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Home Loan

About Home Loan Eligibility

Home loans are easily accessible financing options in India when it comes to property buying. Borrowers can avail funds of up to 80% of the property’s current market value.
With us, receive adequate financial assistance in the form of Home Loan for up to Rs. 3.5 Crore, and invest in the purchase or construction of your residential property. It comes with a plethora of benefits to aid you in getting your dream home easily.

What is Home Loan Eligibility?

Every borrower needs to meet the eligibility criteria required to qualify for a home loan. This ensures that he/she can repay the loan amount effortlessly without defaulting.
Failing to meet the eligibility criteria may lead to rejection of the loan application, leaving a negative mark on the individual’s credit profile. So, ensure to complete the processing faster and smoothly by fulfilling the required eligibility criteria.
We brings easy-to-meet eligibility criteria, making the Home Loan more accessible. Below is a chart with details.

Home Loan Eligibility Criteria

Age Limit of Salaried Individuals                                            23 to 62
Age Limit of Self-Employed Individuals                                25 to 70
Required CIBIL Score for Home Loan Minimum                   750
Work experience of Salaried Applicants                                Minimum 3 Years
Business Continuity                                                                 Minimum 5 Years
Minimum Salary                                                                        Rs. 25,000
Nationality                                                                                 Indian, Residing within the Country

Home Loan Eligibility Based on Salary

One of the eligibility criteria that determine how much loan you can avail is your net salary (in-hand salary). Your salary is crucial as is helps in forecasting your repayment capabilities.
Your income will determine the loan amount you are eligible for. Lenders will consider your take-home salary, minus certain common deductions such as gratuity, PF, ESI, etc. The take home salary will determine the EMI amount you can afford and thus the total loan amount you can borrow.
For instance, if your take home salary is Rs. 25,000, you can avail as much as Rs.18.64 Lakh as loan to purchase a home worth Rs. 40 Lakh (provided you have no existing financial obligations.) But if your take home is Rs. 50,000, you can avail a loan amount of Rs. 37.28 Lakh for the same property. Subsequently, if your take home is Rs. 75,000 you can increase your eligibility up to a loan amount of Rs. 55.93 Lakh.

Home Loan Eligibility Based on Age

Age is another determining factor when it comes to loan tenor. The maximum tenor that you can avail is 20 years.
You will be able to avail a longer repayment tenor if you are of a lower age. You can also avail a home loan of higher value provided you have a high income.
Salaried applicants have to be between the ages of 23 and 62 years to apply for a home loan. Self-employed applicants have to be within the age bracket of 25 and 70 years to avail one.


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