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

Your credit score can have a significant impact on the mortgage you can get and the interest rate you will receive. Lenders use your credit score to assess your creditworthiness and your ability to repay the loan. A higher credit score indicates that you are a lowrisk borrower, while a lower credit score suggests that you are a higher risk borrower.

In India, your credit score is measured by credit bureaus such as CIBIL, Experian, Equifax, and CRIF High Mark. Your credit score typically ranges from 300 to 900. Lenders generally prefer borrowers with a credit score of 750 or higher. If your credit score is lower than 750, you may still be able to qualify for a mortgage, but you may be offered a higher interest rate or be required to make a larger down payment to compensate for the increased risk.