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CIBIL Score : Buying a house is everyone’s dream, but these days property prices are skyrocketing. Most of the people take home loan to buy a house. If you are also planning to take a home loan to buy a house, then your CIBIL score should be good. A good CIBIL score can make your home loan cheaper. We will tell you what the CIBIL score should be to get a cheap home loan.
Let us tell you that CIBIL score is like a report, which shows the financial history of a person. It also includes details of credit history. A good CIBIL score indicates that you are capable of repaying the loan. With a good CIBIL score, you can take a home loan at an affordable interest rate.
How much CIBIL score is good?
CIBIL score ranges from 300 to 900. If your CIBIL score is between 300 to 550, your CIBIL score is bad. If your CIBIL score is between 550 and 650, your CIBIL score is average. Apart from this, CIBIL score between 650 to 750 is considered good. Apart from this, CIBIL score between 750 to 900 is best.
CIBIL Score for Cheap Home Loan?
If you want to take a cheap home loan then your CIBIL score should be between 650 to 750. Apart from this, if your CIBIL score is high then you can take loan at lower interest rate. If your CIBIL score is very low then the bank will give you loan at a higher interest rate.