Home Loan: Buying a dream house has become very difficult in today's inflation. If you are thinking of buying a flat or duplex for the whole family, then its price starts from Rs 1 crore, which goes up to Rs 2 to 2.5 crore. If you are thinking of buying a dream house and you need a home loan, then first of all, it is very important to know what the credit score for a home loan is up to Rs 1 crore.

What is the best credit score?

According to Kundan Shahi, co-founder of Javo, a credit score of 750 or more is considered good for a home loan of Rs 1 crore. According to him, if your credit score is this high, then the bank easily approves your home loan application. According to Kundan Shahi, it is not only important to know your credit score for a home loan, according to him it is very important to know your down payment, repayment, and current loan status.

This credit score is required for a loan of 1 crore.

Usually, a credit score of 750 is considered the best for a loan. If your credit score is below this, then the bank will not give you a loan. If your credit score is 750 or above, then you will easily get a home loan. For example, ICICI Bank and Bajaj Finserv consider a score above 750 to be ideal for home loan eligibility. Now, a score between 700 and 749 is considered good, yet applicants with these scores may have to face slightly higher interest rates.

How much income is required for a home loan of 1 crore

For a home loan of Rs 1 crore, apart from the credit score, your salary or income should be at least Rs 1 crore 20 lakh. Along with this, your age should be at least 18 years and a maximum 70 years. At the same time, before giving a new loan, banks also check the history of the old loan taken by you. Which should be fine.

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