To avail a home loan, prospective borrowers are required to fulfil certain eligibility requirements as put forth by their lending institutions. Thereby, before applying for a home loan, borrowers need to learn about housing loan eligibility criteria in detail.
Eligibility criteria for a home loan
Following is the housing loan eligibility criteria for both salaried and self-employed individuals.
Salaried individuals -
- The applicant should be a resident of India.
- His/her age should range from 23 years to 62 years.
- An applicant has to be salaried with an experience of 3 years.
Self-employed individuals
- One must be an Indian citizen.
- His/her age should be between 25 and 70 years.
- The applicant’s business should be at least 5 years old.
Apart from these, applicants should check home loan eligibility requirements of their designated lender before applying.
Apart from meeting eligibility requirements, documentation is a crucial part of availing a home loan.
Home loan documents checklist
Lenders extend a home loan only to those who can submit all the below-mentioned documents -
- KYC documents
- Identity proof
- Address proof
- Passport-sized photograph
- Salary slips of last 3 months or Form 16
- Bank statement of last 6 months
- Proof of business ownership (for self-employed individuals).
Apart from keeping these documents handy, you can also take the aid of a housing loan eligibility calculator to cross-check your eligibility. It further necessitates the ways to improve the same, in case one cannot fulfil all the criteria.
