If your CIBIL score is zero and the loan is rejecting again and again, then you do not have to worry now. The Government of India and RBI have now issued clear instructions for banks and other lenders that the loan cannot be rejected only on the basis of low or zero CIBIL score. Hon’ble Minister of State for Finance Pankaj Chaudhary informed during the monsoon session that RBI has not made any minimum credit score compulsory for loans. However, before giving a loan, the lenders will definitely investigate your financial situation – as if you have taken a loan or not, whether or not has been repaid on time, no loan has been settled or forgiven. Apart from this, according to RBI rules, every person should get free credit report once a year. And no credit bureau can take more than ₹ 100. Now taking a loan and understanding your credit health was even easier!

If you have not been able to buy a house yet due to the rising prices of the property, then there is a chance now! Many public sector banks are offering home loans at an initial interest rate of just 7.35% after the RBI cut by RPI. Banks like Bank of Maharashtra, Central Bank of India, Indian Overseas Bank and Union Bank of India are now offering home loans at cheap rates. Canara Bank is also giving home loans at an early rate of 7.40%. Processing fees and interest rate depends on your CIBIL score, income and loan amount. In this video, know the rates, processing fees and banks that are offering the cheapest home loans for you!