Adhering to the housing loan eligibility is an essential parameter in the home loan process. To receive sanctions for a high-value loan amount, borrowers will have to abide by the set of eligibility criteria for housing loan set by the financial institutions. Through these parameters, lenders will assess a borrower's creditworthiness and decide on the loan amount.
Overview of Housing Loan Eligibility Criteria
Housing Loan Eligibility Criteria for Salaried Iindividuals
- The applicant should be an Indian.
- Individuals must fall in the age bracket between 23 to 62 years.
- Salaried individuals must have three years' work experience in any reputed firm or private/public sector.
- Individuals must be a citizen of India.
- Self-employed individuals must have work experience of five years in their current enterprise.
- Applicants must be aged between 25 to 70 years.
Furthermore, borrowers must have a CIBIL score of 750 and above to receive a high-value home loan.
Besides meeting the eligibility criteria, borrowers should also evaluate the EMI pay-outs using a home loan EMI calculator before availing of a home loan. Moreover, they should keep the documents to receive quick approval.
In conclusion, meeting housing loan eligibility criteria will help lenders assess borrowers' profiles and repayment capacities. Adhering to the set of eligibility criteria, computing the EMI amount, and planning a repayment schedule beforehand are essential steps that will assist borrowers in making an informed decision.
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