Are You Eligible for a Home Loan? Check Your CIBIL Score - Home Loan Stories | Kotak Mahindra Bank

25 MAY, 2021

The CIBIL score or credit score is an important parameter that determines your home loan eligibility. The score is a numerical representation of your credit worthiness ranging from 300 to 900. It is derived based on the loan repayment history, existing EMIs, credit mix, credit utilisation, etc. The higher your CIBIL score, the better are the chances of home loan approval. If you are looking forward to availing a home loan, it’s advisable to maintain a CIBIL score of 750 or above to boost your home loan eligibility.

Let’s understand how CIBIL score affects your home loan eligibility.

Effects of CIBIL Score on Home Loan

  • A poor credit score may reduce your chances of getting a home loan without any hassles. Whereas, a high credit score helps improve your loan eligibility.
  • A high credit score can help you secure the loan at a lower interest rate. Since a home loan is a long-term financial obligation, an attractive interest rate can reduce the overall cost of borrowing significantly in the long run.
  • Lenders may consider you a low-risk applicant if you have a high credit score. This will allow you to avail a high home loan amount with much better terms and conditions.
  • With a high credit score, it’s also possible to avail home insurance products at a comparatively lower premium

Below is a quick guide on how to check CIBIL score for home loan. Follow these steps and check your CIBIL score within minutes in a hassle-free way.

How to Check CIBIL Score Online?

Step 1: Visit the official website of CIBIL.


Step 3: Pick the subscription of your choice

Step 4: Fill in an online form providing all basic details such as name, address, ID proof, Date of Birth, loan history, etc.

Step 5: Post this, you’ll be redirected to the payment page, wherein you will be required to pay a nominal fee. You can easily make the payment through various modes such as credit cards, net banking, etc.

Step 6: On making the payment, you will be taken to an authentication page. Here, you will have to answer a few questions related to your credit history to authenticate your identity with CIBIL.

Step 7: Post completion of the authentication process, you will receive a detailed CIBIL report on your registered email address within the next 24 hours.

Also note that as per the guidelines of the Reserve Bank of India (RBI), individuals can fetch a free credit report once in a financial year. If you notice that your CIBIL score is below 750, ensure to work on improving it before applying for a home loan.

Mentioned below are some proactive measures that can be taken to improve the CIBIL score and satisfy the home loan criteria set by the lender.

Tips to Improve CIBIL Score

  • If you are already servicing a loan, ensure its timely repayment.
  • Decrease your credit utilization ratio.
  • Pay credit card dues on time. Do not close credit cards.
  • Maintain a mixed bag of credit i.e. secured and unsecured debt.
  • Check your credit report thoroughly and raise a dispute in case of any errors.
  • Do not make multiple loan applications.

By following most of the above-mentioned tips, you can improve your CIBIL score and home loan eligibility. So why wait? Check the CIBIL score, apply for a home loan, and take the first step towards purchasing your dream house, today!

Latest Comments

Leave a Comment

200 Characters

Read Next


Should you apply for personal loan if you are Self-Employed?

Personal loan, most attractive option to consider in urgent need of liquidity


Should you apply for a personal loan if you are a salaried individual

If you are salaried individual and find yourself faced with an urgent liquidity need ...


6 Mistakes to avoid before applying for personal loan

Save yourself from a ‘vicious’ loan cycle or getting your loans disapproved

Load More

Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.