Yes, the CIBIL™ score is a crucial eligibility factor determining the outcome of your Edelweiss Housing Finance home loan. The CIBIL™ score measures the applicant's creditworthiness and is based on their past credit behaviour. A high score increases your chances of home loan approval from EHFL. On the other hand, having a low score reduces your chances of home loan approval. 

Besides improving your eligibility chances, the CIBIL™ score also impacts other factors like:

  • Interest Rates – Having a high credit score reduces the risk borne by the lender. As a result, the lender is more likely to offer you low interest rates. Make sure to check the latest Edelweiss home loan interest rates. 
  • Loan Amount – A high credit score can work in your favour in increasing the loan amount. However, note that the loan amount offered is calculated based on factors like the applicant's age, income, other liabilities (ongoing debts), etc. 

Extra Read: All about Edelweiss Home Loans

Tips to Improve your CIBIL™ Score before Applying for a Home Loan

  • Check your credit score to see where you stand. This gives you an idea of whether you need to improve your score before applying for the EHFL home loan. 
  • Repay your existing EMIs, credit card bills on time. On-time repayment is a crucial factor that determines your CIBIL™ score. 
  • Try to bring down the credit utilisation ratio. The credit utilisation ratio is the credit you have used compared to the overall available credit limit. Having a utilisation ratio of 10% to 30% is an excellent way to improve and maintain your credit score. 
  • Avoid applying for new credit cards or loans if you plan to take a home loan in the short term.