By simply entering a few basic details about yourself like salary, city of residence, employment type, etc., the calculator will determine whether you are eligible for a home loan or not. The application will give you a list of home loans that you are eligible for.
|Age Limit||18 – 70 years|
|Minimum Annual Income||Depending on the type of employment|
|Employment Status||Salaried or Non-Salaried|
|Residence Type||Permanent resident or Non-resident Indian (NRI)|
|Credit Score||Above 750|
|Property Type||Completed Project, Under Construction Project, Land/Plot, build on own Land, Buy Land and Build Home|
Note:Loan eligibility criteria differ depending on a bank/lender. Approvals are based on borrowers' incomes, credit profile and existing relationship with the bank.
|Home Loan Providers||Max Eligible Loan Amount||Loan Tenure||Age Limit|
|SBI Home Loan||No fixed amount specified||Up to 30 years||18 – 70 years|
|HDFC Home Loan||Up to Rs.10 crore||Up to 30 years||24 to 60 years|
|ICICI Home Loan||Up to Rs.10 crore||Up to 30 years||21 to 60 years|
|Axis Home Loan||Starts at Rs.3 crore||Up to 30 years||21 to 60 years|
|Indiabulls Housing Finance||Up to Rs.3 crore||Up to 30 years||21 to 65 years|
|DHFL Home Loan||Up 90% of the market value||Up to 30 years||18 to 70 years|
|PNB Housing Finance||Up 90% of the market value||Up to 30 years||18 to 70 years|
|Kotak Mahindra Home Loan||Up to Rs.5 crore||Up to 20 years||18 to 65 years|
|Karnataka Home Loan||Up to Rs.5 crore||Up to 30 years||18 to 65 years|
|Yes Bank Home Loan||Up to Rs.5 crore||Up to 35 years||21 to 60 years|
|LIC Housing Finance||Starts at Rs.1 lakh||Up to 30 years||21 to 60 years|
|Sundaram BNP Paribas Home Finance||Up to Rs.5 crore||Up to 20 years||18 to 65 years|
|DBS Home Loan||Up to Rs.5 crore||Up to 20 years||21 to 60 years|
|Aditya Birla Capital Housing Finance||Up to 75% of the property value||Up to 30 years||21 to 70 years|
|IDFC Home Loan||Up to Rs.10 crore||Up to 30 years||21 years and above|
|Federal Home Loan||Up to 15 crore||Up to 30 years||21 to 60 years|
|Andhra Home Loan||Based on repayment capacity||Up to 30 years||21 to 65 years|
|Dhanlakshmi Home Loan||Up to 80% of the property value, subject to your income eligibility.||Up to 30 years||21 to 60 years|
|BoB Home Loan||Up to Rs.10 crore||Up to 30 years||21 to 70 years|
|BoI Home Loan||Up to Rs.3 crore||Up to 30 years||21 to 60 years|
|Bank of Maharashtra Home Loan||Up to Rs.30 lakh||Up to 30 years||21 to 60 years|
|Canara Home Loan||Up to Rs.10 crore||Up to 30 years||21 to 55 years|
|IDBI Home Loan||Up to Rs.10 crore||Up to 30 years||22 to 70 years|
|Indian Overseas Home Loan||Depends on the applicant’s age and repayment capacity.||Up to 30 years||21 to 60 years|
|Karur Vysya Home Loan||Up to Rs.5 crore||Up to 25 years||21 to 60 years|
|South Indian Home Loan||Rs.2 lakh to Rs.15 crore||Up to 30 years||21 to 75 years|
|Tamilnad Mercantile Home Loan||Up to Rs.5 crore||Up to 30 years||18 to 50 years|
|CBI Home Loan||Depending on repayment capacity of borrower and value of property.||Up to 30 years||18 to 60 years|
|India Shelter Finance Corporation||Starts at Rs.5 lakhs||Up to 20 years||21 to 65 years|
|Aavas Financiers Home Loan||Starts at 1 lakh||Up to 30 years||18 to 65 years|
|Reliance Home Finance Limited||Starts at Rs.35 lakh||Up to 20 years||21 to 60 years|
|Tata Capital Home Loan||Rs.2 lakh to Rs.5 crore||Up to 30 years||24 to 65 years|
|Jammu and Kashmir Bank Home Loan||Depending on factors like income, repaying capacity, age, assets and liabilities, cost of the proposed house/flat etc.||Up to 30 years||21 to 60 years|
Let us consider that Chandra has no loans or liabilities at present and his net available income is Rs.1,03,400. However, you one must always remember that Leave Travel Allowance is not taken into consideration by the bank while calculating the salary. The medical allowance is also excluded from the calculation. This is because, these expenses are not derived by an individual with his/her salary. In this case, Chandra will only get these amounts as reimbursements, in case he spends on medical needs or travel requirements.
Thus, the bank or the lender will deduct that LTA and medical expenses from the net income. Chandra’s net income now stands at Rs.1,03,400 – Rs.(9,000 + 2,000), which is equal to Rs.92,400. Thus, the loan eligibility for Chandra Patra stands at Rs.92,400 x 60 = Rs.55,44,000. In case of a home loan, EMI is restricted to a maximum of 40% to 50% of the net income (monthly) by most banks. This suggests that you are eligible for a home loan where the equated monthly instalment is not more than 50% of your monthly income.
Eligibility is not an easy thing to assess. The banks and lenders will be considering your present liabilities, income, assets, etc. while calculating your home loan eligibility. In case the mortgage requirement is slightly higher that the eligible loan amount, some changes in the way you present yourself can help in increasing the eligibility factor. Tips to increase your eligibility for a home loan are mentioned below:
There are several factors that are considered by banks or lenders to determine if you are eligible for a loan. These factors are mentioned below:
Yes, your parents, children and spouse are considered eligible for being co-applicants for the home loan.3. Am I eligible for tax benefits if I take a home loan?
Yes, you can avail tax benefits when you take home loan from a bank or a financial institution under Section 80C and Section 24 under the IT Act.4. Will I be eligible for a home loan if I have a bad credit score?
In case you have a poor credit score, it will be difficult for you to get a home loan. Banks or financial institutions consider your credit report to be of great value while determining your eligibility towards a loan. If you have a good score, banks will be happy to offer you a home loan with attractive rates of interest. However, with a bad score lenders will doubt your repayment capability and might not consider you to eligible for a home loan.
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