A home loan, often known as a mortgage, is a sum of money obtained by an individual, typically from banks and lending institutions. The borrower is required to repay the loan amount plus interest in Equated Monthly Instalments (EMIs) over a period of time that can range from 10 to 30 years, depending on the type of loan and the company’s policy. A lower CIBIL score can be a hurdle for many individuals looking for home loans.
CIBIL scores play an important role in the processing of home loan applications. In reality, it is an important criterion that the banks ask for to determine whether or not to approve a house loan application. When you submit your completed home loan application, the bank will first review your credit score and history. If your credit score is low and you have a poor credit history, your home construction loan application will likely be denied. If you have a high CIBIL score, your home construction loan application will be handled more quickly. But in case you fall under the low CIBIL score category, how to get a loan with a low CIBIL score? Don’t worry; ICICI HFC can be the solution to your worries as it offers home loans even if you have a CIBIL score of 650 or below.
Let’s find out how -
Home Loan for Low CIBIL Score
Stop worrying about how to get a loan with bad credit. ICICI HFC offers home loans to applicants having a CIBIL score of 650 and below Many people in developing countries, such as India, do not have a good credit score. Their rejection by the banks is a major source of anxiety. To address this issue, ICICI HFC has come up with a variety of house loan schemes for people having a CIBIL score of 650 or below. For example – ICICI HFC offers Apna Ghar Dreamz, through which the applicants can have quick loan disbursal up to 20 lakhs with minimum documentation. They can get home loans based on just Aadhar & PAN cards and a minimum account balance of INR 1500 for loan up to INR 5 lacs and with a minimum account balance of INR 3000 for loans above INR 5 lacs respectively. The applicant doesn’t even need to present ITR.
Also, Read - How Loan Settlement Effect Cibil Score
What is a CIBIL Score?
The Credit Information Bureau (India) Ltd, also known as CIBIL, is the leading provider of credit reports and scores for individuals. CIBIL obtains personal financial data from top banks and other financial organizations in India, such as loan and credit card information.
How does CIBIL Score work?
The Credit Information Bureau generates a CIBIL score after reviewing an individual’s extensive credit information. The firm also provides credit report services to banks and other non-bank financial institutions (Non-banking financial companies). A CIBIL score is a three-digit figure ranging from 300 to 900 that measures an individual’s creditworthiness. A better CIBIL score indicates a positive credit history and prudent repayment habits. CIBIL scores are derived using at least 6 months of an individual’s prior financial data.
How to get a home loan when you have a low CIBIL Score?
Every single person dreams of becoming a property owner. It is normal for everyone to prefer having the financial security of a permanent roof over their head compared to living in rented housing. However, with growing property costs, not everyone can afford to buy a home with their money. To become a homeowner, the majority of people must rely on home loans. One of the most important criteria for getting approval for home loans is to maintain a good CIBIL score. But what happens when someone has a low CIBIL score? In that situation, how to get a loan with a low CIBIL score?
Why Choose ICICI HFC for Home Loan?
- Many PSU banks and NBFCs may be cautious about giving you a home loan if your CIBIL score is less than 750 points. Therefore, it is very important that you pay off the majority of your bills to boost your credit scores in the long run. However, with ICICI HFC you can get a loan even if your CIBIL score is 650 or below With its home loan schemes such as Apna Ghar and Apna Ghar Dreamz, ICICI HFC offers a helping hand to every working individual who wants to fulfill the dream of owning a home. The person can work in any sector; organized, unorganized, cash-salaried, or self-employed; ICICI HFC has a home loan solution for all.
- You can apply for a combined home loan if you have a low credit score but your spouse has a strong credit score. Choosing a shared home loan can enhance the likelihood that your house loan application will be granted. ICICI HFC ensures your aspiration of owning a home gets fulfilled with a loan that requires very minimum documents and gets sanctioned within 3 to 5 working days.
- With 175+ branches across India, ICICI HFC has come to your area. You can reach out to any branch within a 50 KM radius from your place to initiate the loan process. after you submit the documents, it will take around 3 to 5 business days to get your loan sanctioned.
Fulfill your dream with the assistance of ICICI HFC
Whether you want to buy a house or build one, ICICI HFC has a wide range of options that will fulfill your housing loan needs. They are the priority for many customers who are seeking home loans. A person from any professional background could benefit from this property financing scheme. Regardless of your professional history, you are eligible to apply for a home loan program. ICICI HFC has uncomplicated and quick loan approval criteria and thus provides affordable house loans with excellent interest rates for terms of up to 30 years.
