The home loan eligibility criteria list is not the same in all the banks and non-banking financial companies (NBFCs). Each lender can have its specific criteria according to the different requirements. When the borrowers are aware of the eligibility criteria, it helps them to gather the proper documents required for the application process. It also helps to ensure a smooth eligibility process to make it easier for the borrowers. Most banking and non-banking financial institutions have their own home loan eligibility calculator to evaluate the applicant’s income source, KYC documents and bank account details. The calculator helps the lenders know the borrower’s repayment capacity according to which the loan can be given.
How to check home loan eligibility?
To meet the eligibility criteria and to qualify for a home loan, every borrower needs to provide necessary information to the banks or lenders. If you fail to meet the required criteria, your loan application will not be consider immediately. This leaves a negative mark on your credit score. Therefore, you must ensure that you check your eligibility before applying for a loan without fail so that your credit profile does not get affected.
To check your home loan eligibility, the home loan eligibility calculator is used by banks and NBFCs. You can check your eligibility by directly going to the bank or lender’s website. There, you will find the online home loan eligibility calculator. This calculator finds the eligibility based on various sets of parameters. You will have to provide information about these parameters to check your eligibility. The basic eligibility criteria are as follows:
Age
To be eligible for a home loan, the borrower should be a minimum of 18 years old and a maximum of 70 years old. However, the minimum and maximum age criteria may differ from lender to lender. Few banks require a minimum of 25 years and a maximum of 65 years.
Income
Income is the most crucial factor determining a borrower’s eligibility for a home loan. To qualify for a home loan, the borrower must have a minimum salary of Rs 25,000.
CIBIL Score
The borrower needs to have a minimum CIBIL score of 750. Cibil score plays a vital role in deciding whether the applicant has the ability to repay the loan. Again, the minimum score may differ in other banks or institutions.
Minimum qualification
If the applicant works in a private company, the minimum qualification should be a bachelor’s degree. If the applicant works in a public limited company, there is no minimum qualification requirement.
Another way you can check your eligibility is by calling or emailing the respective banks. They will help you with the home loan eligibility process.
You have to meet the above criteria in order to be eligible for a home loan. These criteria are not difficult and if you meet them, you are good to go. Every applicant’s eligibility process is different according to the requirements of the lenders. Make sure you provide the details and documents to the lender on time or your application will be rejected.
In Conclusion
Hope the above-given information has helped you to clear all your doubts regarding home loan eligibility and it’s factors. The main factors are monthly income, current age, credit score, fixed monthly financial obligations, credit history, retirement age etc. You can easily find and use this tool by going to the lender website and filling the required details. It also indicates your home loan affordability, maximum loan tenure and EMI. Nowadays many people depend upon home loan to purchase their dream loan. Eligibility calculator is a useful and easy to use tool to calculate your eligibility for a housing loan.
