Rising rates? Your credit score can cut your home loan cost

When Gurgaon-based finance professional Vikram Tiwari saw his credit score rise from around 780 to 803, he spotted an opportunity to cut the interest cost of his Rs 72 lakh home loan. The improvement helped him negotiate a reduction in his interest rate from 8.45% to 7.5%, translating into estimated savings of around Rs 6 lakh over his remaining tenure.“I have always been diligent with my repayments, so my credit score had improved organically over time. It helped in lowering my interest rate,” he says.