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Important Eligibility Criteria for Home Loans

· homeloan eligibility

Buying a dream home is humongous task due to the increasing real estate prices. However, a home loan comes to the relief to some extent. That said, if you are planning to buy a house using a loan, you must be aware of the home loan eligibility which you have to fulfil:

  • Income:

You should have a stable monthly income to be eligible for the home loans. You can fall under the following categories:

  1. Salaried Individual: A person working in Government, PSU and reputed private companies are eligible. However, they have to provide salary statement and bank account details.

  2. Self Employed: If you are running your own business, then you should provide income tax returns. Then only you will be eligible for a home loan.

  3. Professionals: Professionals such as chartered accountants, doctors, dentists, engineers, architects, company secretary, cost accountants, etc. are eligible for a home loan. Based on your income, you will be provided with a home loan.

  • Age Limit: The age of the borrower should fall between 24 years and 60 years and for professionals and self-employed it is up to 65 years.
  • Interest: Loan eligibility is higher in case of lower interest rates and vice-versa.  
  • Tenor: If the loan tenor is longer then you will be provided with a high loan amount.
  • Loans Availed: The loans which you are already paying will also be taken into account for your eligibility.
  • Credit Score: Banks check for your CIBIL credit score which is based on your credibility in repaying the loans.
  • Relationship with the Bank: Last, but not the least, your relationship with your bank as they normally value their old customers.

Thus, if you fulfil all the above criteria, your home loan eligibility is high.

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