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Owning your dream place in this modern era seems quite tough. The rapidly rising price of real estate has caused a lot of worry to all those people who were longing to buy their dream home. If high rates are bothering you, then you need not worry. You can always get a home loan to purchase your dream home. However, you need to be eligible for the home loan. Here we explain the home loan eligibility criteria in India, which is quite similar for all reputed Indian banks.
First and foremost, to be eligible for the home loan, you will have to be either of the following:
This clears one thing that you will have to have a regular income source in order to meet the eligibility criteria. This is important because the bank expects the loan to be repaid and if the borrower is an earning person, he or she will somehow manage to repay the loan. In other words, the risk involved in lending money to an earning person is less, and that is why most banks offer loans to people with a steady income.
Now let us discuss the above listed categories in detail.
1. Salaried Individual: Under this category, you should be a permanent employee of a private or government based company. If it is a private company, the company must be a reputed one. Bank account details and salary slips can be produced in the form of documents. If you fall under this category, you can apply for the home loan. If your spouse falls under this category, the loan can be applied in his/her name.
2. Professional: Professionals; that is, doctors, engineers, dentists, architects, charted accountants, management consultants, company secretary, cost accountants only are eligible to apply for a home loan.
3. Self Employed: If you are running a business or if you have a different source of income, and if you have been regular in filling your income tax, you can apply.
Now that you are aware of the qualifying categories, let us discuss some other factors that determine your home loan eligibility.
Income - How much you rake in each month determines the amount of loan you are eligible for. Indian banks usually keep the EMI to income ratio between 50 and 60 percent.
Age - The applicant should be at least 24 years of age at the time of loan commencement and up to the age of 60 years or superannuation (up to 65 years or less in case of professionals and self-employed individuals) at the time of loan maturity.
Interest Rates - Loan eligibility is inversely proportional to the interest rate. If your applicable interest rate is low, your loan eligibility will be high and vice-versa.
Loan Tenure - The longer your loan tenure, greater the loan amount you would be eligible for.
Existing Loans - As a standard, Indian banks try to keep the EMI to income ratio between 50 and 60 percent. In case you have any existing loans, the eligibility amount for the new loan will be reduced to maintain that EMI to income ratio.
Credit History - Banks also check your credit history from CIBIL (Credit Information Bureau India Ltd.), which is India's first credit information bureau. They have a repository of information containing the credit history of consumer and commercial borrowers. This information is available in the form of credit information reports. To ensure that you meet the home loan eligibility criteria, you can access your own credit report