Home loan eligibility includes the criterion the loan applicant needs to satisfy in order to be eligible for a home loan. Every lender has different home loan eligibility criteria but they judge the loan applicant’s credibility based on some common criteria, such as age, income, work experience and credit history.
The criteria with respect to eligibility for a home loan tend to vary from one lender to another. Following are some key requirements to be taken into consideration:
Target Group: Any salaried, self-employed or professional individual of Indian nationality can apply for a home loan.
Age Criteria: The loan applicant must be aged 21 years or above
The applicant needs to have a regular source of income to improve the chances of regular repayment. Having a regular income source helps the loan provider to assess the borrower’s repayment capacity.
For self-employed individuals, profit earned by you majorly determines the housing loan value you are eligible for.
Employment Experience: The applicant’s professional stability documentation, more precisely it is the work experience of the applicant.
Credit History: Credit history is another major deciding factor for availing a housing loan. A clean credit history will help in quick loan approval.
Checking your eligibility prior before you apply for a home loan is a better option for it lets your understand your status of eligibility and know where you lack. You can check whether you are eligible for a home loan or not using financegulf’s home loan eligibility calculator.