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Does CIBIL score affects loan process?- Property Hotline
Posted
September 23, 2016
Views
240
September 23, 2016
240
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1:40Now PlayingExpert: Kartik Jhaveri, Founder & Director of Transcend Consulting India Pvt Ltd?.
Question: My wife and I are going to buy a property in Bengaluru. We plan on taking a loan from SBI or Axis bank. I checked my CIBIL score and it is 570, while my wife's score is 810. My wife will be the primary applicant for home loan. Will my score affect the loan process? Will the bank deny the loan if I am the co-applicant?
Answer: Banks will carry out their own due diligence before disbursing a loan. This includes age, income, employment tenure, repayment history, CIBIL score, etc. A good CIBIL score for home loan normally starts from 700 upwards. However, the closer you are to 900, the more faith the credit institution will have in your capacity to repay the home loan. Your score may affect the overall eligibility of the loan.
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