How does my credit score impact my mortgage application and the interest rate I can receive?

In India, your credit score plays an important role in determining your mortgage eligibility and the interest rate you can receive. Banks and lenders use your credit score to assess your creditworthiness and evaluate the risk of lending you money. A higher credit score generally leads to lower interest rates and better mortgage terms, while a lower credit score may result in higher interest rates or even rejection of the mortgage application.

To improve your chances of getting approved for a mortgage and receiving a favorable interest rate, it is important to maintain a good credit score by paying your bills on time, keeping your credit utilization low, and avoiding any negative marks on your credit report. Before applying for a mortgage, you should check your credit score and review your credit report to make sure there are no errors or inaccuracies that could harm your creditworthiness.