home loan eligibility

Home loan eligibility commonly depends on the person’s repayment capacity and income applying for a home loan. A person with a continuous income source, one who can easily able to repay his monthly installments, and many other qualifying factors for home loan eligibility.

Home Loan Eligibility Criteria

The applicant should have the following criteria:

  1. Be of Indian nationality.
  2. Be self-employed or salaried.
  3. Have a minimum salary of Rs. 25,000 per month.
  4. Be above 21 years & below 65 years old age.
  5. Have a loan tenure of up to 30 years.

Factors Affecting Home Loan Eligibility


Some additional factors affect home loan eligibility. One such important factor is tenure. The longer the tenure, your chances will be increased to get approved for the loan.

Credit Score

Similarly, the borrower’s credit score is the major factor that plays an important role in home loan eligibility criteria. Generally, providers do not depend on the credit score only, but it is also important for them to know your credit profile. If your credit profile is good, then your application will be approved easily.

Documents Required to Apply for Home Loans

Documents that have to be submitted while applying for a home loan are listed below:

  1. Completed loan application.
  2. 3 Passport size photographs.
  3. Proof of identify (Voters ID card/ Passport/ Driving licence/ IT PAN card).
  4. Proof of residence (recent Telephone Bills/ Electricity Bill).
  5. Statement of Bank Account/ Pass Book for last six months.
  6. Form 16/IT returns for the last two financial years for salaried employees.
  7. IT returns for the three years of private job candidates.
  8. Property tax receipt.
  9. Proof of business address for non-salaried individuals.
  10. Personal assets and liabilities statement.