What is the Minimum Credit Score Required for Loan Against Property?

For a loan against property, your credit score is crucial as it reflects your creditworthiness and impacts eligibility and interest rates.

Credit Score Range:

• Excellent (750 and above): A superb credit score unlocks great loan offers, including higher amounts and lower interest rates—ideal for loan against property applicants.
• Good (700-749): This range offers favorable but slightly less competitive loan terms.
• Fair (650-699): A fair score may need extra documentation or higher rates but getting a loan is possible.
• Poor (below 650): A poor credit score makes securing a property loan challenging, however, collateral or a co-applicant can boost eligibility.

Key Takeaways:

• A higher credit score increases your chances of approval and better loan terms.
• Maintain a healthy credit history: pay bills on time, reduce debts, and avoid defaults.
• If your score is low, work on improving it before applying for a loan against property.

A credit score above 700 is advisable for a favorable loan against property terms. Maintain a strong credit score and get the required assistance in achieving your financial goals with Shriram Finance.