Home Loan Eligibility Calculator

Top Banks Home Loan Eligibility Criteria 2020

Customers who are planning to apply for a home loan can check the eligibility criteria sought by top banks in India.

Home Loan Eligibility for SBI

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

Eligibility CriteriaFor SalariedFor Self-employed
Minimum Age18 Years18 Years
Maximum Age70 Years70 Years
Minimum Income₹1,20,000 (p.a.)₹2,00,000 (p.a.)
Loan Amount OfferedCustomizedCustomized
Loan Tenure30 Years30 Years
Current Experience2 Years3 Years

Apply Home Loan @ 7.10%* Rate

Home Loan Eligibility for HDFC Bank

To apply for the loan at HDFC Ltd, you have to meet the below eligibility criteria:

Eligibility CriteriaFor SalariedFor Self-employed
Minimum Age21 Years21 Years
Maximum Age60 Years65 Years
Minimum Income₹1,80,000 p.a. ₹1,80,000 p.a.

Home Loan Eligibility for LIC Housing Finance

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 CriteriaFor SalariedFor Self-employed
Minimum Age18 Years18 Years
Maximum Age60 Years60 Years
Minimum Income₹1,80,000 p.a.₹2,00,000 p.a.
Loan Amount OfferedMinimum ₹1,00,000Minimum ₹1,00,000
Loan TenureUpto 30 YearsUpto 25 Years
Current Experience2 Years3 Years

Home Loan Eligibility for ICICI Bank

ICICI Bank has set the following criteria for you to meet.

Eligibility CriteriaDetails
Minimum Age21 Years
Maximum Age65 Years
Employment TypeSalaried and Self-employed

Home Loan Eligibility for Axis Bank

Axis Bank offers home loans 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 SchemesEligibility CriteriaLoan AmountLoan Tenure
Fast Forward Home LoanType: Salaried, Self-employed, ProfessionalsAbove ₹30,00,000Upto 30 years
Axis Bank Home LoanAge: 21-65 Years Employment
Type: Salaried, Self-employed, Professionals
Above ₹3,00,000Upto 30 Years
Asha Home LoanIncome: ₹8,000-10,000 per month Employment Type: Salaried, Self-employedAbove ₹1,00,000Upto 30 Years
Empower Home LoanEmployment Type: Self-employed Professionals, Self-employed Non-ProfessionalsAbove ₹10,00,000Upto 15 Years

Home Loan Eligibility for PNB

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

Eligibility CriteriaDetails
Minimum Age21 Years
Maximum Age70 Years
Loan AmountCustomized
Loan TenureUp to 30 years

Home Loan Eligibility for Bank of Baroda

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:

Eligibility CriteriaFor SalariedFor Self-employed
Minimum Age21 Years21 Years
Maximum Age60 Years70 Years
Job/Professional Status2-3 Years2-3 Years

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

The answers to the above questions decide whether 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.

Before approving any home loan application, lenders check your income, CIBIL score and property location/value to understand your repayment capacity. So, if you’re looking to apply 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

Lenders Also Check EMI/NMI Ratio Before Determining Home Loan Eligibility

Not many may not know the home loan amount is also dependent on the ratio of Equated Monthly Installment (EMI) to the Net Monthly Income (NMI). Ideally, the proposed EMI should remain within 50%-60% of your NMI. But lenders can change the norm related to EMI/NMI ratio while deciding the loan eligibility. The reason being the expenses and financial state of individuals can differ across different income groups.

For example, someone earning INR 30,000 a month will get a loan amount where the EMI won’t exceed 40% of his/her NMI. Lenders will do so to ensure people with such income have more space for repayment. As the income slab moves up, the repayment capacity can go up by some notches, and then, that 50%-60% ratio talked earlier will apply.

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 you the opportunity to grab lower rates on your loan.

Can a Lockdown Make You Eligible for a Home Loan in the Future?

If you are someone wanting to buy a home in the near future, the ongoing lockdown due to the COVID-19 pandemic could be a blessing in disguise for you! You may ask how? Well, you will most likely be staying indoors due to lockdown. As a result, there are no travel and fuel expenses for you to make. This must have ensured significant savings for you till now. And with COVID-19 cases rising at a consistent pace in India, lockdown could further from May 17, 2020, and help you save more. You can use such savings and cut down on the non-essential stuff to create a bigger pool of corpus. So, if the EMI of the loan you are planning for comes as more than 60% of your net monthly income, the extra savings owing to lockdown can be put to good use by paying more than the down payment amount. This will reduce the loan amount, help ensure an optimum EMI/NMI ratio and make you eligible for the loan eventually.

Home Loan Eligibility FAQs

The eligibility for a home loan is decided based on 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 and as per the requirements of the lender, you might be able to get a higher loan amount. However, the loan amount won’t exceed 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 an area authorized by the state or 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. Or, if you are working with a big firm and have a good source of income, you can talk to the lender for your eligibility. It depends on the lender if it accepts your application or not.

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.

People Also Look For

  • Free CIBIL Score
  • Home Loan Interest Rates May 2020
    Axis Bank8.10% - 8.85%
    Bank of Baroda7.25% - 8.25%
    HDFC7.75% - 8.65%
    ICICI Bank7.70% - 8.80%
    Indiabulls Housing Finance Limited8.80% - 11.05%
    Kotak Bank8.20% - 9.25%
    LIC Housing7.40% - 8.85%
    Piramal Capital & Housing Finance9.00% - 9.10%
    PNB Housing Finance8.95% - 9.20%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI7.35% - 8.00%
    Tata Capital9.20% - 9.35%