Although most key requirements are usually the same, certain eligibility criteria may differ from lender to lender. Individuals can easily check their home loan eligibility criteria on the official website of their preferred lending institution. Maximum tenure for self-employed applicants The following table shows that the maximum tenure individuals are eligible for based on their age: **Maximum age considered at the time of loan maturity. Self-employed applicants have to be within the age bracket of 25 and 70** years to avail one. Salaried applicants have to be between the ages of 23 and 62** years to apply for a home loan. You can also avail of a home loan of higher value provided you have a high income. You will be able to avail of a longer repayment tenure if you are of a lower age. The maximum tenure that you can avail of is 30 years. 55.93 Lakh.Īge is another determining factor when it comes to loan tenure. 75,000 you can increase your eligibility up to a loan amount of Rs. 50,000, you can avail a loan amount of Rs. 40 lakh (provided you have no existing financial obligations.) But if your take home is Rs. 18.64 lakh as a loan to purchase a home worth Rs. Illustration: home loan eligibilityįor instance, if your take-home salary is Rs. The take-home salary will determine the EMI amount you can afford and thus the total loan amount you can borrow. Lenders will consider your take-home salary, minus certain common deductions such as gratuity, PF, ESI, etc. Your income will determine the loan amount you are eligible for. Your salary is crucial as it helps in forecasting your repayment capabilities. One of the eligibility criteria that determine how much loan you can avail is your net salary (in-hand salary). Know the home loan eligibility criteria and documents required for home loan before applying. 5 crore, or higher, based on their eligibility. ** Maximum age considered at the time of loan maturity.Īpplicants can get home loan of Rs. Bajaj Finserv brings easy-to-meet eligibility criteria, making the home loan more accessible. To be eligible for a home loan, several factors are considered, including your salary, age, credit score, location, work experience, and monthly financial commitments.

So, ensure to complete the processing faster and smoothly by fulfilling the required eligibility criteria. Failing to meet the eligibility criteria may lead to the rejection of the loan application, leaving a negative mark on the individual’s credit profile. Every borrower needs to meet the eligibility criteria required to qualify for a housing loan. This ensures that he/she can repay the loan amount effortlessly without defaulting.

Calculator rent based on home loan calc