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What is the Home Loan Eligibility of Different Lenders in India?

Highlights

  • How can you qualify for a home loan at different lenders?
  • Read this post to know the eligibility criteria set by different lenders

A home loan from banks and housing finance companies (HFCs) helps those individuals who do not have enough funds to buy a home for them. But there is something which is a pretty important part of the overall home loan process – Home Loan Eligibility. A lot of individuals who wanted to purchase their homes often have questions about their home loan eligibility. And it is important for every individual to know about their eligibility before choosing a suitable home loan for them. This factor helps you in deciding how much loan amount you will be able to get and what are those conditions that you need to fulfill to get the desired loan amount.

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But there is one thing that an individual also needs to remember that home loan eligibility tends to change from one lender to another. And it would not be possible for any individual to get the home loan amount without meeting the eligibility criteria. So, this article – where we would talk about all the aspects related to Home Loan Eligibility of top lenders – could be pretty useful for those individuals who are looking to opt for a home loan. Keep reading to know more!

Home Loan Eligibility of Leading Lenders in India

We will tell you about the eligibility criteria of some of the top lenders such as HDFC, Citibank, State Bank of India (SBI), Bank of Baroda, LIC Housing Finance, PNB Housing Finance Ltd, and many others so that you can make a better decision. We are providing details about them below. Do check it.

HDFC Home Loan Eligibility Criteria

When we talk about the leading lenders of our country, the name of HDFC Limited comes on top of the list. Available at affordable interest rates of 6.95% - 8.00% per annum, the home loan facility by HDFC is quite popular among individuals. The maximum loan amount will also depend on the overall property value as HDFC provides 75% to a maximum of 90% of the overall property cost as the loan amount.

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Some of the conditions that you need to fulfill to opt for an HDFC Home Loan are mentioned below. Have a look!

  • The loan facility is available to both salaried and self-employed individuals.
  • For both salaried and self-employed applicants, the minimum age is fixed at 21 years while the maximum age is fixed at 65 years.
  • The salaried applicant must be earning INR 10,000 per month to be eligible for this loan.
  • A self-employed professional must have a business income of INR 2 lakh per annum to qualify for a home loan from HDFC.
  • The CIBIL score of an applicant must be good and above 700 as it can also help in getting lower interest rates.
  • An HDFC Home Loan can be given for a maximum period of 30 years.

So, these are the conditions that an applicant needs to keep in mind while applying for the home loan.

State Bank of India (SBI) Home Loan Eligibility Criteria

State Bank of India (SBI) is undoubtedly the leading public sector bank of India that provides a home loan to customers at an affordable rate of interest. SBI Home Loan Interest Rates range from 6.95% - 7.60% per annum that helps you in paying the home loan EMI without any hassle. There are several home loan schemes from which you can choose according to your repayment capacity and other requirements.

We are providing SBI Home Loan Eligibility Criteria below which you can look at.

  • The applicant must be a Resident Indian and have a substantial monthly income to have a smooth repayment.
  • The minimum age of all applicants is fixed at 18 years, while the maximum age can be upto 70 years.
  • The loan tenure can be a maximum of 30 years. However, it will depend on the applicant’s overall profile, monthly income, and other factors.
  • Your property must be in a good location to get a higher loan amount.
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An individual needs to meet all these conditions to get the desired home loan amount from SBI.

Bank of Baroda Home Loan Eligibility Criteria

After its recent merger of Dena Bank and Vijaya Bank, Bank of Baroda has become one of the prominent home loan lenders of our country. Due to its affordable interest rates that range from 7.00% - 8.40% per annum, this home loan facility from Bank of Baroda is one of the popular financial products of our country. If you are thinking of applying for this loan product then it is important to know the conditions that you need to fulfill to get the loan amount. All of them are mentioned below.

  • The borrower must have a minimum age of 21 years that can go to a maximum of 70 years to be eligible for the loan.
  • The age of a co-applicant should be a minimum of 18 years. The co-applicant can be close relatives of the applicant.
  • An individual can have a maximum repayment period of 30 years which also includes the maximum moratorium period of 36 months.
  • An applicant living in Mumbai can get the maximum loan amount of INR 10 crores, while this maximum amount will be INR 5 crores for other metro cities. Individuals living in urban areas can opt for the maximum loan amount of INR 3 crores, while in semi-urban and rural areas, this amount can go upto a maximum of INR 1 crore. However, the final loan amount will depend on the income criteria and repayment capacity of the applicant.
  • Salaried applicants must have a work experience of 1 year, while self-employed individuals must have a business history of at least 2 years.

Kotak Mahindra Home Loan Eligibility Criteria

Every individual wants to opt for a home loan that can be obtained at an affordable rate of interest so that they can repay the amount without any difficulty. And Kotak Mahindra Home Loan provides exactly this to the individuals. The interest rates ranging from 7.40% - 9.70% per annum make it easier for an individual to opt for a home loan. To be eligible for a Kotak Mahindra Bank Home Loan, there are some conditions that an individual has to fulfill. All of them are mentioned below.

  • The minimum age for both salaried and self-employed applicants is fixed at 18 years while the maximum age can be 60 years for salaried Applicants and 65 years for Self-employed.
  • The minimum monthly income of an applicant living in cities such as Delhi, Mumbai, Bangalore, Pune & Chennai should be INR 20,000.
  • For all other cities, the minimum monthly income should be INR 15,000.
  • If an applicant is working with a private limited company or Partnership Firm, it is a must for an applicant to be a graduate. While individuals employed with Public Limited Company or Multinational Company (MNC) or Public Sector Company then there is no such condition to be fulfilled.
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Tata Capital Home Loan Eligibility Criteria

With the help of a Tata Capital Home Loan, you can opt for a loan amount as low as INR 2 lakh and as high as INR 5 crores. However, the final loan amount will depend on a lot of various factors such as monthly income, employment type, job history, etc. An applicant gets affordable interest rates ranging from 9.25% Onwards per annum on the home loan facility with minimal documentation. One of the most important factors in the overall home loan process is the eligibility criteria. An individual has to fulfill all the required conditions to get the loan amount. All of them are mentioned below. Have a look!

  • Both salaried and self-employed applicants are eligible for the home loan.
  • The applicant must be a minimum of 24 years at the time of loan application. Whereas, the maximum age of the borrower should not exceed 65 years by the time the proposed loan completes its tenure.
  • Your credit score also plays a huge role in determining your home loan amount and it should be 750 or above.
  • For salaried individuals, the minimum monthly income must be INR 30,000 and the work experience must be a minimum of 2 years
  • Self-employed individuals must have a minimum experience of 3 years in the current field

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  • Home Loan Interest Rates September 2020
    Axis Bank7.75% - 8.55%
    Bank of Baroda7.00% - 8.40%
    Citibank8.20%
    HDFC6.95% - 8.00%
    ICICI Bank6.95% - 8.05%
    Indiabulls Housing Finance Limited8.80% - 11.05%
    Kotak Bank7.20% - 9.30%
    LIC Housing6.90% - 7.90%
    Piramal Capital & Housing Finance9.00% - 9.10%
    PNB Housing Finance8.60% - 9.45%
    Reliance Home Finance8.75% - 14.00%
    State Bank of India/SBI6.95% - 7.60%
    Tata Capital9.20% - 9.35%