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Factors affecting your Eligibility for a Home Loan
For a hassle free loan process, ensure you are up to the mark on each of these parameters
Monthly Income
The higher your income, the higher the loan amount eligibility and greater your chances of acquiring your dream home.
Age
Starting early has its benefits. Applying at age 30-35 years makes you eligible for a higher loan amount, as compared to applying when you are 40-50 years old.
Property Value
Quality adds to credibility. Choosing a good property in an approved society, colony or area is viewed more favourably by banks.
Credit History
Your Credit History can open or close the gate to your dream home. Always maintain a good CIBIL score.
Employment Status
As a Salaried person, you must have a minimum of 3 years work experience, to become eligible for a home loan.
Professional/Business Status
As a self-employed professional or a businessman, you must submit your professional details, business status record and bank statements as proof of your financial stability.
Relationship with Lender
A good understanding with the bank can go a long way in negotiating a good loan amount at lower rates.
Your Employer Category
Working at a well-regarded company not only adds to your reputation, but also your loan eligibility. A Fortune 500 Company on your visiting card really helps!
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About Home Loan
Are you sure to buy a property of your choice? Is that property worth investing into? Is it the right time to invest in a property? All these questions come to your mind when you start thinking to buy a property. Buying a new home or finding a suitable place to fit into your family requirement is surely a tiring job. Especially, with skyrocketing property rates, it is not possible to buy a property with your savings alone. You need to take a home loan from banks or any financial firms so as to fulfill your dream home wish. With plenty of lenders available in the market, it is easy these days to avail a home loan whether you are salaried or self-employed business/professional with a regular source of income. But before taking this crucial decision, you should remember that home loan is a financial liability for a longer period, which will affect your overall monthly budget and savings. You should not forget that you are going to take this loan for at least 10 years to a maximum 30 years. So, don't follow the rat race, think before you avail a loan and take a calculative decision.
Home Loan Interest Rates
When it comes to taking a home loan, there is no denying of the fact that interest rate is one of the most crucial factors that you need to consider. Whenever, you avail a home loan, before availing the same always compare the rates offered by different lenders so as to crack a best deal. Home loan is a long-term commitment, so availing the same at lower interest rates can make a huge difference in the long run. Higher your interest rates are, the more burden will be on your pocket and vice-versa. You can avail a home loan either on fixed or floating rate of interest. If you take a loan on floating rate, your interest rate may vary in the future, whereas it will remain the same, if taken on a fixed rate of interest. Home loans available on floating rates are based on revision of MCLR by banks at regular intervals. If any change in MCLR takes place, it will reflect in the floating rate. Below is the table showing interest rates of home loan offered by different lenders.
Table Showing Interest Rates, EMI and Others of Different Home Loan Lenders
| Banks | Maximum Tenure (in years) |
Interest Rate (p.a) |
Per Lac EMI (in ₹) | Maximum Loan Amount (in ₹) | Processing Fee | Foreclosure Charges |
|---|---|---|---|---|---|---|
| State Bank of India (SBI) | 30 |
8.35%-8.80% For Salaried: 8.35%-8.65% (for women) and 8.40%-8.70% (for others) Self-employed Professionals/Non-Professionals: 8.50%-8.75% (for women) and 8.55%-8.80% (for others) |
758-790 | Customized | 0.35% for every Lakh+Service tax or ₹ 10,000 whichever is less subject to minimum ₹2000 | Nil |
| ICICI Bank | 30 | 8.35%-8.85% (for women) & 8.40%-8.85% (for others) | 758-794 | Customized | 0.50% of loan amount till 31st May 2017 | N.A |
|
Bank of Baroda (BOB) |
30 | 8.35%-8.85% | 758-794 |
Customized |
0.25%-0.50% of the loan amount |
Nil |
| Axis Bank | 30 | 8.35%-8.75% | 758-830 | Above 3 lakhs | Upto 1% of the loan amount subject to a minimum of ₹10,000 | Nil |
| Citibank | 25 | 8.65%-8.85% | 815-829 | Above 5 lakhs | Up to 0.40% of the loan amount | Nil |
| HDFC Ltd | 30 |
8.35%-8.50% (for women) 8.40%-8.55% (for others) |
758-772 | Customized | Upto 1.25% of the loan amount or ₹3,000 whichever is higher+Taxes | Nil |
| Bajaj Finance | 20 | 8.50% p.a. (for salaried) | 868 | Up to 15 crores | 1% of the loan amount | Nil |
| LIC Housing |
30 |
8.35%-8.50% | 758-769 |
Up to 5 crores |
Nil | Nil |
| Kotak Mahindra Bank | 20 | 8.65% | 877 | Customized | Up to 1.25% of the loan amount | Nil |
| PNB HFL | 30 | 8.50%-8.70% | 769-783 | Customized | 0.25%-0.50% of the loan amount | Nil |
| Tata Capital | 30 | 8.75%-9.05% | 787-808 | Customized | Depending on the loan amount | Depending on the loan amount |
| DHFL | 30 |
8.35% onwards |
758-783 |
Upto 80% of property value or 90% of market value whichever is lower |
₹5,000-20,000+document charges+service tax |
Nil |
|
Indiabulls Housing Finance |
30 |
8.35%-8.50% (for women) 8.40%-8.55% (for others) |
758-772 |
Upto 75%-90% of the property value |
0.5%-1% of the loan amount |
Nil |
| Bank of India (BOI) | 30 | 8.65% - 8.70% | 877-881 | Customized |
₹1,000-20,000 |
Nil |
| IDBI Bank | 25 | 8.30%-11.30% | 792-1002 | Up to 10 crores | Nil | Nil |
Home Loan Eligibility
Your home loan eligibility means the amount of loan you are eligible to get from a lender so as to fulfill your wish of buying a dream home. Different lenders have different eligibility parameters or you can say criteria when it comes to calculating the eligibility of an individual, and approving the desired loan amount for him or her. For your reference, below is the table showing home loan eligibility criteria across the lenders in India.
Home Loan Eligibility Criteria
| Parameters | Salaried | Self-employed |
|---|---|---|
| Age | Age should be between 21-60 years | Age must be between 21-65 years |
| Income | A minimum annual income of ₹1,80,000 is required | A minimum annual income of ₹1,80,000 is required |
| Current Experience | 2-3 years of current job stability | 3 years of current business stability |
Factors Affecting Home Loan Eligibility
Monthly Income
The higher your income, higher the loan amount eligibility and greater your chances of acquiring your dream home. Before disbursing the loan, lenders do check your monthly income in order to be assured that you can repay the loan without any default. Your monthly income can either make or break the situation for you.
Age
Age is another factor that majorly affects your home loan eligibility. You need to meet the specific criteria to become eligible for a loan. Though different lenders set a different age limit for applicants, but 21-65 years is common amongst most home loan lenders. So, to make yourself eligible for a home loan, it is important that you fit into the age eligibility criteria.
Property Value
Choosing a good property in an approved society, colony or area is viewed more favorable by banks. Actually, the value of your property also gives its contribution when it comes to home loan eligibility. The net value of the property is the main parameter depending upon which lenders decide the loan amount for the applicant.
Credit History
Your credit history can open or close the gate to your dream home. Even though you may earn good, but a bad credit score can almost shut the door for you to buy your dream home as lenders can reject your loan application in this case. For a hassle-free loan journey, it is very important to maintain a good CIBIL score of 750 or above so that lenders can easily approve your application.
Employment Status
If you are a salaried person, you must have minimum 2-3 years of work stability in your current organization. Whereas, in case of self-employed, a minimum 3 years in current business is required in order to become eligible for a smooth home loan journey.
Professional/Business Status
As a self-employed professional or a businessman, you must submit your professional details, business status record and bank statements as proof of your financial stability. Once you meet the criteria, your loan eligibility automatically increases.
Relationship with Lender
A good understanding with the bank can go a long way in negotiating a good loan amount at lower rates. Through this way, you can easily avail a high loan amount and that too at competitive rate of interest without any hassle.
Your Employer Category
Working at a well-regarded company not only adds to your profile but also your loan eligibility. A Fortune 500 Company on your visiting card helps in enhancing your eligibility among various lenders.
Documentation
| Proofs | Salaried | Self-employed |
|---|---|---|
| Identity Proof | Aadhar Card/ Passport /Pan Card/ Voter ID Card /Driving License | Aadhar Card/ Passport /Pan Card/ Voter ID Card /Driving License |
| Address Proof | Passport/Aadhar Card /Utility Bill | Passport/Aadhar Card /Utility Bill |
| Residence Ownership Proof | Property Documents/Maintenance Bill/Electricity Bill | Property Documents/Maintenance Bill/Electricity Bill |
| Income Proof | Latest 3 months Salary Slips and Form 16. | Latest 3 years Income Tax Returns including Computation of Income, Profit and Loss Account, Balance Sheet, Audit Report, etc., |
| Business Existence Proof | NA | 3 years old Saral Copy /Shop Establishment Act /Any Tax Registration Copy /Company Registration license |
| Job Continuity Proof | Current Employment Certificate /Current Job Appointment letter (if it is more than 2 years) /Experience Certificate (including your previous job certificate or appointment and relieving letter) | NA |
| Bank Statement | Latest 1 year statement where your salary is getting credited | Latest 1 year bank statement both current and savings. |
| Property Documents | Copy of agreement executed / Sale Deed, Share Certificate, Latest Maintenance Bill, List of documents & sanction letter given by Existing Banker (If Applicable) | Copy of agreement executed / Sale Deed, Share Certificate, Latest Maintenance Bill, List of documents & sanction letter given by Existing Banker (If Applicable) |
| Advance Processing Cheque | Required | Required |
| Investment Proof | Fixed Deposit/Shares/Fixed Assets, etc. | Fixed Deposit/Shares/Fixed Assets, etc. |
| Passport Size Photograph | Required | Required |
Features & Benefits
- Loan amount available upto 70%-90% of property value
- Easy Documentation
- Fast Processing
- Flexible Repayment Options
- Hassle-free & Transparent Process
- Quick Approval
- Doorstep Service
How to Apply
There are various mediums by which you can apply for a home loan. You can either go online or visit the branch near you to get closer to your dream home. However, one of the most convenient options is going online regarding the same. All you need to do is just visit the official site of the lender of your choice and click on 'Apply for Home Loan'. The moment you do so, you will be redirected to a page asking for your personal details along with a copy of relevant documents to be submitted so as to complete your home loan application process. Moreover, visiting the branch is another option that you can choose to avail a home loan. You need to submit a list of required documents at the bank branch. Right after that, the investigation process of the lender gets started to evaluate your eligibility. At the end, if things are in your favour, no one can stop you from chasing your home dream.