Home Loan Rates 201810472 views
- Check your eligibility for home loans at top banks.
- Read minimum CIBIL score required for home loans.
- Know the minimum salary you need to have to get home loan approval.
For the approval, lenders consider CIBIL score, property location/value, and income of the applicant. If it gives them the surity of repayment, only then the loan application is further processed. In this article, you will get to know related to home loan eligibility:
- Minimum monthly or annual income required to apply for home loans
- Minimum work experience
- Minimum CIBIL score for home loans
- Minimum age limit for an applicant
- Maximum loan amount available
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
Table of Contents
- 1 What is the minimum CIBIL Score required for Home Loans?
- 2 Top Banks Home Loan Eligibility 2018
- 2.1 What is the eligibility for home loans at SBI?
- 2.2 What is the eligibility to apply for HDFC Home Loan?
- 2.3 What is the eligibility criteria at LIC HFL?
- 2.4 Eligibility Criteria for ICICI Home Loan
- 2.5 Eligibility Criteria for DHFL Home Loan
- 2.6 Eligibility Criteria for Bank of Baroda Home Loan
- 2.7 What is the eligibility for Axis Bank Home Loan?
- 2.8 What is the eligibility for PNB Home Loan?
- 3 Home Loan Eligibility Based on Salary
- 4 Home Loan Eligibility FAQs
What is the minimum CIBIL Score required for Home Loans?
For home loans, most of the lenders demand 650 or above CIBIL score. It gives them the proof to trust your profile and to you the chance to negotiate on the rate and loan amount.
Top Banks Home Loan Eligibility 2018
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?
The eligibility criteria based on which SBI accepst home loan applicants is as follows:
|Age||18- 70 Years||18- 70 Years|
|Income||₹1,20,000 (p.a.)||₹2,00,000 (p.a.)|
|Loan Amount Offered||Customized||Customized|
|Tenure||30 Years||30 Years|
|Current Experience||2 Years||3 Years|
What is the eligibility to apply for HDFC Home Loan?
To apply for the loan at HDFC Ltd, you have to match the below eligibility criteria:
|Age||21-60 Years||21-65 Years|
|Income||Minimum income of ₹1,80,000 p.a.||Minimum income of ₹1,80,000 p.a.|
What is the eligibility criteria 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.
|Age||18-60 Years||18-60 Years|
|Income||₹1,80,000 p.a.||₹2,00,000 p.a.|
|Loan Amount Offered||Minimum ₹1,00,000||Minimum ₹1,00,000|
|Tenure||30 Years||25 Years|
|Current Experience||2 Years||3 Years|
Eligibility Criteria for ICICI Home Loan
The housing loan offered by ICICI bank has the criteria as mentioned below.
|Age||21 Years-65 Years|
|Employment Type||Salaried and Self-employed|
Eligibility Criteria for DHFL Home Loan
The applicants who are above the age of 21 years can apply for home loans at DHFL. It is mandatory that you have stability and continuity of income.
Eligibility Criteria for Bank of Baroda Home Loan
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:
|Age||21-60 Years||21-70 Years|
|Job/Professional Status||2-3 Years||2-3 Years|
What is the eligibility for Axis Bank Home Loan?
Axis Bank offers home loan at attractive interest rates, lower fees and charges, hence allow you to fulfill your dream without any hassle. To apply for the loan, check the eligibility criteria below.
|Name of Schemes||Eligibility||Loan Amount||Tenure|
|Fast Forward Home Loan||Type: Salaried, Self-employed, Professionals||Above ₹30,00,000||30 years|
|Axis Bank Home Loan||Age: 21-65 Years Employment|
Type: Salaried, Self-employed, Professionals
|Above ₹3,00,000||30 Years|
|Asha Home Loan||Income: ₹8,000-10,000 per month Employment Type: Salaried, Self-employed||Above ₹1,00,000||30 Years|
|Empower Home Loan||Employment Type: Self-employed Professionals, Self-employed Non-Professionals||Above ₹10,00,000||15 Years|
What is the eligibility for PNB Home Loan?
To apply for the loan, check the eligibility required below:
|Age||21 Years-70 Years|
|Tenure||Up to 30 years|
Home Loan Eligibility Based on Salary
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. 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.
How much home loan can I get on my salary?
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 can I 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 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. 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 a home loan.