SBI Home Loan Cibil: Check Cibil Score For SBI Home Loan

To get loans at State Bank of India at its best interest rate, borrowers will have to familiarise themselves with SBI CIBIL score. In fact, you cannot overlook SBI CIBIL score check, if you want to ensure that your SBI home loans application is not rejected. The extent to which the reduced rates will apply, however, be decided by the bank, based on a candidate’s CIBIL score.

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See also: Learn about CRAR ratio

Did you know?

CIBIL full form

CIBIL stands for Credit Information Bureau (India) Limited.

SBI CIBIL score: What is it?

SBI CIBIL score is the criterion based on which the public lender processes your loan request. To conduct SBI CIBIL score check, you have to first understand what a CIBIL score is.

TransUnion CIBIL, more commonly known as CIBIL, is among the four credit information companies in India that keep a record of an individual’s credit history. Based on this credit history, which has all the information about all past and ongoing transactions and credit cards, banks in India, including State Bank of India (SBI), grant home loans to borrowers.

Since India’s largest lender SBI is currently offering loans at an annual interest of 6.70%, it is possibly the best time to avail of a loan from the public-run bank. As your CIBIL report will play a crucial role in deciding whether or not SBI will approve your home loan application, it becomes pertinent to know everything about the SBI home loan CIBIL score you need to have, to get the SBI home loan. We will also explain how a good credit score impacts your home loan repayment.

What is the minimum CIBIL score need for SBI home loan?

SBI does not offer home loans to borrowers with a credit score of less than 550.

SBI home loan CIBIL

Practically all banks in the country offer their lowest interest on home loans to applicants with a credit score of over 750. The same is true of SBI too. While any one can apply for home loans at SBI, it is at the lender’s discretion to approve the home loan. It is also entirely up to the bank to offer you its lowest interest rate, depending on what SBI terms as your ‘risk score’.

Note that SBI, at any point, of time charges interest rates on home loans based on a range. For example, you can currently get a home loan at SBI starting at 8.90% interest (as applicable on January 25, 2023).

While SBI’s best rate, i.e., 8.90% interest, is offered to an applicant with a CIBIL score of over 800, applicants with a CIBIL score of between 751 and 799 are charged 9% interest. Those with a credit score of 550 and 649 have to pay 9.40% interest.

In case the applicant has a credit score lower than this, they will have to pay a much higher interest on the home loan. Also, it would be entirely up to the bank to fix this rate for you.

To track the latest news about SBI home loans, click here.

However, be advised that SBI seldom specifies the exact CIBIL score range for loan approvals. It is also quite important to understand that your credit score is not the only thing based on which SBI home loan is sanctioned. Since there are various other factors involved, including your income, the type of occupation and your personal eligibility, etc., SBI may or may not offer you the best rate on loan despite a good credit score.

See also: All about types of mortgage

How to check your SBI CIBIL score?

You can check your SBI home loan CIBIL score before applying for SBI home loan, to have a better clarity about which way your application would go and whether you would be able to get the best rate on your home loan. This CIBIL report is typically offered for free of cost.

To do this, you can use the official portal of SBI and know your score by following some simple steps.

Step 1: Visit the site, https://homeloans.sbi/getcibil.

Step 2: Now fill in the details the page asks for. First comes your personal information, including name, gender and date of birth.

Step 3: Fill in the address details.

Step 4: Provide your identity and contact details.

Step 5: Once you have filled in all the details, just check the box asking you to accept the terms and conditions, before you hit the submit button.

Step 6: Representatives from SBI may get in touch with you to ask for additional information if need be. Following this, they will mail you a free SBI home loan CIBIL report.

See also: All about RBI home loan interest rate

What are the factors that decide your SBI CIBIL score?

Credit bureaus, including CIBIL, assign you a rating based on your repayment history (all loans like credit card dues, home loan, car loan and education loan are included here), existing loan and credit utilisation, types of loan and tenure and the number of credit inquiries. Now, there are several factors that can adversely affect your CIBIL credit rating. These include:

Misuse of your credit limit
Late payments of loans
Higher percentage of credit cards or other loans
Too many credit-related inquiries

See also: What is legal and technical verification of property in home loan?

What is the reason for a low CIBIL score?

Some of the leading reasons behind low CIBIL score include:

Poor repayment track record
Multiple queries for loan
Errors in your CIBIL report
Regular high credit utilisation ratio
High exposure to unsecured loans
No exposure to credit

Documents required for SBI home loan

Duly filled SBI home loan application
Identity proof (Any one of these: PAN card / passport / driver’s licence/ Voter ID card).
Address proof (Any one of these: Copy of telephone bill, electricity bill, water bill, piped gas bill or copy of passport, driving licence or Aadhaar card).
Three passport-size photographs
Bank account statement
Original salary certificate from employer
TDS certificate on Form 16
PAN card
Property documents, including sale deed

See also: Learn about RBI complaint email ID and RBI complaint filing process

How to check your free Experian credit score?

Go to Experian’s website.
Click on ‘Free Credit Score’.
Now, enter your phone number and click on ‘Send OTP’.
Enter the OTP and click on ‘Verify’.
Enter your personal details and click on ‘Get Report’.
You will receive your credit report in your email.

SBI CIBIL score FAQs

Which are the four credit information bureaus in India?

The four credit bureau companies in India that provide credit information are: 1. TransUnion CIBIL 2. Equifax 3. Experian 4. CRIF Highmark

What is current rate of interest on SBI home loan?

SBI is currently charging 6.7% annual interest on home loans. However, the lowest rate is offered only to borrowers with a good credit score.

What is the range of credit score?

A credit score can range between 300 and 900.

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Sunita Mishra

An alumna of the Indian Institute of Mass Communication, Dhenkanal, Sunita Mishra brings over 16 years of expertise to the fields of legal matters, financial insights, and property market trends. Recognised for her ability to elucidate complex topics, her articles serve as a go-to resource for home buyers navigating intricate subjects. Through her extensive career, she has been associated with esteemed organisations like the Financial Express, Hindustan Times, Network18, All India Radio, and Business Standard.

In addition to her professional accomplishments, Sunita holds an MA degree in Sanskrit, with a specialisation in Indian Philosophy, from Delhi University. Outside of her work schedule, she likes to unwind by practising Yoga, and pursues her passion for travel.
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