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A credit score is a 3 digit number that represents the evaluation made on a person's capability to repay loan amounts and other debts. Credit bureaus like CIBIL™ , Experian, Equifax, CRIF HighMark provide credit scores that are calculated based on their credit history. Having a good credit score is a must as banks and NBFCs provide you loans or any other form of credit based on your credit score. Lenders like HDFC Bank may use any one or more of the bureau scores to approve or reject your home loan.

Planning to buy a home is not an easy task. It would involve paying EMIs for years and timely payments every month. A home loan needs a lot of commitment to repay the loan within your given tenure. A credit score in the range of 700-750 are generally regarded as a good score and well reputed banks such as HDFC provide home loans with good interest rates. You wouldn’t get a good loan offer with a credit score less than 700. You would have to pay exorbitant amounts as interest and sometimes your loan application might not even get through.

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