Top Tips To Ensure Home Loan Eligibility
Posted on August 7th, 2020
Eligibility criteria for home loans
- Age limit: For salaried individuals, it is 23-62 years, and for self-employed individuals, it is 25-70 years. However, this condition is not uniform; it varies depending on the lender.
- Credit score: You will need a credit score of 750 or above to apply for home loans.
- Monthly income: At least Rs.20,000 – Rs.25,000, but it can also vary from one lender to another. Use a home loan eligibility calculator for more information.
- FOIR: If your FOIR is more than 50% of your monthly income, then your eligibility will reduce.
Tips to improve home loan eligibility criteria
Try to pay off all of your existing debts. It will increase your FOIR and your credit score.
Apply for a joint home loan with any family member possessing a high CIBIL score.
Opt for a longer tenor.
If you have any additional sources of income, like investments, etc. mention the same in your application.
You can use a home loan eligibility calculator to check the loan amount you can avail based on your income and other factors.