High CIBIL score helps to get home loan at discounted rate. Paying credit card bills on time save money via future loans
In the run up to the festive season, banks and home finance companies tend to slash home loan interest rates marginally and publicise their lowest rates of interest. Not many are aware that the lowest rates are offered only to the borrowers with a high CIBIL score. Let us decode what it means
In the wake of the festive season, HDFC is offering a discounted rate of interest at 6.7 percent per annum on home loans. But there is a catch. It is only meant for the borrowers whose CIBIL score is above 800. For those with a relatively lower credit score, the interest rate will be charged in the range of 6.8 percent to 7.3 percent per annum for loans under ₹30 lakh.