​​​​​​​The credit score of an applicant is essential in the point of view of home loans. The repayment duration of home loans starts from 5 years to almost 30 years. So the financial institutions want to be very sure about the repayment of the amount that they are sanctioning. For this reason, the authorities will make a detailed audit of your past credit history before moving forward with the processing of the loan. It is highly essential to have a good credit score. If the credit score is higher, there are even chances for you to get lower interest rates and some waivers too.