Home Loan Eligibility Calculator

• Credit Score/CIBIL Score: Your credit score is the reflection of your creditworthiness and is a major factor in deciding your home loan eligibility. A credit score above 550 and close to 900 is considered good for home loan eligibility. It increases your chances of loan approval. It also improves the chances of getting better loan terms and rates. A credit score below 550 or close to 300 is considered poor. This score might lead to loan rejection or higher interest rates.

• Applicant’s Age: The minimum age to apply for home loan is 18 years and the maximum age at the time of loan maturity should be 70 years. Home loans usually stretch up to 30 years; therefore, many lenders cap the age of retirement as the maximum age limit. A younger loan applicant has higher chances of getting longer loan tenure than an older loan applicant. This is because younger loan applicants have longer working years than the ones nearing their retirement age. Your age is also factored when assessing your home loan application.
• Employment/Business Stability: For many lenders, salaried individuals should have at least two years of total working experience in order to be eligible for home loan. In case of self-employed individuals, the business should run for at least 3 years.
• Debt-to-Income Ratio: To be eligible for home loan the percentage of your current financial liabilities with respect to your income should not cross 50% mark. This is because a higher debt-to-income ratio would mean that a major proportion of your salary or income to going into paying off existing debts, thus increasing the risk of defaulting in future. Therefore, if your debt-to-income ratio is more than the mark then lenders may not approve your loan.
• Property Details: Lenders also assess the age and location of your property. Your lender might reject your loan application if the remaining years of your property till the end of loan tenure is less than your lender’s standards. They might also reject the application, if the location of the property does not fall within the geographical limits defined by the lender.
• Downpayment: As per RBI’s guidelines, the LTV ratio for home loan cannot exceed 90% of the property’s value. This implies that borrowers will have to pay a certain amount as down payment to buy their home. Contributing more towards down payment helps reduces the loan amount and LTV ratio, thereby, increasing your overall home loan eligibility.

• Improve your credit score: Your credit score is the reflection of how well you have handled your debt. Maintaining your credit utilization ration below 40% and paying your credit card bills and loan EMIs in time shows responsible credit behaviour. Such behaviour when practised regularly leads to a good credit score, which further improves your chances of loan approval and getting better loan terms and rates. A poor credit score, on the other hand, may get you higher home loan interest rates or loan rejection. Therefore, higher the score, the better it is. Adopting regular and disciplined usage of credit cards can help customers gradually build a strong credit score.

• Pay higher down payments: Home loan borrowers may have to contribute 10-25% as down payment as lenders can finance only up to 90% property’s value. Instead of giving a bare minimum down payment, provide a higher contribution. Higher contribution as down payment will lower your LTV ratio, which will improve your home loan eligibility.

• Add a co-applicant to your home loan application: Due to inadequate income, low credit score or high debt-to-income ratio, your lender might reject your home loan application. If you are not eligible for home loan, you can add a co-applicant to your home loan application and go for joint home loan. But that co-applicant must be an earning family member with good credit history and satisfactory repayment capacity. Doing so will increase your home loan eligibility and help you get higher loan amount. If the co-applicant or primary loan applicant is a woman, then you might get home loan at concessional interest rates.

HDFC Home Loan Eligibility

HDFC Bank on the behalf of HDFC Ltd. offers different home loans schemes. These schemes are designed to fulfil different home loan requirements of customers. Hence, the eligibility criteria for each scheme are different. The common eligibility criteria for HDFC home loan are:

• Can be Indian/NRI/PIO
• Minimum age should be 18 years
• Maximum age should be 65 years
• Should have a good credit score
• Should have a regular source of income
• Eligible loan amount is majorly dependent on the applicant’s income and repayment capacity

SBI Home Loan Eligibility

SBI offers various home loan schemes to its customers. The eligibility criteria differ with each scheme. But common clauses to be followed by customers are:

• Can be Indian/NRI/PIO
• Minimum age should be 18 years
• Maximum age should be 70 years
• Should have a good credit score
• Should have a regular source of income
• Eligible loan amount largely depends on property value and credit profile

LIC Housing Finance Home Loan Eligibility

LIC offers home loan for various purposes such as construction/purchase of a new house and extension/renovation of an existing house. The eligibility criteria to avail LIC home loan are:

• Can be Indian/NRI/PIO
• Minimum age should be 18 years
• Maximum age should be 70 years
• Should have a good credit score
• Should have a regular source of income
• Eligible loan amount largely depends on property value and credit profile

ICICI Home Loan Eligibility

ICICI Bank offers various home loan schemes, each having its own eligibility criteria. But the common eligibility criteria to apply for ICICI Home Loan are:

• Can be Indian/NRI/PIO
• Minimum age should be 18 years
• Maximum age should be 70 years
• Should have a good credit score
• Should have a regular source of income
• Eligible loan amount is majorly dependent on the applicant’s income

PNB Housing Finance Home Loan Eligibility

PNB Housing Finance offers different schemes to suit different home loan requirements of its customers. The eligibility criteria for each scheme are different. The common eligibility criteria that every customer must fulfil to apply for home loan from PNB Housing Finance are:

• Can be Indian/NRI/PIO
• Minimum age should be 18 years
• Maximum age should be 70 years
• Should have a good credit score
• Should have a regular source of income
• Eligible loan amount is majorly dependent on the applicant’s income and repayment capacity

Axis Bank Home Loan Eligibility

Axis Bank offers home loans for multiple purposes including home construction, renovation, extension, etc. If you want to apply for Axis Bank Home Loan, you must fulfil its eligibility criteria, which is given as follows:

• Can be Indian/NRI/PIO
• Minimum age should be 21 years
• Maximum age should be 65 years
• Should have a good credit score
• Should have a regular source of income
• Eligible loan amount primarily depends on the applicant’s income and repayment capacity