One crore home loan credit score:

Buying a dream home has become expensive. Property prices in major cities start from ₹1 crore and may go up to ₹2.5 crore. Many families plan to buy a flat or duplex home through a housing loan. Knowing the required credit score is important before applying for a ₹1 crore loan.

One crore home loan credit score:

A credit score of 750 or above is considered excellent for home loans. Banks and financial institutions prefer applicants with a high score. According to Kundan Shah, co-founder of Jaano, a score of 750 or more makes it easier to get loan approval. A high score also improves the chances of getting lower interest rates.

Several lenders, including ICICI Bank and Bajaj Finserv, set 750 as the ideal score for eligibility. Applicants with scores between 700 and 749 are also considered. They may face slightly higher interest rates. Scores below 700 are seen as risky and banks may reject the loan application.

Banks also check other financial factors. Income is a key part of the loan process. For a ₹1 crore loan, the applicant’s income should be at least ₹1.2 crore per year. Lenders check monthly and yearly income statements to assess repayment ability. They also verify existing loans and repayment history.

Applicants must be at least 18 years old. The maximum age limit for loan approval is usually 70. Banks look into the applicant’s employment details, bank account transactions and financial background.

Having a clean loan history and consistent income improves the chance of approval. Banks prefer stable salary or business income without major delays in past EMI payments. A good track record builds trust with lenders.

Maintaining a strong credit score is the first step in preparing for a large home loan. Regular loan repayments, controlled credit card usage and zero defaults help maintain a high score.

Also Read: Operation Sindoor: PM Modi Exposes Pakistan’s Plea for Ceasefire

Share

• 
• 
• 
• 
• 
•