Home Loan Eligibility Overview

Home Loan Eligibility

What is Home Loan Eligibility

Home loan eligibility mainly depends on the income and repayment capacity of the individual.

Every bank and financial institution runs on its own terms and conditions. The eligibility or eligibility of a home loan for any individual depends on whether you are able to fulfill the terms and conditions laid down by the lending institution or not. By knowing your home loan eligibility, you get to know whether you will be able to get the loan amount as per the terms and conditions prescribed by the lending institution.

Eligibility criteria for Home Loan:-

Minimum & maximum Age 18 - 70 years
Minimum Income - Rs. 25,000
Credit Score - Above 750
Employment Status - Salaried or Non-Salaried
Work Experience - 2 Years
Loan Amount - Decided by lender
Residence Type - Permanent resident or Non-resident Indian (NRI)
LTV Ratio - Up to 90%
Property Type - Completed /Under Construction Project, Land/Plot, build on own Land, Buy Land and Build Home
The loan eligibility criteria vary depending on the bank/lender. Loan sanctions are based on borrowers' monthly income, credit profile and present relationship with the bank.

Home loan eligibility calculator:-

Home Loan Eligibility Calculator is one such calculator in which we can know our loan eligibility in a matter of seconds. You can self-assess your home loan eligibility through the criteria on other given site by online method, and check whether your age, work experience and monthly remuneration falls within the specified limit. In this calculator you have to feed some of your information about loan and then you only have to click on calculate, the site will show you eligible amount & monthly EMIs.

Link for eligibility calculator

Home loan eligibility by top leading banks:

-HDFC Home Loan Eligibility-

Age: 18 to 70 years
Maximum loan Tenure: Up to 30 years
Loan Amount: Up to Rs.10 crore

-SBI Home Loan Eligibility

Age: 18 to 70 years
Maximum loan Tenure: Up to 30 years
Loan Amount: Decided by the lender

-Axis Bank Home Loan Eligibility

Age: 21 to 60 years
Maximum loan Tenure: Up to 30 years
Loan Amount: Up to Rs.3 crore

-ICICI Bank Home Loan Eligibility

Age: 21 to 60 years
Maximum loan Tenure: Up to 30 years
Loan Amount: Up to Rs.10 crore

-LIC HFL Home Loan Eligibility

Age: 21 to 60 years
Maximum loan Tenure: Up to 30 years
Loan Amount: Rs.1 lakhs onwards

-BOB Home Loan Eligibility

Age: 21 to 70 years
Maximum loan Tenure: Up to 30 years
Loan Amount: Up to Rs.10 crore

-PNB Home Loan Eligibility

Age: 18 to 70 years
Maximum loan Tenure: Up to 30 years
Loan Amount: Up to 90% of the market value

-Canara Bank Home Loan Eligibility

Age: 21 to 55 years
Maximum loan Tenure: Up to 30 years
Loan Amount: Up to Rs.10 crore

-IDBI Bank Home Loan Eligibility

Age: 22 to 70 years
Maximum loan Tenure: Up to 30 years
Loan Amount: Up to Rs.10 crore

-India bulls Home Loan Eligibility

Age: 21 to 65 years
Maximum loan Tenure: Up to 30 years
Loan Amount: Up to Rs.15 crore

How to check Home Loan Eligibility with us:-

We can check our loan eligibility through online medium with the help of eligibility calculator. This is the simplest way to know your eligibility, in this you just have to fill some important details on the given screen and in a few moments your loan eligibility is shown to you on your screen.

Here you can know how to check your home loan eligibility step by step, through www.grdindia.in

Visit to our site through www.grdindia.in
You have to choose your type of employment, from the options are provided
You have to feed your fixed monthly income, then click on "continue" to get new slide.
Feed some information about your current residence like- pin code and full address.
In the next slide you have to choose the main purpose of taking home loan.
Enter you current and fixed Mobil no.
Check the box to authorize Contacts permissions.
Feed your information like- your full name, DOB, e-mail ID, in the given space, then click on continue.
After this process enter the OTP which you will receive on your mobile no. Then click on submit button.

After this step, you will be able to easily check all the home loan offers for which you are eligible and apply for the home loan easily. You can also use the GRD India's Home Loan EMI Calculator to calculate the effective EMI amount for the home loan product you wish to choose. It will tell you how much amount you have to pay to the bank every month by calculating your monthly installments.

What are the main factors affect home loan eligibility?

Age-The first and foremost factor that a lender/financier considers when you applies for a home loan is your age. Generally, financial institutions try to limit the home loan tenure to the retirement age of the primary applicant. This means that young professionals (early 20s and 30s) can avail loans with tenures of up to 25 years without any hassle. But it can be a bit tough for older applicants especially for applicants over 40 to be eligible for the extended tenure.

Income- Any category the applicant belongs to, they must have a stable and regular source of income. Let us categorize it into salaried, professional and self-employed. Basically, if the borrower is a good money earner then there is less risk in borrowing money from any bank.

Salaried- The people who work in the firm whether they are private registered or government, then these rules also applies on them:-

Should have experience of last 1 year or more in the current organization.
Documents like pay slip, bank statement and Form 16 may be asked by lender.
Must be a co-applicant or guarantor too.

Independent professionals - This category includes doctors, dentists, architects, engineers, management consultants, chartered accountants comes under independent workers/professionals. These people are required to submit bank statements and ITR papers to take the loan.

Self employed- If you have your own company or your own business, or you have any other source of income like rented property or share holder then you come under this category. If you have solid proof of your income like bank statement or tax related documents then you can easily apply for loan.

Cibil score - Your CIBIL score plays a major role in getting your loan document approved. The Bank checks your past credit payments from Credit Information Bureau India Limited. This company keeps all of your past credit records, and your relationship with lenders. If your old record is not correct then it can greatly reduce your eligibility.

Loan tenure - If you choose a longer tenure for your loan, your eligibility will improve and it can extend even further. Your EMI will also be low and manageable. But the downside is that you'll end up your loan paying more interest.

Outstanding loans- If you have taken a loan in the past, then always pay it on time and try to repay your loan as soon as possible. Apply for another loan only after you have settled your previous loan. If your old loan goes unsettled, it can take a toll on your eligibility, and your loan approval may get rejected.

Frequently Asked Questions

1.What is Home loan eligibility?

By home loan eligibility or, we understand that any borrower who wants to buy his house and wants to borrow money from a bank or any other financial institution and needs help in buying a house, So in this situation home loan eligibility tells how much money he can borrow from bank or financial institution. This is called home loan eligibility. Any person can know his eligibility through online by eligibility calculator sitting at home. This will make it easier for him to know whether he is eligible for a home loan or not.

2.How to improve your home loan eligibility?

There are several simple ways that any potential individual can improve their home loan eligibility like:-
The borrower can add a co- applicant from his family.
Take advantage of a relatively structured repayment plan.
Provide details for your another source of income.
A good credit score has always been considered paramount if you want to improve your eligibility then do not keep any of your past dues and pay them all on time.

3.What is the eligibility criteria for Home loan?

Eligibility criteria for Home Loan:-

Minimum & maximum Age - 18 - 70 years
Minimum Income - Rs. 25,000
Credit Score - Above 750
Employment Status - Salaried or Non-Salaried
Work Experience - 2 Years
Loan Amount - Decided by lender
Residence Type - Permanent resident or Non-resident Indian (NRI)
LTV Ratio - Up to 90%
Property Type - Completed /Under Construction Project, Land/Plot, build on own Land, Buy Land and Build Home.

4.How to use Home Loan Eligibility Calculator?

5.What are the main factors that affecting Home Loan Eligibility?

Age- If you want to take a long term loan then it is advised that you should apply for home loan or any other loan during your prime earning days. This will make it very easy for you to pay the monthly EMI of the home loan. Your age helps the lender determine your financial health while deciding the home loan tenure.

Monthly income- At the time of determining your loan, you have to give concrete proof of your income to the bank or financial institution, this helps a lot in deciding the amount and tenure of your loan. Your monthly salary will essentially give an indication to you and the lending partner as to how you will be able to manage your finances once you make the provision for the Home Loan EMI.
Loan tenure- Choosing a long term loan further enhances your eligibility and helps you avail the loan. This also reduces your monthly installments, so that you can easily manage it along with your monthly expenses.
Cibil score- Your CIBIL score plays a major role in getting your loan document approved. The Bank checks your past credit payments from Credit Information Bureau India Limited. This company keeps all of your past credit records, and your relationship with lenders. If your old record is not correct then it can greatly reduce your eligibility.

6.What are the things that banks keep in mind while giving a home loan?

Lenders consider the following factors for home loan repayment capacity: it is based on your capabilities and home loan eligibility, like:
Applicant's income
Applicant's age
Work status (Sustainability and Business Continuity)
Resident status (the maximum limit for an Indian resident differs from that of a non-resident)
Income of the spouse if joint loan is to be taken (household income is taken into account in case of co-applicant)
Number of dependents in family (this is a measure of repayment capacity)
Credit history and score (past repayment track record)
Current loan status.

7.Is it mandatory to have a co-applicant while applying for a Home Loan?

No, it is not mandatory to have a co-applicant while applying for home loan nor is there any legal requirement for it, but if you want to take a joint loan with the co- applicant, then it increases your eligibility further and is considered helpful in taking the loan easily. Your co-applicant acts as your guarantor too.

8.What are home loan eligibility documents?

The list of documents required while applying for a home loan application may differ from lender to lender. In general, an applicant will need to provide the following documents:

Recent passport size photograph
Proof of residence
Proof of identity
Bank account statement
Home loan application form etc.