The Minimum CIBIL™ Score for ICICI Bank Home Loan is 750

What is the CIBIL™ score needed for an ICICI Home loan?

ICICI bank requires the applicants to have a minimum credit score of 700 to be eligible for home loans offered by the bank. An applicant having a credit score of 700 and above can get home loans easily provided they meet the other eligibility criteria set by the bank.

On the other hand, a person having a credit score lower than 700 will find it difficult to get a home loan from the bank even if they meet the majority of other eligibility criteria. Bank may feel sceptical in issuing a huge amount of loan to such person as the risk of loss to the bank may be higher.

ICICI Bank may, however, grant the home loan to a person having a lower credit score at its discretion. In such cases, the bank may look at the other parameters or may grant a loan for a lower amount as against the amount applied by the applicant. The rate of interest for home loans with a low credit score are also usually high.

The Role of Credit Score in an ICICI Home loan

A credit score is a three-digit number issued by an authorised credit bureau. There are four credit rating agencies in India. These agencies are certified to issue a credit score to individuals. These credit scores are used by the lenders as an essential point of reference while considering a loan application or a credit card application.

The four credit rating agencies that are available in India are,

• CIBIL™
• Equifax
• Experian
• CRIF Highmark

Among the above agencies, ICICI Bank prefers referring to the credit score issued by CIBIL™ while considering a loan application or a credit card approval.

CIBIL™ issues a credit score that ranges from 300 to 900. A CIBIL™ score closer to 300 is considered to be a poor credit score and a credit score closer to 900 is considered to be a good credit score as per the bank.

The credit score is the reflection of the financial health of an individual or an entity. This assures the bank of the viability of the loan. If the applicant has a low credit score, then it shows that the applicant is a high-risk candidate. The chances of the applicant defaulting on the repayment of the loan may be high. On the other hand, if the credit score of a person is high, the bank is assured of the repayment of the loan. The risk of default is low in such cases.

About ICICI Bank

Industrial Credit and Investment Corporation of India, more popularly known as ICICI Bank, is a leading private sector bank in India. It is among the top four private banks in the country and has a huge domestic as well as international presence by having subsidiaries and representative offices in many countries across the globe.

ICICI Bank offers many products and services like insurance, credit, loans, deposits, savings schemes, NRI banking, internet and mobile banking among others for its retail and corporate customers worldwide. Lending being the main function of the bank, ICICI Bank provides a basket of options for every segment of loan offered by the bank. Customers can opt for easy loans based on their eligibility and avail the benefits of immediate finance from the bank.

About ICICI Home Loans

ICICI Bank provides home loans to eligible borrowers for the purpose of buying a new house or plot of land, construction of a new house, repairs and renovation for an existing house or residential property. The bank has specified many eligibility parameters that the applicants have to meet to get the sanction of a home loan. These parameters vary from lender to lender.

The most common eligibility parameters set by the bank for sanction of home loan are,

• Credit score and credit history of the applicant
• Age of the applicant
• Monthly income of the applicant
• Fixed monthly expenses
• Work experience
• Employment status
• Residential status
• Relationship with the bank

FAQs on CIBIL™ score for ICICI Home Loan