Faq's

Open the home loan eligibility calculator:

• Fill in the necessary details
• An amount will appear after successfully entering all the details.
• You are eligible to have a home loan of this much amount.

To check home loan eligibility the two factors that play a vital role are age and the number of working years of the loan seeker..

The Main Nine Factors are:

1. Age of the applicant: Applicant present age and remaining working years are crucial. The younger you are the more are your chances of getting more loan. The age of the applicant is one of the key factors when it comes to home loan eligibility. As the maximum loan term is generally 30 years so if you are in your 20s then you can more loan on the same income than what you will get in your 30s with the same income.
2. Age Limit for Salaried Individuals: 21 to 65 years. Though it may vary from institution to institution in some cases.
3. Age Limit for Self-Employed Individuals: 21 to 65 years.
4. Maximum Loan Term: 30 years.
5. Financial Position: A bank / HFCs will check your present financial like are you paying any other loan or are you already in debts. Also, the present as well future income of applicant go a long way when it comes to determining the final loan amount.
6. Past and Present Credit History and Credit Score: If you have cleared all your previous loans irrespective of big or small loans, then you are more eligible for the loan. But you struggle to pay your other loan EMIs then it will be very difficult to get the required loan. it is the simple bank / HFCs that wants to land its money to someone who can pay easily.
7. Other on-going loans: If you already have loans like a car loan, or high credit card dues then it will get less home loan. For instance when I applied for 20 lac loan home loan then I was having one more car loan. As a result, the bank / HFCs said that I cannot get 20 lac then I cleared my 1.20 lac car loan and then I became eligible for a 20 lac home loan.

It is simple if you want a high amount of home loan then clear all your existing small loans. And have a high CIBIL score. Let me put it this way - To improve home loan eligibility clear your existing loans, don’t be a defaulter in payment of your existing loan amount, increase your CIBIL score and have a good source of income for repayment of your loan.