Home Loan Eligibility Criteria for Top 10 Banks and HFCs

State Bank of India (SBI) Home Loan Eligibility Criteria

State Bank of India (SBI) offers home loans to Indian residents, NRIs and PIOs. Apart from the regular home loans, the bank also offers special home products based on the occupation profile of the applicants. Some of those special SBI Home Loan schemes include SBI Shaurya Home Loan (for army and defence personnel), SBI Privilege Home Loan (for government employees), SBI Home Loan to Non-Salaried (for non-salaried applicants) and SBI Tribal Plus (for residents residing in tribal/hilly areas). The bank provides concession in home loan interest rates to women borrowers. The SBI home loan eligibility criteria are as follows:

• Resident Indians and NRIs (both salaried and self-employed) are eligible to avail different home loan schemes from SBI.
• Minimum age:
  • 21 years – SBI Flexipay Home Loan, SBI Tribal Plus and SBI Earnest Money Deposit
  • 18 years – For rest of SBI Home Loan schemes
• Maximum age:
  • 45 years – SBI Flexipay Home Loan (up to 70 years for loan repayment)
  • 60 years – SBI NRI Home Loan and SBI Tribal Plus
  • 65 years – SBI Realty Home Loan
  • 70 years – SBI Regular Home Loan, SBI Home Top Up Loan, SBI Bridge Loan and SBI Smart Home Top Up Loan
  • 75 years – SBI Privilege Home Loan and SBI Shaurya Home Loan
• Repayment track record – 1 year for SBI Smart Home Top Up Loan and 3 years for SBI Insta Home Top Up Loan
• Business Continuity – Minimum period of last 3 years for SBI Home Loan to Non-Salaried (if applicant is proprietor, partner or director) and earning net profit for minimum last 2 years.

HDFC Home Loan Eligibility Criteria

HDFC offers regular home loans to loan applicants for buying already constructed home properties and home construction on allotted or freehold plot. The HFC also provides other home products including HDFC Reach Home Loan (for micro entrepreneurs and salaried individuals without sufficient income documents), HDFC Plot loans (for purchasing plot through direct allotment/resale) and HDFC Rural Housing Loans (for agriculturists, horticulturists, planters or dairy farmers, etc. residing in rural/urban areas for home purchase/construction). The HDFC Home Loan eligibility criteria are as follows:

• Resident Indians are eligible to avail HDFC Home Loans
• Loan applicants availing home loans from HDFC should be between 21 years and 65 years.
• The minimum income requirements for availing HDFC home loans is Rs. 10,000 per month for salaried and Rs. 2 lakhs p.a. for self-employed applicants. The bank may also consider the credit score and EMI/NMI ratio of loan applicants while evaluating their home loan eligibility.

ICICI Bank Eligibility Criteria

ICICI Bank provides housing loans to loan applicants for purchase or construction of new home properties. The bank also provides specialised schemes like ICICI Bank NRI Home Loans, ICICI Bank Plot Loans (for constructing individual residential units within 2 years from the date of disbursement of the loan), home loan overdraft and ICICI Bank Pre-Approved Home Loans (for salary account holders of ICICI bank with instant sanction). The lender also provides other schemes like ICICI Bank Pratham Home Loan (for affordable housing to salaried/self-employed applicants) and ICICI Bank Extraa Home Loan (a home loan product backed by mortgage guarantee to facilitate increasing the loan amount eligibility of borrowers by extending their repayment period till 67 years of age). The  ICICI Bank Home Loan eligiblity criteria is mentioned below:

• Resident Indians and NRIs (both salaried and self-employed) can avail home loan products of ICICI Bank.
• Minimum age:
  • 21 years – ICICI Bank NRI Home Loan
  • 25 years – ICICI Bank Plot Loan
• Maximum age:
  • 37 years – ICICI Bank Extraa Home Loan (for young salaried individuals)
  • 48 years – ICICI Bank Extraa Home Loan (for middle-aged salaried individuals)
  • 65 years – ICICI Bank Plot Loan, ICICI Bank NRI Home Loan
• Business Continuity – Minimum overseas business experience of 3 years for self-employed applicants availing ICICI Bank NRI Home Loan

Kotak Mahindra Bank Home Loan Eligibility Criteria

Kotak Mahindra Bank offers regular home loans as well along with other home products like NRI home loans and home improvement loans (separate schemes for resident Indians and NRIs). The eligibility criteria for Kotak Mahindra Bank Home Loans are as follows:

• Both resident Indians and NRIs are eligible for availing Kotak Home Loans.
• Minimum age:
  • 18 years – Kotak Mahindra Bank Home Loan
• Maximum age:
  • 58 years – Kotak Mahindra Bank NRI Home Loan and NRI Home Improvement Loan (at the time of loan maturity)
  • 60 years – Kotak Mahindra Bank Home Loan (for salaried applicants)
  • 65 years – Kotak Mahindra Bank Home Loan (for self-employed applicants)
• Minimum income:
  • For Kotak Mahindra Bank Home Loan: At least Rs. 20,000 per month for home loan applicants in Delhi, Bangalore, Mumbai, Pune or Chennai and Rs. 15,000 per month for loan applicants from other cities.
  • For Kotak Mahindra Bank NRI Home Loan and Home Improvement Loan: For loan tenure up to 5 years:
    • USD 30,000 USA/UK/Other countries excluding gulf
    • USD 20,000 for Merchant Navy
    • Dirhams 36,000 for Gulf countries
  • For Kotak Mahindra Bank NRI Home Loan: For loan tenure above 5 years and up to 15 years:
    • USD 42,000 USA/UK/Other countries excluding gulf
    • USD 26,000 for Merchant Navy
    • Dirhams 48,000 for Gulf countries
  • For Kotak Mahindra Bank NRI Home Improvement Loan: For loan tenure above 5 years:
    • USD 26,000 for Merchant Navy
    • Dirhams 48,000 for Gulf countries
• Minimum qualification:
  • For Kotak Mahindra Bank Home Loan: Bachelor’s degree for applicants working in private limited companies and partnership firms

Punjab National Bank (PNB) Home Loan Eligibility Criteria

Punjab National Bank (PNB) provides both regular home loans and specialised home products for its loan applicants. The bank’s home loan schemes include PNB Max Saver (overdraft facility for purchasing housing property, home construction, renovation/extension and to meet cost escalation in under construction flats), PNB Pride Housing Loan (for defence personnel, government employees, etc.) and PNB Gen-Next Housing Finance Scheme for Public (for salaried loan applicants up to 40 years working in IT organisations or Government/PSUs). The following categories of individuals/groups are eligible for availing PNB Home Loans:

• PNB Pride Housing Loan for Government Employees
  • Permanent employees of central and state governments, paramilitary forces and defence personnel
• PNB Housing Loan for Public
  • Individuals or groups with regular income source like salaried employees, professionals, businessmen, farmers, self-employed persons
• PNB Gen-Next Housing Finance Scheme for Public
  • Maximum Age: 40 years
  • Minimum Salary: Rs. 35,000 per month
  • Work experience: At least 3 years

Bank of Baroda (BoB) Home Loan Eligibility Criteria

Bank of Baroda (BOB) offers regular home loan along with providing additional home loan variants like Baroda Home Loan Advantage (to facilitate home loan overdraft), home improvement loans and Baroda pre-approved home loans (for eligible applicants to get home loan approval before identification of flat/house or plot with 4 months validity). The bank also provides home loans for affordable housing under PMAY, interest subsidy scheme and credit risk guarantee fund for economically weaker sections, low and middle-income groups. The Bank of Baroda Home Loan eligibility criteria is mentioned below:

Baroda Housing Loan

• Resident Indian, NRIs, PIOs and Overseas Citizen of India (OCI) with regular income
• Age: 21 – 70 years

Home Loan Take Over

• Age: 21-70 years
• For Individual Applicants
  • Minimum CIBIL Score – 701
  • At least 12 EMIs already paid
  • Satisfactory track record of repayment
• For Non-Individual Applicants
  • At least 18 EMIs paid
  • At least 5 years of business continuity and at least 2 years of business activity
  • Positive net worth of the company
  • Firm earning cash profits for past 2 years
  • The firm/company shouldn’t have slipped into SMA2 category for last 12 months
  • Company’s name should not be in RBI defaulter’s list

Union Bank of India (UBI) Home Loan Eligibility Criteria

Union Bank of India provides regular home loans along with specialised schemes like Union Awas (building/purchasing dwelling units and for repair/extension of existing units in rural and semi urban areas) and Union Home Smart Save (overdraft facility for existing home loan borrowers). The eligibility criteria for availing Union Bank of India Home Loan is mentioned below:

Union Home Loan

• Indian citizens and NRIs
• Age: 18 – 75 years

Union Awas 

• Rural and semi-urban residents
• Age: 18 – 75 years
• Permanent employees of schools/colleges/other establishment and good farmers with regular income not less than Rs 48,000 p.a.
• Repayment capacity to be assessed by the certificate issued by Tehsildar/Manal Revenue Officer

IDFC First Bank Home Loan Eligibility Criteria

IDFC First Bank offers its flagship regular home loan scheme for home loan applicants apart from providing other home loan variants like IDFC First Suvidha Shakti (micro-housing loan for women borrowers for home improvement) and home loans under the ‘no income proof’ scheme for loan applicants without regular income documents. Furthermore, IDFC First Bank also provides various home loan schemes and surrogate programs to arrive at higher home loan eligibility for self-employed loan applicants. The eligibility criteria for availing IDFC First Bank Home Loan are as follows:

• For Salaried applicants
  • Indian residents and NRIs
  • Age limit: 21 to 60 years
  • Work experience of minimum 3 years
  • Minimum Income: Rs 1 lakh p.a.
• For Self-Employed applicants
  • Indian residents
  • Age limit: 23 to 70 years
  • Minimum Income: Rs 1.5 lakh p.a.
  • Business continuity of at least 4 years

Federal Bank Home Loan Eligibility Criteria

Home loan applicants can avail Federal Bank Home Loans for financing home construction, home renovation/extension of their existing homes and for purchasing plot for residential purposes. Prospective homeowners must fulfil the below mentioned Federal Bank home loan eligibility criteria:

• Indian residents, NRIs and PIOs can apply for Federal Bank home loans
• NRIs are eligible to avail home loans if they fulfil the following conditions:
  • The borrower’s age should not exceed 55 years at the end of the home loan tenure
  • The home loan borrower’s monthly income should not be less than Rs. 55,000
• PIOs are eligible subject to fulfilling the below mentioned conditions:
  • The loan is covered by a primary/collateral security of immovable property in India in the PIO’s name.
  • He/she should have a valid PIO card accompanied by a valid foreign passport
  • A close relative of the PIO (as defined in the Companies Act) living in India should be a co-obligant.

Indian Bank Home Loan Eligibility Criteria

In addition to the regular home loan scheme, Indian Bank offers IB Home Advantage (home loan overdraft facility), plot loan (separately for residents and NRIs), NRI home loan, IB Home Enrich (for home renovation) and IB Home Improvement (loan for purchasing household items). The eligibility criteria for availing Indian Bank Home Loan are as follows:

IB Home Loan

• Resident Indians with regular income source
• The applicant should either be salaried, businessman, professional, self-employed and pensioners with total experience of at least 3 years
• Age: 18-70 years

IB Home Loan Plus

• Existing home loan borrowers who have repaid at least 12 EMIs and taken the possession of the flat

NRI Plot Loan and NRI Home Loan

• NRIs with regular monthly income and employed with a residual contract period with service of at least 3 more years
• Maximum age to apply: Up to 50 years
• Age at the end of repayment period: 60 years

IB Home Advantage

• Resident Indians with regular source of income and total experience of at least 3 years
• The applicant should be salaried, businessman, professional, self-employed and pensioners
• Age: 18-70 years (for resident Indians) and 21-60 years (for NRIs)

IB Home Enrich

• Individuals with residential property in their name
• Age: 18-70 years; Maximum entry age: 65 years