Applicant Profile: Resident Indians can apply for a home loan, while certain lenders may also provide home loan options to NRIs, subject to their specific requirements.
Age Criteria: Applicants are generally required to be at least 18 years old. The loan tenure may also be restricted by the lender’s maximum age limit, often around 70 years at the time of loan maturity.
Employment and Income: Both salaried and self-employed individuals can apply. Lenders may evaluate income, employment or business stability and repayment capacity before approving the loan.
Credit Score: A credit score of 760 or above is generally considered favourable and may have an impact on the lender’s approval decision and the interest rate offered.
Co-Borrower and Tenure: Adding an earning co-borrower or selecting a longer repayment tenure may improve the eligible loan amount, depending on the lender’s assessment.
Lenders may also consider existing debts, assets, and the age and condition of the property when assessing eligibility for a home loan of up to Rs. 15 lakh.
