Buying a house of your own is no more a tough task, as home loan allows you to borrow a large amount of money and purchase your home without affecting your financial stability. Not everyone is eligible to get loan sanctioned under his/her name. Therefore, before applying for a home loan, it is always recommended to check the eligibility from that particular bank from which you want to avail home loan. The eligibility can be checked from the specific tool known as ‘Home Loan Eligibility Calculator’ offered by almost every lender.
Home Loan Eligibility Criteria
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.
Home Loan Eligibility Calculator
With home loan eligibility calculator, you can know the amount of loan you are eligible for on the basis of your monthly income, existing EMI, rate of interest and loan tenure. You can check the housing loan calculator at paisabazaar.com and know the amount you can get from the lending institution or the bank. Rest, the final amount is also influenced by your credit score.
Let’s discuss further regarding the Home Loan Eligibility criteria defined by some of the leading banks in India:
SBI Home Loan Eligibility
The State Bank of India offers different housing loan schemes, such as SBI Flexipay home loan, NRI home loan, Privilege home loan, Realty home loan, Shaurya home loan, Bridge home loan, Corporate home loan, Top-Up loan, Tribal Plus and many more.
|
Eligibility Criteria |
Salaried |
| Age | 18 years to 70 years |
| Work Experience | Min 2 Years |
| Loan Amount | Max 3 Crore |
| Tenure | Upto 30 Years |
| Processing Fee | 0.35% of the loan amount plus applicable taxes |
HDFC Home Loan Eligibility
With HDFC home loan you can buy a fresh or resale property. The different types of home loan offered by the bank are home loan, home improvement loan and home extension loan. You can repay the amount in easy EMI with post dated cheques or auto deduction.
|
Eligibility Criteria |
Salaried |
| Age | 21 years to 60 years |
| Work Experience | Min 1 Year |
| Loan Amount | Depends on the customer’s profile and bank’s discretion |
| Tenure | Upto 30 Years |
| Processing Fee | 0.50% of the loan amount + Applicable taxes |
You should be of 21 to 60 years of age and the minimum income requirement depends on the loan amount, tenure, type of housing loan scheme and other conditions.
HDFC also offers few other types of home loans that are as follows:
HDFC NRI Home Loan
This loan is offered to Non-Resident Indians who are of Indian origin or are citizen of India.
HDFC Rural Home Loan
HDFC bank offer this loan specially to planters, agriculturalists, horticulturalists and dairy farmers.
Eligibility for HDFC Rural Home Loan: You should be salaried or self-employed individuals. Also, you can make joint or individual application.
ICICI Home Loan Eligibility
ICICI bank offers quick and easy home loan processing. Here, you can avail loan at lower EMIs with features such as pre-approved loans, loan against property and checking approved projects. With balance transfer feature you can even transfer your ongoing home loan to ICICI Bank for lower EMIs. ICICI Bank offers Home Loans to Resident as well as Non Resident Indians.
|
Eligibility Criteria |
Salaried |
| Age | 21 years to 60 years |
| Work Experience | Min 2 Years |
| Loan Amount | Depends on the customer’s profile and bank’s discretion |
| Tenure | Upto 30 Years |
| Processing Fee | 0.50% – 1% of the loan amount + Applicable taxes |
Some additional criteria are as below:
- Applicant should be at least 21 years of age on or before the date of loansanction.
- The loan must terminate before or at 65 years of age or age of retirement, whichever is earlier.
- Applicant must be salaried or self-employed with a regular source of income to repay the loan EMI.
- Minimum age of co-applicant should be 18 years.
For increasing the loan amount you can apply with a co-applicant:
- If your spouse is an earning member, you can make him/her the co-applicant. So, That their income will enhance the eligibility.
- In case of co-applicants, they must necessarily be co-owners as well.