Looking to get a home loan? Before you apply, find out if you meet the eligibility criteria set by various banks and financial institutions. Knowing your home loan eligibility in advance makes the entire process easy and quick for you.
Key Home Loan Eligibility Criteria
|Credit Score||650 and above is considered as “good score”|
|Monthly Income||Min. Rs 25,000 (may vary from lender to lender)|
|Nationality||Indian Residents, NRIs & Persons of Indian Origin|
|Loan-to-value Ratio||Upto 90% of property value|
The Magicbricks Home loan eligibility calculator is very easy to use. Take the following steps:
Step 1: Enter the amount you want to borrow
Step 2: Fill in your Monthly Net Income (excl. LTA and Medical Allowances)
Step 3: Enter your existing loan commitments per month (if any)
Step 4: Enter the tenure for which you want to take the loan
Step 5: Fill in the rate of interest on the loan and click “Calculate Eligibility”
Once you take all the steps above, you will be able to view the amount that you are eligible to borrow. In addition, you will also get to know your EMI on the home loan.
Check out some of the most important factors that may affect your home loan eligibility:
Age: When it comes to applying for a home loan, age is not just a number. Lower the age, the easier it is to get the loan approved. Therefore, a young professional who is just 30 years old can easily get a home loan for upto 30 years. In comparison, an individual who is 50 years old may find it tough to get a home loan for such a long tenure.
Income: Your income also determines how much you are eligible to borrow. Most lenders have specified a minimum income requirement for the applicant as well as co-applicant. Whether you are self-employed or a salaried individual, you must meet the minimum income requirement. In addition, lenders also check whether your income is stable enough or not.
Credit score: Your credit score is also very important. Higher the score, the higher your chances of getting a loan approved. A score of 650 and above is generally considered good and indicates higher chances of approval.
Existing loan obligations: Your existing loan obligations (or Debt-to-income ratio) should not be more than 50% of your income. If this ratio is too high, it indicates you have too many outstanding loans and therefore, you are more likely to default in future.
Bank of Baroda Home Loan
Indian Bank Home Loan
Union Bank of India Home Loan
ICICI Bank Home Loan
HDFC Bank Home Loan
SBI Home Loan
Bajaj Housing Finance Home Loan
Sundaram HFL Home Loan
L&T HFL Home Loan
PNB HFL Home Loan
Cholamandalam HFL Home Loan
Magma Housing Finance Home Loan
The documents required to apply for a home loan may vary across lenders. However, there are certain documents that are usually required by all lenders. Take a look:
It is easy to check your home loan eligibility using Magicbricks Home Loan Eligibility Calculator. To calculate your eligibility, you will have to enter the amount you wish to borrow, your monthly net income, existing loan commitments (if any), tenure, and rate of interest. Upon entering all these details, you will be able to see how much you are eligible to borrow.
Yes, having a co-applicant increases your chances of getting a home loan. However, most lenders also require the co-applicant to have a certain minimum income. Remember, if you sign as a co-applicant of a home loan, you are equally responsible for repaying the loan along with the primary applicant.
Most lenders allow any person to be a co-applicant who is not a minor and who has a certain type of relationship with the primary applicant as defined in the terms and conditions. Co-applicants can be brothers, husband and wife, mother and son, father and son, etc. In addition, the co-applicant must also meet the minimum income requirement.
Here are some tips that could help you improve your home loan eligibility:
Disclaimer: The information available on this site has been gathered from publicly available sources and is accurate to the best of our knowledge. However, please be aware that the rates and other offers may vary based on your profile and may be subject to change without notice. Therefore, we advise you to verify the information before applying for any loan through this website. Magicbricks accepts no liability for any loss arising from the use of the information on this website. Refer T&C for the detail.
(T&C link: https://property.magicbricks.com/terms/terms.html)
**This service is available in select cities only.
*These calculators are only for illustrative purposes. These figures may or may not be applicable to your particular situation. Magicbricks will not be responsible for any loss or liability arising from the use of these calculators.