Can I get home loan with 600 CIBIL Score

If your CIBIL score is less than 750 then your chances of getting any kind of loan or home loan are very less.

There'll be more possibilities to reject your loan application by several banks.

How to get a loan with a low CIBIL score and no credit history:-

  • If your CIBIL score is not good enough then you can apply for loans from smaller NBFCs(Non-Banking Financing Companies) HFCs and MFCs. They can provide you a home loan with a low CIBIL score because some of the companies like this never check CIBIL scores but they may charge higher interest rates than the bank. So, you can approach this kind of company to take a home loan.

  • If you are facing issues with taking a home loan because of your CIBIL score and have no credit history, you can apply for a joint home loan with your spouse or other members of your family (blood relationship). It is useful in getting a home loan or a bigger loan at the lowest interest price. You can add a guarantor in case of a bad CIBIL score or haven't any credit history.

  • You can apply for a loan against security on the basis of your gold, LIC policy, or any Fixed deposit. Interest rates can be a little higher than home loans but will be much cheaper than personal loans. If you are taking a loan against a property then make your all installments on time, it helps to improve your score.

  • You can approach a home loan to private lenders. It is popular in semi-urban/ rural areas but they charge too much higher interest rates from their borrowers. They charge 2% -3% interest for a month. It can be helpful but always take this kind of loan in a small amount and for the short term.

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