Eligibility Criteria for Home Loans
While desiring to take a home loan, one of the crucial factors the borrower must consider is to know the Home Loan Eligibility of various lending institutions or banks. Once you know the home loan eligibility criteria it will ensure there'll be no hassles in getting the loan, and the home loan application won't get rejected. Thus, the process of availing the loan will be smooth and quick without hurting your credibility.
Home loan eligibility criteria may differ across lending institutions, banks, and loan schemes. However, the following are some common set of housing loan eligibility criteria:
- Nationality: Non-Resident Indians (NRIs), Indian Residents, and Persons of Indian Origin (PIOs)
- Credit Score: Minimum 650 but preferably 750 and above
- Age Limit: 18 - 70 years
- Work Experience: At least 2-3 years and above (for salaried)
- Business Continuity: At least 3-5 years and above (for self-employed)
- Minimum Salary: At least Rs. 25,000 per month and above (varies across lenders & locations)
- Loan amount: Up to 90% of property value
- Maximum EMI as a percent of income: 65%
- Eligibility with Co-applicant: To get higher loan eligibility, up to 3 earning family members may be added
