A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • loading

    We found 43 Home Loan Eligibility Details

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.6% - 8.95% Floating
    Up to 0.5% (min. ₹5900) One time fee
    5L Min
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 8.85% Floating
    0.5% (max. ₹11,800) One time fee
    5L - 10Crs
    3-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free Paperless Approval Option Available
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 8.60% Floating
    Up to 0.5% (max. ₹11,800) One time fee
    5L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.40% - 10.05% Floating
    Up to 0.5% One time fee
    2L - 3Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 9.25% Floating
    0.50% (min. ₹10,000) + applicable tax
    12L - 5Crs
    1-20 Years (10 yrs plot loan)
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.35% - 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
    8.25% Floating
    5,000 + applicable tax 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
    11.5% - 13% Floating
    2% One time fee
    25L - 3Cr
    1-20 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.55% - 8.99% Floating
    ₹5,000 to ₹10,000 + applicable tax One time fee
    20L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    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
    8.55% - 8.65% Floating
    0.5%
    20L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good To Know
    Eligibility Criteria
    8.6% - 8.95% FIXED:3 years,FLOATING Thereafter
    Up to 0.5% (min. ₹5900) One time fee
    5L Min
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Value Adds
     Loading your search... Loading your search...
  • Home Loan Eligibility Reviews

    • Bank Bazaar Customer Support
      "Glad"
      0.5 3.0/5 "Satisfactory"
      It was instant response from bank bazaar. When I was connected with bankbazaar they gave fast response. Customer service is really supporting their customers well and they were giving timely response to connect with the bank I am completely satisfied with them.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 23, 2017
    • Federal Bank Home Loan
      "Good for loans"
      0.5 5.0/5 "Blown Away!"
      I will complete the home loan in one and a half years. It took this loan from federal about eight to nine years ago. The interest rate is 9.30%. I got good service during the loan process, even now their services are as same as earlier. I am happy with Federal.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 23, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar website is very easy to navigate and there are no issues with bank bazaar till date.I had received regular calls and proper service from them for my loan application too.I received an immediate response from bank bazaar on my home loan application Also it has a lot of financial information and useful to apply for the financial requirements.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 23, 2017
    • Indiabulls Home Loan
      "SATISFACTORY"
      0.5 3.0/5 "Satisfactory"
      It was a good experience with India Bulls. I have taken my home loan from them. The services was good. The response is good too I have received total loan amount which I requested and there was minimal processing fee from them and the rate of interest they have offered is 8.35% and the tenure is for 20 years of time and the emi is around 16000 rupees.
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 23, 2017
    • HDFC Limited Home Loan
      "Very proactive"
      0.5 5.0/5 "Blown Away!"
      PROS HDFC LTD housing loan process was very good they were quite proactive and they were very much responsive. CONS it would be great if there is a clarity when it comes to rates and other factors and the same needs to be informed to the customer before hand.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Aug 23, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      Bank Bazaar have done their job. I am satisfied with Bank Bazaar service, they have contacted me and shared multiple option with the bank contact number for the home loan and there was no issue with them. Over all I am happy with Bank Bazaar service,and this is my very first experiance
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 23, 2017
    • HDFC Limited Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      My home loan was taken from HDFC LTD and I would state the process was simple. They are very prompt in processing the application.The customer support offered was best.They are not requiring more documents for processing the home loan through HDFC LTD. The loan amount which I applied for . I received the full amount and the rate of interest they have offered me is 8.5% and the tenured is for 5 years of time and the EMI is around 32000 rupees.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 23, 2017
    • LIC Housing Home Loan
      "Door Step Process"
      0.5 5.0/5 "Blown Away!"
      Interest rate is recently reduced to 8% I guess for the home loan. I had already availed home loan from LIC and I had taken top up as well. LIC is very convenient in order to get the loan because of their interest rate and other services. It is quite simple to approach them. Even they provide door step service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 23, 2017
    • Bank Bazaar Customer Support
      "Best"
      0.5 4.0/5 "Great!"
      Bankbazaar.com is good one and also I have got some other products through them. I would like to say that the online portal of the Bankbazaar.com is easy to access. Service aspects and other things are also a good one with the Bankbazaar.com.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 22, 2017
    • Punjab National Bank Home Loan
      "Need to improve"
      0.5 2.0/5 "Expected more"
      My experience was good one with the PNB housing finance limited but at the final state there were some delays. They have changed the rate of interest after some time. Customer service with the PNB housing finance limited was okay like they have taken three months to complete the process.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Aug 22, 2017
    • Allahabad Bank Home Loan
      "Excellent interest rate"
      0.5 4.0/5 "Great!"
      I have taken a homeloan from ALLAHABAD bank and its been one and a half years. They gave me the amount what I applied for. I am paying it back with an interest rate 9.5% have to pay it for 117 months, and provided me with the pre closure option....
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 22, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I like the website of Bankbazaar as it has many filters and one can be flexible about the requirement and choose the bank that suits them the best the executive communicated on time and there was no delay from the start to the end. There were follow ups as well and the coordination was perfect in all
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 22, 2017
    • Punjab National Bank Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I got the home loan from the PNB housing finance limited and my experience with them was reallly a good one for me and the rate of interest was around 8.50% .The loan amount got disbursed to my account within 15 TO 20 days, but the customer service is not upto the mark I have receieved all the dosumnts from them but stil i have not receieved the welcome letter from them
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Aug 22, 2017
    • review Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I have purchased an independent house total cost Rs. 24 lakhs, Canfin home have sanctioned the amount of Rs. 13 lakhs but I need Rs.19 lakhs extra. Interest rate was high in Can fin homes, hence I am planning to do balance transfer with ICICI bank.
      Was this review helpful? 0
      , jodhpur
      Reviewed on Aug 22, 2017
    • Bank Bazaar Customer Support
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I received a lot of follow up calls. Coming to the website, it was very much understandable it is easy for one to use it and it is very much understandable. It is very easy to process my loan application through bank bazaar and their executives were very much responsive.
      Was this review helpful? 0
      , thrissur
      Reviewed on Aug 22, 2017
    • HDFC Limited Home Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      It was really a good experaince, the bank had asked me only a very few necessary documents for the loan process they have offered me rate of interest 8.35%. No troubles in getting the loan. As I had taken a home loan the verification process took some time and got disbursed in two months it was a really a good experience the loan amount I had applied for 35 lakhs received only 29 lakhs, anyways I am okay with that.
      Was this review helpful? 0
      , thrissur
      Reviewed on Aug 22, 2017
    • Bank Bazaar Customer Support
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      Bank bazaar.com is really good and they helped me a lot on my home application. I found the right product on right time with the great support of Bank Bazaar Whenever I place my request for the financial products they immediately call and suggest good products and this is not my first experaince applying in bank bazaar, I have already applied for credit card as well
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 22, 2017
    • Punjab National Bank Home Loan
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      I am having the home loan with the PNB HFL and the interest rate is around 8.5% and the loan amount got disbursed on time itself. Processing charges were also a fine one for me tenured is for 20 years. Response was also very good and everything went in the fine way
      Was this review helpful? 0
      , new delhi
      Reviewed on Aug 22, 2017
    • Tata capital Home Loan
      "Customer friendly"
      0.5 4.0/5 "Great!"
      I purchased an apartment from the builder, TATA Capital gave me better interest rate and satisfactory home loan amount as per my request. I took the amount of Rs. 30 lakhs, there were some processing fee applicable, but it was nominal. I took the loan for the tenure of 20 years with an EMI of Rs.16,000.
      Was this review helpful? 0
      , mumbai
      Reviewed on Aug 22, 2017
    • Bank Bazaar Customer Support
      "GOOD SERVICE"
      0.5 4.0/5 "Great!"
      It was a good experience from Bankbazaar.com they helped me to get the loan through with HDFC ltd and I had received an immediate response from bankbazaar on my home loan application they have co ordinated very well with me.I would like to say that the response is very good with the Bankbazaar.com also this is my first experience that I had with bankbazaar.com.
      Was this review helpful? 0
      , vadodara
      Reviewed on Aug 22, 2017
    Common Loader Icon

    Home Loan Eligibility Details is Rated as "Great!" by 22989 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    Home Loan Eligibility

    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 Criteria

    • Loan eligibility criteria differ for each banks/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

    Documents Required for Applying Home Loan:

    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

    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.

    Home Loan Eligibility Calculator

    Different factors are considered for calculation of the home loan eligibility. These factors include fixed monthly obligation, monthly income, retirement age, present age, etc. The home loan affordability factor can also play a major role in determining the home loan eligibility for you.

    Different banks have their own eligibility calculators for determining the applicant’s eligibility for a home loan. Details about the eligibility calculators for some of the top banks in India are given below:

    Indiabulls is one of leading home loan providers in India. The home loan eligibility calculator tool offered by Indiabulls is a simple tool where home loan applicants can easily calculate their eligibility towards the home loan. There are different factors like home loan interest rate and home loan tenure that determine the home loan eligibility factor for an individual.

    Process of Home Loan Eligibility Calculation:

    • Go to the official website of Indiabulls home loans.
    • Navigate to the page called Home Loan Eligibility Calculator: https://www.indiabullshomeloans.com/home-loan-eligibility-calculator/
    • Enter your net monthly income in the first box.
    • In the second box, enter the tenure for which you wish to take the loan.
    • In the third box, choose the rate of interest that must be associated with your home loan.
    • The home loan eligibility tool will automatically calculate the loan amount that you are eligible for.

    PNB is one of the leading banks in India and offers great home loan solutions to its customers. To know your eligibility for a PNB home loan, use their home loan eligibility calculator. It is a simple tool that is available on the official website of the bank. It allows you to calculate the home loan eligibility factor by entering certain data in the specific boxes.

    Process of Home Loan Eligibility Calculation:

    • Go to the official website of PNB.
    • Navigate to the page called ‘Home Loan Eligibility Calculator’.
    • Scroll down to the box where you need to enter the data required for eligibility calculation.
    • Enter your monthly income in the box that says ‘Gross Monthly Income’.
    • Enter the loan tenure in years in the box provided for Loan Tenure.
    • Choose the annual rate of interest to be associated with the home loan.
    • In case you have other EMIs to pay, mention the amount the box called ‘Other Existing EMIs’.
    • The home loan eligibility tool will automatically calculate the loan amount that you are eligible for.
    • You may change your inputs to find out the loan that is best suited for you.

    LIC Housing Finance Limited is one of the leading home loan providers in India. The home loan eligibility calculator tool available on the official portal of LIC HFL is an easy-to-use tool that allows you to know your eligibility towards a home loan.

    Process of Calculate LIC HFL Home Loan Eligibility:

    • Go to the official website of LIC HFL.
    • Navigate to the page called ‘Loan Eligibility Calculator’.
    • Enter the monthly income that you have in the box called ‘Gross Monthly Income’.
    • Enter the total EMI that you are paying at present in the next box.
    • Choose a rate of interest as per your convenience and enter it in the box called ‘Interest Rate’.
    • Choose the term of the loan as per your suitability.
    • The loan amount along with the EMI will be displayed below.
    • A pie chart is also present for better understanding of the loan and associated charges.

    Let us understand home loan eligibility calculation with the help of an example. Chandra Patra is an employee of a leading company in India. His salary break up is mentioned below:

    Income Amount Deductions Amount
    Basic 32,000 Income Tax 3,300
    HRA 900 Provident Fund 2,200
    Conveyance 10,000 ----- -----
    LTA 9,000 ----- -----
    Special Allowance 55,000 ----- -----
    Medical expenses 2,000 ----- -----
    Total 1,08,900 Net Income 1,03,400

    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 you eligibility for a home loan are mentioned below:

    • Clearing Existing Loans – Ensure that you pay diligently towards your credit card outstanding or personal loan instalments. These can make the lender reject your application. The ideal thing to do is clear all dues and collect a no-due certificate before applying for a home loan. Ensure that your CIBIL report reflects these payments when you apply for home loan.
    • Variable Pay – Ensure that you keep track of the variable pay that you get with your salary package. Calculation of eligibility towards a home loan also depends on this factor.
    • Rental Income – If you have a house that is not being used by you, lease it out. The money that you earn as rental from this property can be used by you to show additional income source when you apply for a home loan. Your loan value can easily be enhanced by adding the rental income with our regular earnings.
    • Increase in Tenure – The tenure of the home loan and the eligibility factor are directly proportional to each other. The eligibility increases upon increasing the tenure of the home loan. However, the maximum tenure that can be availed at present stands at 30 years.
    • Income of the Spouse – In case your spouse has a regular source of income, then applying for a joint home loan can prove to be advantageous. The home loan eligibility goes up dramatically if you apply for a home loan with your spouse. This also suggests that both of you will have to repay the loan together.
    • Take the Time You Need – Before making an application for a home loan, it is advisable that you take a look at your credit score. Look for errors on your report. In case, you find an error, ensure that it gets cleared by CIBIL. In order to get a loan quickly, do not apply with multiple lenders. Instead, find out the offers that you can get from different lenders. If the CIBIL score that you have is good, different lenders will be more than satisfied to offer the loan amount to you. Before you choose your lender, speak to an existing customer of that lender. Easy schedule of repayment, competent rates of interest and good services are the things to look at while choosing a lender.
    • Step up Loans – Step up loans can be considered by you if you wish to increase your home loan eligibility factor. This is a great option for people face a lot of struggle initially, but get rewarded as they get established. Example – Chartered Accountants and Doctors. Under step up loans, lower EMIs will be offered with the loans. The instalments will go up gradually in the future.

    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.

    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

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.