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What is The Eligibility Criteria To Get a Housing Loan?

Banks have a certain set of eligibility criteria that applicants need to fulfill in order to get their housing loan application approved. Fulfilling the eligibility criteria ensures that the borrower can repay the borrowed amount and would not default on the loan. However, if an applicant fails to fulfill the eligibility criteria, the bank would reject their housing loan application which would have a negative impact on the user’s credit profile. 

The housing loan eligibility criteria is decided by taking a lot of factors into consideration like your salary, your age, credit score, location, work experience, existing loans (if any), etc. 

Eligibility criteria

Different banks can however have a different set of eligibility criteria as per their requirements. However, the basic eligibility criteria remains the same across various banks. You need to fulfill the bank’s eligibility criteria in order to get a home loan approved in a bank. The basic eligibility criteria that remains the same across various major banks throughout the country is shown in the table below:

Age Limit (Salaried Individuals) 23 Years to 62 Years
Age Limit (Self-Employed) 25 Years to 70 Years
CIBIL score 750 or above
Work Experience for Salaried Individuals Min. 3 Years of Work Experience
Business Continuity Min. 5 Years of Stable Business Background
Salary A Minimum Salary of INR 25,000
Nationality  Indian Citizen

Above is the basic eligibility criteria to apply for a home loan in any major bank of the country. The maximum limit that a salaried employee can apply for as a home loan is set up to INR 3.5 Crore whereas for the self employed, can apply for a maximum housing loan for up to INR 5 Crore. 

How Home Loan Eligibility Works?

When the lender or bank has all of your information, it evaluates your eligibility using particular ratios. The following are the three most important ratios: 

  1. Ratio of Income to Obligation (Fixed) 

In this situation, the lender looks at all of your prior loans and how much you owe on them, as well as the house loan you’ve applied for. 

  1. Investment to Income Ratio 

The ratio tells the bank how much of your income you may set aside for loan repayment, assuming you need around half of your income to fund your monthly costs. 

  1. Loan-to-Cost Ratio 

This ratio shows how much of the property is financed by the lender and how much is financed by you. It’s a way to figure out how much equity you have in your home.

Tips to Improve your Home Loan Eligibility

If you are willing to improve your housing loan eligibility, here are a few things that you can do to improve your chances of getting a home loan: 

  • Assign a co-applicant to the loan to a working family member, such as your spouse. 
  • Consult your lender to determine whether a structured repayment plan is available. 
  • Ascertain that you have a consistent source of income as well as regular savings and investments. 
  • Give details on your regular alternative sources of income, such as rental income from another property, revenue from a firm other than your current work, and so forth. 
  • Keep track of your variable compensation components, such as bonuses, commissions, and overtime, for example. 
  • Know your credit score and take proactive efforts to improve or correct any faults. 
  • Pay off any outstanding loans and short-term obligations.

These are a few measures that you can adapt to increase your home loan eligibility and thus increasing your chances of getting your loan application approved.

Read Also:- Steps To Improve Your CIBIL Score

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