Property prices are on the rise, along with the growing demand for residential spaces in urban and rural areas. In such cases, individuals are opting for home loans to avail necessary the funds necessary for the purchase. However, before applying for a home loan, you should check the required eligibility criteria of the specific lender. It is because; lenders can reject your loan application if you do not meet the current home loan eligibility criteria. Rejection of loan application not only slows down the loan availing process but also has a negative impact on your CIBIL score.

The basic home loan eligibility criteria that an individual should fulfil are –

  1. Applicants must be a resident of India.
  2. A salaried applicant should be between 23 to 62 years of age to be eligible to apply for a home loan. Consequently, a self-employed applicant should be within 25 – 70 years.
  3. Salaried individuals applying for a home loan should be working for 3 years.
  4. Self-employed individuals should have an established business for 5 years.
  5. Borrowers should have a CIBIL score of 750.

Applicants can also use online tools like home loan eligibility calculator to compute their eligibility easily. Eligibility calculators are provided by most financial institutions on their official website.


Aside from meeting the eligibility criteria, you can also implement other measures to ensure that your home loan application is approved quickly. These include applying for a home loan with a co-applicant, maintaining a FOIR ratio within 50% and furnishing all the necessary documents during the application process.