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Eligibility For Home Loan

There are number of features that affect the home loan eligibility of an individual. Most banks have their own set of rules and guidelines to determine the eligibility as well as the quantum of housing loan. Some basic Home loan eligibility factors:

  • Age
  • Profile
  • Repayment capability(Income)
  • Repayment track record(if any)
  • Property’s location
  • Verification report

Age
You must be at least 21 years of age on sanction of the loan.
The loan must terminate before or at 65 years of age or age of retirement, whichever is earlier. For salaried 58 yrs, for government employees 60 yrs and for self –employed individuals 65 yrs.
The applicant’s retiring age is very important. Say, if the applicant is 50 years old at the time of loan application and is about to retire at 60, the maximum loan term available will be 10 years.

Profile
The borrower’s personal profile is very important. Banks get the personal profile of an individual, including educational background, occupation, assets owned, number of beneficiaries, liabilities owed, savings history etc. A large number of beneficiaries or present liabilities mean lower repayment capability.

Repayment capability (Income)
You must be salaried or self-employed with a regular source of income. The financial status is an essential concern for the bank. The income level, net income as well as the liabilities establishes the amount of loan a person is entitled for.

Repayment track record (if any)
The borrower’s credit history has a vital role to play. Lenders would check records of the borrower and check the credit history to check their past repayment practice. A good repayment record would help customer to avail a healthy loan amount.

Property’s location
Certain areas are specified as negative areas by financers. Banks on very rare and special occasions fund applicants’ buying property in those areas. Besides all these features every customer's eligibility is different. Learn your eligibility with our simple calculator.

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