Before approving a home loan, banks and housing finance companies follow specific eligibility guidelines. These criteria help lenders determine the borrower’s repayment capacity and creditworthiness. Along with the standard checks, lenders also assess the applicant’s credit history and CIBIL score to understand past repayment behavior.
Basic Home Loan Eligibility Requirements
- Age Limit: Applicant should be between 21 to 65 years at the time of loan maturity.
- Employment Type: Both salaried and self-employed individuals can apply.
- Minimum Annual Income: Varies by lender; higher income increases loan eligibility.
- Collateral/Security: Property being purchased or other acceptable assets are used as collateral.
- Financial Stability: Assets, savings, and overall economic stability are considered.
- Occupation Continuity: Steady employment or business history boosts approval chances.
- Residential Status: Both Indian residents and Non-Resident Indians (NRIs) are eligible (conditions may differ).
Tip: Maintaining a CIBIL score of 750+ and providing complete documentation can help you secure a higher loan amount at lower interest rates.
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