Know the Eligibility Criteria before Availing Home Loan in 2021

A home is where the heart is. Everyone dreams of having their own home. Many people apply for a home loan to fund their housing aspirations. 

But not everyone is eligible enough to get home loan approval. It is because one needs to abide by the home loan eligibility criteria before they avail home loans. 

On that note, let’s know the standard home loan eligibility criteria in this post before you avail home loans in 2021. Read on!  

Standard home loan eligibility criteria 2021 at a glance 

1. You need to be aged between 23 and 62 years. 

2. You need to be employed with an MNC, Public or a Private Limited Company for a period of at least 3 years. 

3. Your CIBIL score should be 750 or more. 

4. KYC documents. 

5. Address and identity proofs. 

6. Income proofs – Salary slips or Form 16. 

7. Last 6 months’ bank account statements. 

These are standard home loan eligibility criteria. It may vary from lender to lender. Hence, the best thing before you avail home loan is to land on your lender platform and know about the housing loan eligibility criteria. 

If you want to know about your exact home loan eligible amount, you can use the home loan eligibility calculator. 

Once you enter your date of birth, city of residence, monthly Salary and income, monthly EMIs, obligations and more, the eligibility calculator will showcase the amount. 

Once you enter these aspects and hit the ‘Apply Now’ button, the home loan eligibility calculator will showcase the precise housing loan EMI amount. 

The home loan eligibility steps discussed could vary from lender to lender. Hence, you need to use the home loan eligibility amount on your preferred lender’s site. 

If you have a CIBIL score of 750 or more and work for a renowned company for at least 3 years, you can get the loan approval.

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Know Everything About the Home Loan Eligibility

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 

1. You need to be a resident citizen of India. 

2. Your age should be between 23 and 62 years. 

3. You need to be employed and must have work expertise of minimum of 3 years. 

4. 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.  

Must Read: Top Factors Pushing Housing Loan Market in India

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