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    Home Loan Eligibility Details

    We found 46 Home Loan Eligibility Details

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.5% - 8.7% Floating
    Up to 0.5% (min. ₹5750) One time fee
    5L Min
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.65% - 8.70% Floating
    0.35% (max. 10,000) + S.T.
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.70% - 8.85% Floating
    0.5% (min. ₹11,500) One time fee
    5L - 10Crs
    3-30 Years
    Response Time Within 30 minutes
    Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.5% - 8.55% Floating
    Up to 0.5% (max. ₹11,500) One time fee
    5L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.55% - 10.05% Floating
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.70% - 9.25% Floating
    0.50% (min. ₹10,000) + S.T.
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.65% - 11.75% Fixed/Floating
    0.50% (min. ₹10000) One time fee
    5L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.5% - 8.55% Floating
    10,000 + S.T. One time fee
    40L - 5Crs
    1 - 25 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    12.5% - 17% Fixed/Floating
    2% One time fee
    2L - 1Cr
    1-20 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.65% - 8.89% Floating
    ₹5,000 to ₹10,000 + S.T. One time fee
    20L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    10.67% Floating
    1% One time fee
    5L - 5Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.10% - 9.89% Floating
    0.5% One time fee
    30L - 5Crs
    3-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good To Know
    Eligibility Criteria
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    Home Loan Eligibility Overview:

    Buying your dream house in the current times is definitely a challenge. The price hikes happen ceaselessly while certain part of the cities are becoming less and less livable. But the good news is, interest rates are at an all-time low. Yes, applying for a home loan could be a swift solution to each one of your house-related financial crunch. But like every other loan, your bank/ financier will demand you to provide proofs that you are more than capable of settling the loan within the stipulated tenure.

    There are quite a few public sector and private lenders as well as home financiers assuring customized loans. For instance, if your salary doesn't make you eligible for a 15 year tenure loan, you can opt for a 20 year tenure with lesser down payments and reduced EMIs. We all know about the big daddies in the arena such as India Bulls, Aditya Birla, and Reliance who offer highly competitive rates apart from banks.

    Perfect Home Loan Deals for you

    Home Loan Eligibility Calculator

    • Eligibility criteria differ for each lender.
    • Approvals are based on borrowers' incomes, credit profiles and existing relationships with the bank

    AgeMinimum: 21 yrs.
    Maximum: 65 yrs. (depending on type of employment)
    Minimum Net Annual Income Rs. 5 - 7 lakhs depending on type of employment, EMIs offered up to 50% of net income, on average
    Type of EmploymentSelf-employed or Salaried
    Status of EmploymentRegular; at least 1 yrs. in current job/business/profession.; at least 2 yrs. of prior employment
    Type of residenceOwned/ Rented
    Status of ResidenceAt least 1 yr. at current place of stay
    Credit RatingGood rating as per recognised credit bureau
    Type of property being purchasedAffects loan amount eligibility

    Home Loan Documentation:

    Supporting documents vary according to lender requirements:


    • Signed application, photographs affixed
    • Identity Proof: Passport/ Voter ID / PAN Card
    • Residence Proof: Passport/ Voter ID/ Driving License/ Water Bill/ Electricity Bill/ Lease agreement
    • Income Proof:
      • Salaried individuals - Latest Salary Slips (3 months)/ Current Salary Certificate
      • Self-employed persons - Latest bank Statements (3 - 6 months)/ Audited financial statements
    • Tax Proof:
      • Salaried individuals - Latest Form 16
      • Self-employed persons - Latest ITR Form
    • Employment Proof:
      • Salaried individual - Employment certificate
      • Self-employed persons - Legal documents pertaining to establishment of the business/profession e.g. MOA/ Partnership Deed etc.
    • Property Documents
    • Processing Fee Cheque
    • Co-applicant's (if any) documentation

    Examine your Eligibility:

    You must meet certain organizational requirements to prove that you are indeed cut out for the amount you seek. A home loan eligibility criteria specification list is compiled below to give you an idea regarding the same though these might differ from bank to bank.

    1. ID Proof: Any photo and signature-bearing national ID (Election ID, Aadhaar, PAN Card, Driving License etc.) to prove that you are resident/ citizen.
    2. Age Proof: You must be aged 21 and above but no more than 70, though this can vary. SSLC Book, Birth Certificate and aforementioned IDs could serve as proof of age.
    3. Income Proof: Lenders look into your income, whether it is salaried, entrepreneurial or others for which you will have to submit IT Return paper, bank statements, salary slips etc. Banks follow a standard procedure for people with different income. If you want more money than permitted as per your income, you must add a co-applicant or have a guarantor approved by the bank.
    4. CIBIL Report: Your most recent credit score should be at least 750 and above.

    Factors that can Affect Your Home Loan Eligibility:

    1) Age: Age is the first and foremost factor a lender/ financier considers when one applies for a housing loan. Normally, financial institutions attempt to limit the house loan term to the primary applicant's age of superannuation. This means young professionals (20s and early 30s) can avail a loan with a term of up to 25 years with no trouble. But older applicants especially those beyond 40 can find it a tad tough to be eligible for an extended tenure. Many a time, single applicant aged 50 and above were denied home loans purely on this basis.

    2) Income: Let us categorize this into salaried, professional and self-employed. Whichever category the applicant falls into, a steady and regular source of income is must. Basically, there are fewer risks in loaning money if the applicant is an earning individual.

    • Salaried Individual: If you are working for any government department or at any registered private company, you belong to this group. Most banks insists that the applicant should have completed at least one year in the present firm at the time of application. Pay slips, Form 16, bank statements and employer reference letter are the documents almost all lenders demand. Proofs for the same is needed for co-applicant and guarantor too (if applicable).
    • Independent Professionals: Doctors, dentists, architects, engineers, management consultants, chartered accountants, freelance workers etc. belong to this category. Bank statements and ITR papers have to be submitted.
    • Self Employed: Do you have your own company/ business? Or do you have other source of income like rented properties or hold shares? Then you belong to this category. If you have bank statements and tax-related papers to show, you can certainly apply for a home loan.

    3) Rate of Interest: Home finance eligibility is always inversely proportional to the rate of interest. If the rate is more, eligibility will be less and vice-versa.

    4) Loan Term: If you opt for a longer tenure, your eligibility will improve. EMIs too will lesser and manageable. But the downside to this is, you will end paying more interest.

    5) Outstanding Loan(s): Indian banks and financial institutions always recommend keeping the EMI to Income Ratio between 50 or 60 percent. This is to leave window for future loans or to pay of existing loans if any. But unsettled loans could be a great damper on your eligibility.

    6). CIBIL Report: Banks also scrutinize your credit repayment history from CIBIL (Credit Information Bureau India Limited), which is country's regulator and first credit information bureau. They keep detailed records of every info regarding credit history relation between you and lenders/ creditors. A negative entry can bring down your eligibility significantly.

    Ways to increase eligibility:

    • Maintain a good credit score - healthy repayment habits on credit cards and existing loans
    • Display stability in income, employment, residence
    • Include co-applicants to supplement income
    • Provide a guarantor to improve credibility
    • Repay existing loans
    • Buy top-tier properties/ buy from reputed builders
    • Buy a new property vs. old one

    Check Your Home Loan Eligibility:

    Bank Bazaar enables users to check how they fare on eligibility by inputting key background information relating to income, age, employment,existing loans etc.

    The result are provided with free, instant quotes on the best home loan offers available to them based on data provided.

    This eliminates the guess-work related to choosing a home loan.

    Users can then compare their offers across various lenders and apply for the loan of their choice, availing of exclusive offers provided by Bank Bazaar to its users through collaborations with leading institutions.

    Guaranteed to Work Tips to Boost Your Home Loan Eligibility:

    Browsing and picking a suitable home loan might appear tedious and baffling. But if you can be a tad organized, you could be moving-into your new home in no time. First, let us ensure that you meet the eligibility criteria given by the chosen bank. If not, don’t worry. There are many tried-and-tested ways to increase your home loan eligibility. Shall we delve into the details?

    i. Increasing Loan Term:

    Going for the maximum tenure offered by the bank is one of the obvious and quickest ways to enhance your eligibility. This is because the EMIs go down as the term goes up. However you will end up shelling out more interest by the end of the tenure.

    ii. Take calculated and well-thought-out decision:

    Home loan interest rates will keep fluctuating. But if you study the trends carefully, you will be able to spot certain patterns (be it fixed or floating rates).

    iii. Settle other existing loans if you can:

    In case of an outstanding vehicle loan, property loan or personal loan, try to settle them at the earliest. This can act as an assurance to the bank that you are quite capable of repaying their money.

    iv. Do you have a co-applicant?

    Having a co-applicant, a working one at that, can solve all your problems regarding eligibility. Banks are generally more trusting towards joint home loan applicants.

    v. Club the entire family’s incomes together:

    If you can show your father’s, your mother’s or your spouse’s income, it will also put an end to the eligibility hurdle.

    vi. Don’t forget to mention other source of income:

    Bonuses, variables in the net income and commissions from clients can also be mentioned with proofs to make yourself more eligible for the amount you are planning to avail as loan.

    Home Loan Eligibility FAQ

    1. Can I also apply for a home improvement (furnishing) along with this?

      As long as you have sufficient income proof, you can either avail a larger amount that will take care of the home cost as well as interiors or you can apply for a separate improvement loan.

    2. Can I opt for different kinds of Home Loan interest rates?

      Definitely. You can choose either Fixed or Floating rates. Both come with its own pros and cons and is dependent on the changing base rate as per the current trend.

    3. How do banks calculate my EMIs?

      The EMI is basically principal that goes towards the amount you borrowed and the interest on the borrowed amount. It is evaluated by taking into consideration the loan sum, the tenure chosen and the current interest rate. And outstanding amount gets adjusted every month accordingly.

    News about Home Loan Eligibility

    • CIBIL and its list of credit scores for home loan eligibility

      CIBIL, the credit information bureau of India, when it was launched provided a list of scores which will be assigned to loan buyers in the country.

      These scores basically check an individual’s creditworthiness based on a number of parameters like total loan outstanding, adherence to payment deadline, credit utilisation ratio, and the like.

      The score are as follows:

      • 750 and above - Excellent credit score
      • 700 to 749 - Good credit score
      • 650- 699 - Decent credit score
      • 600 - 649 - Poor credit score
      • Below 600 - Very bad score

      In order for individuals to get their home loan approved, they need to have the highest score possible in order to have your loan approved.

      21st April 2017

    • Real Estate Developers Request for lenient Home Loan Criteria

      Real Estate Developers have requested financial institutions to make their home loan criteria lenient to help the industry. They have also asked the government to cut down the blacklist period for auto loan non-payment and credit cards from 3 years to 1 years to help buyers get access to mortgage options. Property developers are expecting the home loan rejection rate to rise and there have been instances where homebuyers have not been able to avail mortgages even after having good qualifications. To discuss issues related to the blacklist period, the Housing Business Association has scheduled a meeting with government agencies.

      16th December 2016

    • RBI Relaxes Rules to Give Borrowers an Extra 60 Days to Repay

      The Reserve Bank of India (RBI) has relax the rules governing categorizing loans as bad loans for small borrowers. In light of the recent demonetization of the Rs.500 and Rs.1,000 currency notes many borrowers are finding it difficult to repay their loans on time. Banks and financiers have been given an extra 60 days to recognize car loans, housing loans, agricultural loans and other loans as substandard. This relaxation of rules will apply to dues payable between November 1st and December 31st. With withdrawal amounts restricted to Rs.24,000 a week many borrowers are finding it difficult to repay their loans on time and cannot access the funds required to do so. This relaxation will apply to all loans below Rs.1 crore.

      28th November 2016

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