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Axis Bank is a leading private sector bank offering various loan products. Their home loan come with attractive interest rates and various other benefits to its customers.
When you apply for an Axis Bank Home Loan, you have to meet certain eligibility criteria to be able to get a favorable home loan. Home loan is a long term commitment and hence the lender would want to ensure your repayment capacity and debt management skills before sanctioning your home loan.
While processing a loan, the bank will consider whether you are salaried or self-employed, your wages, current loans, and your credit score when you apply for a loan. Credit scores are given a lot of weight by lenders when considering loan applications because they are an indication of how likely you are to repay the loan. In certain situations, your CIBIL™ Score can be the deciding factor in whether the bank gives you a higher or lower interest rate or even accepts or refuses your loan application.
With regards to Axis Bank Home Loans, a CIBIL™ Score above 750 is considered a good score to get a home loan with favorable terms like high loan amount, low interest rate and various value-added features.
A CIBIL™ Score of 750 and above will also ensure that your application is processed faster. It assures the banker that you have maintained a healthy credit history by making timely repayments, and that you are responsible with your credit, which means you are creditworthy.
When we say that a CIBIL™ Score of 750 is ideal to get Axis Bank Home Loan, these questions may pop in your head;
So, what do I if my CIBIL™ Score is poor? Can’t I get a loan? Will my application be rejected?
No need to panic here! Though a credit score of 750 is deemed healthy, an applicant with a credit score of 650 can also apply for a home loan with Axis Bank.
A low credit score indicates that you are a liability to the lender. A strong credit score means that the creditor will make prompt payments. How well you've repaid previous loans, whether you've defaulted or pre-paid any loans, the types of loans you've taken, and how much of your income goes toward loan repayment all contribute to your credit score.
Your home loan application could very well get processed even with a low CIBIL™ score of 650. Though it is difficult, it is not impossible. It depends on the discretion of the bank. However, when you get a home loan with a low credit score, you may get unfavourable terms with respect to the interest rates, loan amount and other offers and benefits.
A low CIBIL™ score isn't the end of the world. You can boost your credit score by taking a few easy steps. Maintaining a good credit score necessitates disciplined credit management. Though you won't be able to improve your credit score immediately, taking these measures will have a significant effect on your CIBILTM score. A fair time frame for restoring your credit score is 4-12 months. What you'll need is patience, determination, and self-discipline to meet your credit goals.
Here are a few tips to improve your CIBIL™ score:
Close any long-term loans or credit cards that are the reason for bad credit: Multiple liabilities on your credit report have a negative impact on your CIBIL™ score. You may choose to pay off tiny, long-term loans or credit card balances that are having a significant effect on your CIBIL™ report. This will be reflected in your subsequent CIBIL™ reports and is well worth it.
Check your CIBIL™ credit report on a regular basis: Check your CIBIL™ score at regular intervals to ensure that the report contains correct details. If you discover any mistakes or omissions, you should get them corrected as soon as possible so that they do not have a negative impact on your CIBIL™ ratings.
Do not get behind on payments: Keep track of all your monthly payments and make sure they are paid on time. Payment default, even if it is a genuine omission, has a negative impact on your CIBIL™ score. To ensure that monthly EMI payments are made on time, you can use resources such as auto-debit, standing instructions, or NEFT mandates. When making a cheque payment, make sure to submit it before the due date to allow for the clearance period.
Check your credit utilization ratio: One of the most effective ways to improve your credit score is to refrain from using your credit card to the full limit. Limit your monthly credit card bill to no more than 50% of your credit limit. Using more than half of your credit card limit indicates that you will struggle with budgeting and will be unable to save enough to repay your debts. This could be a reason causing your credit score to fall.
Avoid submitting several loan applications in a short period of time: When you receive a large number of inquiries in a short period of time, it is not looked at favourably. What would a lender think if you did a credit card inquiry, a personal loan inquiry, and a home loan inquiry all within a few months? It means that you are desperate for credit and are looking for several sources of credit. One way to improve your CIBIL™ score is to avoid having a large number of new credit applications in a short period of time.
Request an increase in your credit card credit limit: You can request an increase in your credit limit by contacting your credit card provider. Increasing your credit limit would allow you to better control your credit-to-debt ratio without negatively impacting your credit score.
1. What is a good CIBIL™ score for Axis Bank Home Loan?
A CIBIL™ score of 750 and above is considered an ideal score to get a home loan from Axis Bank. This score helps you to land better approval rates on your home loan applications. It assures the banker that you have maintained a healthy credit history by making timely repayments, and that you can are responsible with your credit, which means you are creditworthy.
2. Can I get Axis Bank Home Loan with a low CIBIL™ score?
One may get a home loan with a CIBIL™ score even as low as 650. Though it is difficult, it is not impossible. It depends on the discretion of the bank. However, when you get a home loan with a low credit score, you may get unfavourable terms with respect to the interest rates, loan amount and other value-added benefits.
3. Can I get an Axis Bank Home Loan with a 700 credit score?
Yes, you can get a home loan with a credit score of 700. However, the interest rates, loan amount and other fees & charges may not be very advantageous for you.
4. Is it possible to get a home loan if I have no CIBIL™ score or Zero CIBIL™ score?
Yes, it is possible. Even if you don’t have a CIBIL™ score due to no credit history, you can get a home loan from the bank provided you hold your salary account with them. You may be required to provide additional documents to prove your income stability and repayment capability.
5. How soon can my CIBIL™ score be improved?
An average of 4-12 months to restore your credit score is a reasonable time. Though you cannot fix your credit score overnight, certain measures will make a huge impact on your CIBIL™ score. All you need is patience, commitment and self-discipline, and you will achieve your credit goal.
6. Is 650 a good CIBIL™ score?
CIBIL™ score is a rating on your credit history. It ranges between 300-900. However, 750 is considered to be a decent CIBIL™ score to get you competitive loans and credit cards. 650 is not considered a very advantageous CIBIL™ score to get an Axis Bank Home Loan.
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