How to Check Home Loan Eligibility: Everyone dreams of owning a home. People take loans for their houses. For HDFC home loan you can borrow amount from the bank first according to your income.
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If you are eligible then you can apply for a home loan, at this point the lending bank will check whether you can afford the loan or not. The lending bank checks each and every document of yours. Which includes bank statement, credit score, income tax return file and financial status of previous loans and verify whether you can repay the loan or not. You are eligible to get a home loan only if all your documents have a good impression.
So while applying for a loan one should know the eligibility to get a home loan. Here’s How to check home loan eligibility.
What is Home Loan eligibility?
Before we start How to check home loan eligibility, Looking at the present time, it seems that the price of houses is increasing a lot, due to which most of the people need a home loan. Banks and NBFCs come in handy when applying for a loan. As a home loan is a long-term loan, the bank ensures that the buyer will be able to repay the loan or not.
Home Loan Eligibility Criteria – How to Check Home Loan Eligibility
- Nationality – Indian or NRI
- Age Limit – 20 to 65 Years
- Credit Score – 755 and Above
- Income – 30,000 and Above
- Employment Status – Salaried or Businessman
- Experience – 2+ Years
- Residence Type – Permanent resident or NRI
- Loan Amount – Decided by bank
- LTV Ratio – 90% and Above
- Property Type – Completed /Under Construction Project.
Home loan eligibility based on salary
How to check home loan eligibility, Your income determines how much loan you can get. Your salary is very important as it helps in estimating how much you can repay the bank.
Banks use several factors to determine how much they will lend you and how much you will pay each month.
Check home loan eligibility
Bank will look at your income after removing deductions like PF, ESI in addition to your income.
Loans are given according to how much loan you can get depending on your income every month.
- Monthly Income – Approved Loan Amount
- ₹25,000 – Upto ₹20 lakh
- ₹50,000 – Upto ₹40 lakh
- ₹75,000 – Upto ₹60 lakh
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Home Loan Eligibility Based on Age
How to check home loan eligibility, Age should be between 23 years to 70 years to apply for home loan.
Age is an important factor for home loan. The maximum tenure of which is up to 40 years. You can take loan for up to 40 years.
If your age is less then you can avail long term payment. If your income is high, you can get a higher value home loan.
Here is table of home loan eligibility based on age.
Age – (Range) Loan Tenure
- 23 to 30 years – 30 Years
- 30 to 40 years – 30 Years
- Above 45 Years – 20 to 25 years
- Above 50 Years – 15 to 20 years
How to increase home loan eligibility?
Here are some ways to increase your home loan eligibility and improve your chances of getting a home loan. Here’ how to check home loan eligibility.
- Choose Joint Home Loan: If you apply for a home loan with a working co-applicant or spouse, their credit will increase.
- Pay off existing loans: Clearing existing loans before applying for a new loan can increase home loan eligibility.
- Improvement in CIBIL Score: Banks pay more attention to CIBIL score while granting loans. If your CIBIL score is 750 or above, you can get the loan faster. To Improve CIBIL Score Making loan and credit card payments on time will improve your CIBIL score.
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Home Loan Eligibility for NBFCs Indian Banks in 2024
Here’ how to check home loan eligibility for NBFCs and indian banks as per Reserve Bank of India Rules.
PNB Home Loan
- Age: 18 to 70 years
- Max loan Tenure: Up to 30 years
- Loan Amount: Up to 90% of the market value
HDFC Home Loan
- Age: 18 to 70 years
- Max loan Tenure: Up to 30 years
- Loan Amount: Up to Rs.10 crore
Axis Bank Home Loan
- Age: 21 to 60 years
- Max loan Tenure: Up to 30 years
- Loan Amount: Up to Rs.3 crore
LIC HFL Home Loan
- Age: 21 to 60 years
- Max loan Tenure: Up to 30 years
- Loan Amount: Rs.1 lakh onwards
IDBI Home Loan
- Age: 18 to 70 years
- Max loan Tenure: Up to 30 years
- Loan Amount: Up to Rs 30 lakh – Up to 90% of property value.
Union Bank Home Loan
- Age: 21 to 70 years
- Max loan Tenure: Up to 30 years
- Loan Amount: Rs 3 lakh to Rs 5 crore
Bank of Baroda Home Loan
- Age: 18 to 75 years
- Max loan Tenure: Up to 30 years
- Loan Amount: As per the eligibility of the applicant
Citibank Home Loan
- Age: 20 to 65 years
- Max loan Tenure: Up to 25 years
- Loan Amount: Maximum 10 crores
Indiabulls Home Loan
- Age: 21 to 65 years
- Max loan Tenure: Up to 30 years
- Loan Amount: Up to Rs.15 crore
FAQ
How do I know if I am eligible for a home loan?
If your age 21 or above you are eligible for home loan.
Can I get home loan if my salary is 15000?
Yes, you can get PNB Housing loan for monthly salary of ₹15,000.
How much salary required for 40 lakh home loan?
There is requirement of ₹20,000 and above to borrow 40 lakh home loan.
