td><\/tr><\/tbody><\/table>\n\n\n\n

How To Read The CIBIL Score?<\/strong><\/h4>\n\n\n\n

The\nCIBIL has categorized the credit ratings of the individuals from poor\/low to\nexcellent on a numeric scale ranging from 300 – 900. Below are the CIBIL score\ndetails:<\/p>\n\n\n\n

750\n– 900 = Excellent CIBIL Score.<\/p>\n\n\n\n

650\n– 749 = Good CIBIL Score.<\/p>\n\n\n\n

550\n– 649 = Average CIBIL Score.<\/p>\n\n\n\n

300\n– 549 = Poor \/ Bad CIBIL Score. <\/p>\n\n\n\n

Low\nCIBIL score makes it difficult for the borrower to get loan with low CIBIL\nscore. The benchmark score considered by banks for lending is 750 and above. <\/p>\n\n\n\n

Home Loan On Low CIBIL Score<\/strong><\/h4>\n\n\n\n

Scores\nbelow the benchmark are usually considered as low scores in the loan mortgage\nindustry and therefore the minimum CIBIL score for home loan required is the\nbenchmark rate of 750 and above. However, housing loan for low CIBIL score is\nalso possible but with higher interest rates and processing fees to the\napplicants. But the poor credit score makes it difficult for the applicant to\nget a home loan even at a higher rate of interest and charges. (Read to understand the\nimportance of CIBIL in home loan<\/a>)<\/p>\n\n\n\n

However,\ndo not let your low scores hinder your dream to purchase a house of your own.\nBuying a home with bad credit is no longer a problem. Speak to experts at\nLoanfasttrack (9321020476) <\/strong>to seek assistance on a home\nloan with bad credit. <\/p>\n\n\n\n

Banks\nfind applicants with low credit scores risky and hence Loanfasttrack explains\nhow to get a home loan for bad CIBIL. <\/p>\n\n\n\n