Some of the best lending institutions in the market provide home loans against simple eligibility requirements that borrowers need to fulfil. Alongside, a borrower also needs to provide only a handful of documents to avail funding. Below are given some standard home loan eligibility criteria that one must fulfil before applying for the advance.
- Applicant must be either a salaried or a self-employed individual to apply for a home loan.
- He/she must also be in the designated age range to qualify. For salaried individuals, it is between 23 and 62 years. In the case of self-employed applicants, age should be between 25 and70 years.
- Salaried individuals should carry a minimum work experience of 3 years.
- For self-employed applicants, a minimum business vintage of 5 years is needed.
- Depending on one’s city of residence, a minimum monthly income of Rs.30,000 to Rs.50,000 is a must.
- Self-employed individuals need to carry a minimum monthly income between Rs.30,000 and Rs.40,000.
- Residing Indian citizenship is a must to avail funding.
While these are the common eligibility requirements for home loans, credit score of the applicant holds an important place too. It is ideal to hold a credit score of 750 or more when applying for the loan. Use a home loan eligibility calculator to determine your maximum loan availability and apply accordingly.
Read Also: Clear your Doubts Regarding Home Loan Eligibility
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