New Delhi, May 9 -- You need to have a strong credit profile and a high credit score to qualify for a home loan of Rs.1 crore. Financial institutions heavily rely on credit scores to understand and assess an applicant's repayment potential, creditworthiness and financial capacity. These factors cumulatively influence loan approval, interest rates and associated terms and conditions.

According to Kundan Shahi, Co-founder, Zavo, "A credit score of 750 or above is considered good for a Rs.1 crore home loan. It improves your chances of approval and helps secure better interest rates. But it's not the only factor; lenders also assess your income, job stability, existing debts, and down payment capacity. Lower scores don't disqualify you, but ...