|Home Loan Eligibility Criteria||Salaried||Self-employed Professionals|
|Age Criteria||21 Years – 60 Years||24 Years – 65 Years|
|Employment||Min. 2 Years of experience||Min. 5 Years of experience|
|Co-Applicant(s)||Not Mandatory – Only Family Members as co-applicants||Not Mandatory – Only Family Members as co-applicants|
|Credit Score||750 or above||750 or above|
|Max. Loan on Property Value||Upto 90%||Upto 90%|
|Max. EMI – Per Income %||Upto 65%||Upto 65%|
Before applying for a home loan, check the eligibility criteria as it may vary from one lending institution to the other, but there are some common requirements:
- Any salaried, self-employed or business person with Indian nationality can apply for a home loan.
- You must be aged 21 years or above.
- You should have a regular source of income for timely repayment of the loan.
- Your professional stability and savings history will help in quick loan approval.
- Ensure that you do not have bad credit history for at least the three months prior to applying for a home loan.
- If you are a salaried professionals, about 40% of your monthly gross income can be considered as your monthly EMI against the loan.
- For self-employed individuals, profit earned by you majorly determines the loan value you are eligible for.