Home Loan Eligibility Calculator

Highlights

  • Check your eligibility for home loans at top banks.
  • Read the factors based on which you can get interest rates on home loans.

Banks and NBFCs have a certain eligibility criterion based on which home loans are offered. This eligibility is decided by keeping in mind certain factors which at mentioned at the end of this article. Even though, the interest rate and the loan amount are decided by the lender by considering the overall profile of the applicant. Home loans or housing loans are majorly offered on the basis of the property. Read below the details of the factors that affect the eligibility.

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

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    Home Loan Eligibility at Top Banks

    The customers who are soon planning to apply for a home loan can check the eligibility required at top banks in India.

    What is the eligibility for home loans at SBI?

    Being one of the biggest public lenders in India, SBI is known for offering the best home loans. You can go through the table below to know the home loan eligibility of SBI.

    Eligibility CriteriaSalariedSelf-employed
    Age18- 70 Years18- 70 Years
    Income₹1,20,000 (p.a.)₹2,00,000 (p.a.)
    Loan Amount OfferedCustomizedCustomized
    Tenure30 Years30 Years
    Current Experience2 Years3 Years

    What is the eligibility to apply for HDFC Home Loans?

    The home loan is disbursed through HDFC Ltd which is known for catering the needs of all home loan borrowers. The housing finance company gives one of the lowest interest rates. To apply for the loan at HDFC Ltd, you have to match the below eligibility criteria:

    Eligibility CriteriaSalariedSelf-employed
    Age21-60 Years21-65 Years
    IncomeMinimum income of ₹1,80,000 p.a. Minimum income of ₹1,80,000 p.a.

    What is the eligibility at LIC HFL?

    LIC Housing Finance has won the hearts of many by offering them a hassle-free loan. To avail the same, you have to fit into the below eligibility criteria.

    Eligibility CriteriaSalariedSelf-employed
    Age18-60 Years18-60 Years
    Income₹1,80,000 p.a.₹2,00,000 p.a.
    Loan Amount OfferedMinimum ₹1,00,000Minimum ₹1,00,000
    Tenure30 Years25 Years
    Current Experience2 Years3 Years

    What is the eligibility to apply for PNB Home Loans?

    PNB offers a higher loan amount, flexible tenures, quick process and minimal documentation of the housing loan. To apply for the loan, check the eligibility.

    ParticularsDetails
    Age21 Years-70 Years
    Loan AmountCustomized
    TenureUp to 30 years

    What eligibility is required to apply for Bank of Baroda Home Loans?

    When it comes to home loans, BoB with its best of products is catering the needs of all. By offering the lowest interest rate, Bank of Baroda ensures to meet your housing loan requirements at its best. To apply for the loan, you must know that you have to match the eligibility criteria set by the bank. Look at the criteria below:

    ParametersSalariedSelf-employed
    Age21-60 Years21-70 Years
    Job/Professional Status2-3 Years2-3 Years

    Who is eligible for ICICI Home Loan?

    ICICI Bank has recently launched the cashback offer on home loans which has increased the number of customers. The housing loan offered by the bank has the criteria as mentioned below.

    CriteriaDetails
    Age21 Years-65 Years
    Employment TypeSalaried and Self-employed

    What is the eligibility required for Axis Bank Home Loans?

    Axis Bank offers home loan at attractive interest rates, lower fees and charges, hence allow you to fulfill your dream without any hassle. The bank has also initiated the offer of 12 EMIs off on the home loans. To apply for the loan, check the eligibility criteria below.

    Name of SchemesEligibilityLoan AmountTenure
    Fast Forward Home LoanType: Salaried, Self-employed, ProfessionalsAbove ₹30,00,00030 years
    Axis Bank Home LoanAge: 21-65 Years Employment
    Type: Salaried, Self-employed, Professionals
    Above ₹3,00,00030 Years
    Asha Home LoanIncome: ₹8,000-10,000 per month Employment Type: Salaried, Self-employedAbove ₹1,00,00030 Years
    Empower Home LoanEmployment Type: Self-employed Professionals, Self-employed Non-ProfessionalsAbove ₹10,00,00015 Years

    How can you calculate your eligibility for Home Loans?

    Just like an EMI calculator, a loan eligibility calculator is used to calculate the maximum loan amount that the applicant can get on the basis of his/her income. Since the home loan is a secured loan, the interest rate offered is decided based on the repayment capacity of the applicant. It is better if you have savings of more than 50% of your income because it will help you repay the loan easily. For instance, if your monthly saving is ₹50,000 and you are looking for a home loan, here is how much you can get:

    Amount: ₹1 lakh
    Loan Tenure: 30 years
    Rate of Interest: 8.30%
    Your per lakh EMI will be: ₹755
    Maximum loan amount = (₹1,00,000 X 50,000) / ₹755 = ₹66,22,516 (approx.)

    The above calculation has been done based on the lowest interest rate of 8.30% per annum and your eligibility for the upper limit of the loan amount is calculated by multiplying the ₹1 lakh EMI with your monthly saving divided by the per lakh EMI. With the help of the eligibility calculator, you get the idea of the maximum fund you are eligible for and then proceed.

    Home Loan Eligibility FAQs

    The eligibility for a home loan is decided by considering some factors such as the monthly income of the applicant, age, property value, credit history, professional stability, relationship with the lender and the category of the employer. Let us see the role of each of the components and the common frequently asked questions related to home loans.

    What is the monthly income required for a home loan?

    The monthly income is one of the most important factors in deciding your eligibility for a loan. If you are earning good that is as per the requirements of the lender, you might be able to get a higher loan amount. The maximum loan amount that you can range from 75% to 90% of the property value.

    At what age are you eligible to apply for a home loan?

    Even though the minimum age required for the loan is subject to change from one lender to another, if you are above 21 years, you are eligible to apply.

    What is the role of property in deciding the loan amount and rate?

    If the property, for which you want to take the loan, is located in the area authorized by the state of central government, it is easier to get the approval as the verification process gets simpler. This is the most important factor that people often ignore as they either buy the property at the unauthorized location or they somehow do not maintain the property chain.

    Does your Credit History matter?

    A good credit history is also important to get approval for your loan. The applications with customers having a credit score less than 750 but a positive payment record might be considered by the lender. You can check your CIBIL score before applying.

    What is the minimum work experience required?

    You should have a minimum work experience of 2 years to apply for the loan.

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    Personal Loan Interest Rates January 2018
    Bajaj Finserv 10.99% - 16.00%
    Fullerton India 14.00% - 33.00%
    HDFC Bank 10.99% - 20.70%
    ICICI Bank 10.99% - 18.40%
    IndusInd Bank 12.99% - 20.00%
    Kotak Bank 10.99% - 17.99%
    RBL 14.00% - 18.00%
    Standard Chartered Bank 10.99% - 14.49%
    Tata Capital 11.49% - 18.00%
    Home Loan Interest Rates January 2018
    State Bank of India/SBI 8.30% - 8.60%
    HDFC 8.35% - 8.95%
    Bank of Baroda 8.30% - 9.30%
    LIC Housing 8.35% - 8.70%
    PNB Housing Finance 8.35% - 8.70%
    ICICI Bank 8.35% - 8.85%
    Axis Bank 8.40% - 8.80%
    Citibank 8.60% - 9.35%
    Indiabulls Housing Finance Limited 8.35% - 8.55%
    Kotak Bank 8.40%
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