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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 SBI Bank may use any one or more of the bureau scores to approve or reject your home loan.

You can pledge your property as mortgage until you repay your home loan completely. But if you consistently fail to pay your EMIs and don’t follow up, your property will be seized. In order to avoid such situations, SBI bank or any other bank checks whether your credit score is higher than 750. Having a score of more than 750 is a sign that you have been credit responsible in the past. Your lender will be willing to lend you a loan with lesser interest rates and provide you more loan choices.

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