Home Loan Rates 2018 2830 views
- 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.
Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure
Table of Contents
- 1 Home Loan Eligibility at Top Banks
- 1.1 What is the eligibility for home loans at SBI?
- 1.2 What is the eligibility to apply for HDFC Home Loans?
- 1.3 What is the eligibility at LIC HFL?
- 1.4 What is the eligibility to apply for PNB Home Loans?
- 1.5 What eligibility is required to apply for Bank of Baroda Home Loans?
- 1.6 Who is eligible for ICICI Home Loan?
- 1.7 What is the eligibility required for Axis Bank Home Loans?
- 2 How can you calculate your eligibility for Home Loans?
- 3 Home Loan Eligibility FAQs
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.
|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 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:
|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 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|
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.
|Age||21 Years-70 Years|
|Tenure||Up 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:
|Age||21-60 Years||21-70 Years|
|Job/Professional Status||2-3 Years||2-3 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.
|Age||21 Years-65 Years|
|Employment Type||Salaried 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 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|
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.