Is availing a home loan to fund your dream home on your mind?
But before you do that, you will need to fulfil some vital home loan eligibility criteria. And having a cibil score of 750 or more is one of them.
Home loan eligibility criteria at a glance
- You need to a resident citizen of India.
- Your age should be between 23 and 62 years.
- You should be a working individual with work expertise of 3 years and more.
- The minimum home loan amount ranges between Rs.20 lakh and Rs.3.5 crores.
- Your cibil score needs to be 750 or more.
You also need to furnish a few home loan documents to meet the eligibility criteria, such as:
- KYC Documents.
- Address proof.
- Identity proof.
- Your recent colour photographs.
- Latest Salary slips or Form 16
- Last 6 months’ bank account statement.
If you want to know an amount that a lender can award you to buy a new home, then you need to check out the home loan eligibility calculator. The tool is available on a lender’s website free of cost. Once you are aware of the amount that you can get to fund your home, then you can apply for the same and avoid getting rejected.
Factors that improve your home loan eligibility
- Your cibil score – A credit score of 750 or more can help you get the loan eligibility super fast. It means that you are perfect for repaying the loan and you won’t default.
- Your age – The younger you are, you can get a higher loan amount approved as you have more workable years left to make timely repayments.
- Longer tenure – Choosing a longer tenure may help you get the loan approvals as that means paying reduced EMIs. You can make prepayments within the tenure to keep reducing your principal and the EMI amount.
If you are ready to get a home loan, then you can apply for it online today and save your time and efforts.
