If you are planning to apply for a Home Loan, you first need to choose a lender from where you will get the money to finance the purchase of your dream home. But, before you select the lender, you need to check various factors such as rate of interest, eligibility criteria, documents required, and additional benefits offered.
Different lenders have different list of eligibility criteria, but there are some basic criteria which you need to fulfil to get a Home Loan from any bank or NBFC. Even, you can utilize the online Home Loan eligibility calculator to calculate your eligibility for loan which is easily available on lender’s website.
The basic eligibility criteria for a Home Loan are:
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You must be an Indian citizen.
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Your age must be between 25 to 58 years.
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You must be a salaried employee with 3 years of experience.
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Or you can be a self-employed individual with 5 years of continuity in current business.
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Your earning must match with the city standard you are residing.
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Your credit score must be above 750.
You should also check the documentation process. You need to submit the necessary documents to the lender to get loan approval. Those are KYC documents, address proof, identity proof, photograph, Form 16 or latest salary slips, bank account statements, business proof, etc.
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