As nuclearisation of families and rapidly rising household income have become the key drivers to the growing demand for real estate across India. It is well balanced by a simultaneous growth in demand for housing loans. While housing advances, considering mortgage loans require nominal loan eligibility criteria, meeting them is essential nonetheless to avail this advance.
The home loan eligibility criteria vary and are largely dependent on the income source of the applicant in question –
For salaried applicants
For salaried applicants, the home loan eligibility criteria from reputed financier can be listed as follows –
- He/she should be in the age bracket of 23 to 62 years.
- The applicant should be an Indian resident.
- He/she should hold a work experience of a minimum of 3 years.
Meeting all these above-mentioned eligibility criteria ensures that they can have convenient access to considerable funding that ranges between Rs.10 lakh and Rs.3.5 crore from select lenders.
For self-employed individuals
For non-salaried or self-employed individuals, the home loan criteria are as follows –
- An applicant needs to be an Indian resident.
- He/she should have continuity with its current business of a minimum of 5 years.
- This applicant should be an Indian resident.
Self-employed applicants like doctors, engineers, and chartered accountants can have access to customizable housing advances that offer a loan amount of up to Rs.5 crore lenders.
Meeting the required home loan eligibility criteria as of a preferred lender ensures hassle-free quick sanction and disbursal of the loan amount, including a convenient application procedure.
Additional Read: Eligibility Criteria For Taking Home Loan In India
