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Get answers to commonly asked questions related to credit bureaus
The bank requires the applicants to have a minimum credit score of 700 to be eligible for their home loans.
Home loan is often the largest liabilities of any person. Hence, the eligibility criteria set for such loans is also quite stringent. Lenders ensure that a home loan is sanctioned only after the applicant has met all the required eligibility criteria set by the bank. This assures the bank of the viability of the loan and reduces any chances of Nonperforming assets (NPAs).
HDFC Bank has set many eligibility criteria for the applicants to be qualified for the home loan of the bank. These eligibility criteria include many factors like,
Apart from the above-mentioned parameters, the bank also checks the credit score of the applicant as part of eligibility conditions.
A credit score lower than 700 is not considered to be a good credit score by the bank. Such candidates having a credit score lower than 700 are considered to be high-risk candidates for home loans.
The bank may sanction a home loan to an applicant having a credit score lower than 700. In such a case the eligibility will be determined on other factors as mentioned above. The key point of consideration in such cases will be the income of the applicant.
If the applicant can prove the repayment capacity for the loan and has a healthy past relationship with the bank, the loan may be sanctioned at the bank’s discretion. The bank may review the existing external liabilities along with the income parameter. The other parameter considered by the bank is the net take-home of the applicant. If it is less than 50% of the gross monthly pay after considering the external liabilities and the proposed EMI for the loan, that can be another basis for rejection of the home loan.
HDFC Bank is one of the top lenders in our country. The bank has provided many unique and modern banking solutions for its customers within the country as well as overseas. These products include various types of loans that can be available to applicants based on their eligibility. The multiple loan variants of the Bank include personal loans, car loans, home loans, business loans, education loans, etc.
The home loans of the bank are among the preferred loan products in this segment. Apart from the many eligibility criteria set by the bank, the credit score of the applicant is one of the main factors that influence the loan application of a person.
CIBIL™ is one of the four credit rating agencies that are available in India. The other credit rating agencies that provide credit score for the applicants are,
HDFC Bank refers to the credit score issued by CIBIL™ while reviewing a loan application. The credit score issued by CIBIL™ ranges from 300 to 900.
A credit score is the evaluation of the creditworthiness of a person and is based on the credit history of the applicant. According to the recent changes made by RBI, every credit rating agency including CIBIL™ has to mandatorily provide the benefit of a free credit score once a year. This credit score can be checked online by the applicants through the website of CIBIL™. The inputs for checking the credit score issued by CIBIL™ is mentioned below.
1. What is the minimum credit score needed for the sanction of an HDFC home loan?
A. The minimum credit score needed for an HDFC home loan is 700.
2. What are some of the common factors that can lead to the rejection of a home loan application of a person?
A. Some of the common factors that can lead to rejection of home loan application of a person are mentioned below,
A low credit score of a person
A lower credit score of a person is one of the biggest reasons for the rejection of the home loan application. HDFC may, however, provide home loan at lower credit score but such sanction will be only at the discretion of the bank.
Low income of a person
When the bank feels that the income of the applicant is not sufficient to support the EMI of the proposed loan, the loan application of the applicant can be rejected.
Less or no work experience
Work experience or employment status is one of the main considerations for home loan eligibility. Such criteria are to be fulfilled to ensure that the applicant is capable of repaying the loan in full without any foreseeable defaults. When the applicant does not meet the work experience and the employment conditions set by the bank, the loan application of the applicant can be rejected.
Submission of incorrect details in the application form
The application form for the home loan application has to be filled in correctly and with due care. Any error in filling the home loan application form or wrongful submission of details can lead to the rejection of the home loan application of any person.
Non-compliance with the age criteria
HDFC bank has set specific age criteria for the applicants to be eligible for the home loan. When the applicants do not meet the age criteria, it leads to instant rejection of the home loan application.
3. Can the credit score be affected if the borrower misses payments of loan instalments?
A. Yes. Non-payment of loan instalments will directly affect the credit score of a person.
4. Can part payments of a home loan affect the credit score of a person?
A. Yes. Part payments of home loan have a positive effect on the credit score of a person.
5. What is the range for the CIBIL™ score?
A. The range for the CIBIL™ score is from 300 to 900.
A CIBIL™ score is a three digit number between 300 and 900 that gives potential lenders a quick idea of your loan
Credit repair involves rebuilding your credit health to a level where you become eligible for loans.
A credit report is a history of your credit behaviour and contains detailed information on all your loan and credit
A credit rating - also known as a credit score - is a 3 digit number between 300-900 that gives potential lenders
A bad credit score is generally one that is less than 650. A credit score is a three digit number in the range of 300-900
Yes. In fact, a credit score of 850 is very good! Most lenders look for a minimum credit score of 750 to approve loans
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Is 800 a good credit score? Yes. In fact, a credit score of 800 is very good! Only a small percentage of people reach,
Is it possible to obtain a free credit check or credit report? The answer is yes and no!
Your CIBIL™ Score plays an important role in getting loans and credit cards sanctioned, because it gives lenders
It is not possible for anyone, either lenders or borrowers, to get a CIBIL™ score or credit report for free.
It is important to know that there is no such thing as a CIBIL™ defaulter list. There used to be a defaulter list earlier,
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Sourav and Ankit are watching the New York Marathon on TV and decide that they want to run a marathon.
In India, the best credit score to have is one that is 750 or above. The three credit rating agencies that operate in India
Is a credit score of 700 good? While it is not a very bad score, it is not good enough to automatically qualify
It is difficult to get a loan with a credit score of 650. Most banks look for a minimum score of 750 when deciding
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A poor CIBIL™ score can increase your financial problems and make it difficult to access credit, whether as a loan or credit.
One common worry that runs through your mind after you have made a credit card settlement is,
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