A CIBIL score of 670 is categorized as “Fair” — it is neither an excellent score (750+) nor a poor one (below 600). For self-employed individuals, this factor becomes even more critical because they lack the predictable monthly income of salaried employees.
Is Mortgage Loan Approval Possible with a 670 CIBIL Score?
Absolutely — but not without its challenges. A CIBIL score of 670 means lenders will examine the following parameters with microscopic attention:
- Stringent Financial Documentation: 3 years of ITRs and CA-certified Balance Sheets.
- Higher Interest Rates: Expect rates to be 0.5% to 2% higher as risk compensation.
- Lower Loan-to-Value (LTV) Ratio: Lenders might restrict LTV to 50%-60% for such cases.
- Collateral Quality: A prime, litigation-free property can neutralize an average score.
Conclusion
Having a CIBIL score of 670 as a self-employed customer is NOT a dead-end. Proactive documentation and offering strong property security are your best strategies. Skywing Capital has the best solutions for these cases.