You need to approach your loan in following steps:
1. First, you need to check on your credit score. While the score goes up to 900, in normal course a score of 750 is considered to be a good score. In case your score is around 750, then you can apply for the loan.
2. In case it is lower than 750, you would be required to check on the reason for a low score. It could be on account of three reasons - Non payment of dues and EMIs in past/ some error on your credit report/ low or no activity on credit. All these can be worked upon differently.
3. If the score is low on account of low credit activity, you can go ahead and apply for the loans.
I am also sharing with a resource that can help you get a free credit bureau report so that you are able to check for yourself:- www.freescoreindia.com
First you need to know your exact CIBIL score. Usually a home loan is granted to the applicant having 780 CIBIL score. But less than that score, it is possible to get a home loan. Many online NBFCs offer loans to the applicants having low CIBIL score. Or the best process is to work hard to develop your CIBIL score and then apply for a housing loan.
I am sharing with you a resource that will help you to apply home loan with less cibil score:- https://www.bajajfinserv.in/finance/home-loan/self-employed-home-loan.aspx
Whenever you decide to apply for a loan, you need to check your current CIBIL score as it keeps on changing. If you have been using credit card or repaying on any past loan for last 6 months regulary there are chances that your score might have increased. Also, would like to know why your score is so low. Was there any delayed payments done on any accounts?
Check carefully your CIBIL score before applying for home loans to avoid problems later. If you have higher credit score you have better chances of loan getting approved.
HDFC and other banks are approving loans for those with a scores of 700-750, or higher. These banks consider 700 being the absolute lowest limit, so you should aim for a score >750 to avail personal loans from banks.
Hi jeya, Do you know what is your CIBIL score because as per my knowledge the minimum CIBIL score for a personal loan is 750 or more than that. In general credit scores range from 300 to 900; 300 being on the lower end of the range and 900 on the higher end. People having CIBIL score more than 750 can go for home loan with out any hassle but people having less than 750 CIBIL score have to face problems while applying for home loan.