What is the minimum credit score required to be eligible for a home extension loan?

There is no one minimum credit score set for availing a home extension loan. Different financial institutions may have varied cut-offs for credit scores that they deem acceptable. However, in general, your chances of getting a loan approval are higher if your credit score is above 700*.

Most mainstream loan providers prefer a score of at least 750+* for optimal terms and interest rates. Some may even approve loans for credit scores in the range of 650-750* but charge a little higher rate of interest.

For scores below 650*, it may become difficult to get approved unless you have a strong income and employment profile. Specialised loan providers do consider scores closer to 650* but apply stringent criteria and charge high interest.

Factors like your income stability, credit history, existing loans, and property valuation also play an important role in the final decision.