|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%|
Housing loan eligibility criteria:
- Any salaried, self-employed or business person with Indian nationality can apply for a home loan.
- To be eligible for 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 net monthly income should be equal or more than Rs. 25,000. To be eligible for home loan your fixed obligations like current loan EMI, do not exceed 45%-50% of your monthly income.
- 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 home loan value you are eligible for.