The home loan is a handy solution to help you avail an amount as per your eligibility to buy your dream home.
But not many people are unaware of the home loan eligibility inside out.
Hence, when they apply, their home loan applications are rejected. It is where this short post may help you as it discusses the home loan eligibility!
Standard home loan eligibility at a glance
You need to be a resident citizen of India.
Your age should be between 23 and 62 years.
You need to be employed and must have work expertise of minimum of 3 years.
Your cibil score should be higher – having a credit score of 750 or more can help you get the home loan approval and at a lower rate. A robust credit score is the mirror of your creditworthiness that you could be relied on for timely repayments.
Along with meeting these home loan eligibility conditions, you also need to submit a few documents. Take a look:
KYC Documents.
Address proof.
Identity proof.
Recently clicked colored photographs.
Latest Salary slips or Form 16.
Last 6 months’ Salaried account bank statements.
You are now aware of the standard home loan eligibility criteria that you need to furnish.
Along with these aspects, you should also check out the home loan eligibility calculator on a lender’s website for free.
It is an online tool that can help you an exact amount that you will be eligible for based on your income and current obligations.
Once you know the precise eligible loan amount, you can apply for the same. This way, you can get loan approval without issues.
Nowadays, the facility of the home loan eligibility calculator is available on most leading banks and NBFCs in India offering home loans.
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