How important is your credit score in getting a home loan?

HYDERABAD, India - Sept. 27, 2021 - PRLog -- How important is your credit score in getting a home loan?

You may not know this, but your credit score can determine whether you get a home loan or not. It does not just affect your loan interest rate, but also getting your loan in the first place. Let that sink in for a moment.

Yes, your score is that important.

Your score represents your credit history, as well as your creditworthiness. A good score represents that you have always repaid debts on time. Your score will be high if you pay bills on time, repay old debts, have a low debt utilization ratio, and when you have a fair mix of secured and unsecured loans.

Your score determines how high the home loan's interest rate shall be, how low, or how competitive. This in turn impacts your EMIs and loan tenure.

Thus, it is worth it to build and maintain a good score.

Here's what interest rates you can expect based on your Credit Score for Home Loan.

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