Home Loan Eligibility Calculator

Highlights

  • See whether your income is enough to get you a home loan or not.
  • Check the details asked to check your home loan eligibility.
  • Keep these things ready to be eligible for a home loan.

On what basis is your eligibility for a home loan calculated?

As mentioned above, your income is the most important factor in deciding whether or not you can get the loan or not. Also, the loan amount you get varies depending on the purpose for which you are taking the home loan. So, the first few details you have to provide are as follows:

  1. Your income per month or annual income
  2. Whether or not you are working in a private company or government company or business
  3. What is your current location
  4. What is the location of your property
  5. Do you have the proof of last 3 years ITR filing
  6. Is your property ready-to move-in or under-construction or plot
  7. Do you have the map and registration papers of the property or not.
  8. Whether the property is government and bank approved or not
  9. Whether or not the builder is approved by the government as well as the lenders
  10. Your age
  11. Do you have any existing loan or not

The answer to the above questions decide whether or not you are eligible for a home loan or not. If you are found eligible, you will be given the list of lenders where you can apply for the loan.

Home Loan

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

    Almost done, few more details required.

    Before approving any home loan application, lenders check your income, CIBIL score and property location/value to understand your repayment capacity. So, if you have recent plan of applying for a home loan, read below the details that your lender is going to check in your application.

    • Minimum monthly or annual income required to apply for home loans
    • Minimum work experience
    • Minimum CIBIL score for a home loan
    • Minimum age limit for an applicant
    • Maximum loan amount available

    What is the minimum CIBIL Score required for Home Loans?

    For home loans, your credit history should be good and your CIBIL or credit score should be at least 720. Even though some a home loan can be availed by non-credit score holders, having good credit score gives a chance of negotiation and a better chance of approval.

    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 SBI home loans?

    The eligibility criteria based on which SBI accepts home loan applicants is as follows:

    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 Loan?

    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 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.

    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

    Eligibility Criteria for ICICI Home Loan

    The housing loan offered by ICICI bank has the criteria as mentioned below.

    CriteriaDetails
    Age21 Years-65 Years
    Employment TypeSalaried 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

    To apply for Bank of Baroda home 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

    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 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

    What is the eligibility for PNB Home Loan?

    To apply for the loan, check the eligibility required below:

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

    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. So, if you have just started your career, you will have to wait for at least 2 years even though you have a good income.

    Which lenders provide plot loans?

    As you know, a home loan can be availed for multiple purposes such as plot purchase, land purchase, construction, improvement, Home Conversion, and Home Extension. So, almost all lenders provide loans for plot purchase. The only condition is that you have to mention the purpose at the time of applying for a home loan and submit relevant details.

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    Personal Loan Interest Rates December 2018
    Bajaj Finserv10.99% - 16.00%
    Fullerton India14.00% - 33.00%
    HDFC Bank11.25% - 21.50%
    ICICI Bank10.99% - 18.40%
    IndusInd Bank10.99% - 16.00%
    Kotak Bank10.99% - 20.99%
    RBL13.00% - 18.00%
    Standard Chartered Bank12.00% - 17.00%
    Tata Capital10.99% - 18.00%
    Home Loan Interest Rates December 2018
    State Bank of India/SBI8.75% - 9.35%
    HDFC8.80% - 9.70%
    Bank of Baroda8.65% - 9.65%
    LIC Housing8.85% - 9.05%
    PNB Housing Finance9.00% - 13.00%
    ICICI Bank9.10% - 9.35%
    Axis Bank8.85% - 9.10%
    Citibank9.00% - 9.85%
    Indiabulls Housing Finance Limited8.80% - 11.05%
    Kotak Bank8.90% - 8.75%
    DHFL9.05% - 9.95%
    Reliance Home Finance8.75% - 14.00%