Home loan eligibility criteria has common parameters across all banks and Non-Banking Financial Companies (NBFCs). However, there could also be specific criteria that is applicable for each lender according to their requirements.
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It is essential to understand the criteria that is required to be eligible for a home loan. It helps to ensure that the process of application becomes smoother and easier for you.
Eligibility Criteria for Home Loan
Age 18 – 70 Years
Income Rs. 25,000
Credit Score Above 750
Employment Status Salaried or Non-Salaried
Work Experience 2 Years
Loan Amount Decided by the Lender
Residence Type Permanent resident or Non-resident Indian (NRI)
LTV Ratio Up to 90%
Property Type Completed /Under Construction Project, Land/Plot, build on own Land, Buy Land and Build Home
What are the Factors Affect Home Loan Eligibility?
Age Limit: The limit of age foremost factor a lender/ financier considers when one applies for a housing loan. Normally, financial institutions attempt to limit the house loan term to the primary applicant's age of superannuation.
Income: The applicant falls into, a steady and regular source of income is a must. Basically, there are fewer risks in loaning money if the applicant is an earning individual.
Rate of Interest: Home finance eligibility is always inversely proportional to the rate of interest. If the rate is higher, eligibility will be less and vice versa.
Loan Term: If you opt for a longer tenure, your eligibility will improve. EMIs too will be lesser and manageable. But the downside to this is, that you will end up paying more interest.
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