Home loan are the best way to make your dream come true. So, if you are also looking for a home loan and have not found the best deal yet, look at the top banks providing home loan at affordable rates. A home loan is one of the special loans as it helps you buy your dream home when your savings fall short. So, if you are also planning to get a house for yourself but the overall cost is out of your budget, do not worry and get a home loan.
For a new borrower, it is very important to note that the there are some factors that decide the eligibility for a home loans. These factors are kept in mind while calculating the eligibility of the applicant. So, before you apply, have a look at the factors affecting the home loan eligibility here.
Factors Affecting Home Loan Eligibility-
- Age of the applicant
- Monthly income of the applicant
- Property value
- Credit history of the applicant
- Employment/Profession status
- The category of the employer (for salaried)
- Relationship with the lender
On the basis of the above factors, banks and NBFCs decide the loan amount and interest rate that a person is eligible for. So, the applicants whose profile matches most of these factors have a higher chance of getting a better deal.
Axis Bank Home Loan Online-
Have a look at the eligibility criteria for a home loans at Axis Bank depending upon the profession.
- Permanent services in any Government or renowned company
- The age of the applicant should be 21 years at the time of loan commencement and up to 60 years at the time of loans maturity.
- Self-employed professionals such as doctors, engineers, dentists, architects, CA, management consultant, cost accountants and company secretary can apply for Axis Bank home loan.
- The applicant should be 21 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity.
- Your minimum age should be 21 years at the time of loan commencement and up to 65 years or less at the time of loan maturity.
- Self-employed individuals filing income tax return (ITR) are eligible to apply for a home loan.
HDFC Home Loan-
- The home loan eligibility at HDFC is as follows:
- Proposed owners of the property are only eligible as co-applicants
SBI Home Loan-
Below is the SBI Home Loans Eligibility on the basis of which you can apply at the bank:
- Age of the applicant should be between 18-70 Years
- The annual income of the applicant should be at least ₹1.2 lakhs
- The maximum loan amount the applicant can get is ₹5 lakhs to ₹1 crores
- Maximum loan tenure is 30 years
- The minimum work experience with the current employer should be 2 years
- Age of the applicant should be between 21-70 Years
- The annual income of the applicant should be at least ₹2,00,000
- The maximum loan amount the applicant can get is ₹5 lakhs to ₹2 crores
- Maximum loan tenure is 30 years
- The minimum work experience with the current employer should be 3 years
ICICI Home Loan-
Below is the eligibility criteria to apply for a home loan at ICICI Bank:
- Salaried Indian with a regular source of income
- Self-employed Indians with a regular source of income
- The minimum age of the applicant should be between 21-65 years
LIC Home Loan-
LIC housing finance company accepts the home loan application on the basis of the eligibility criteria as mentioned below.
LIC Home Loan Eligibility-
- An individual residing in India, non-resident Indian and pensioners are entitled to avail LIC Home Loans.
- Individuals either being salaried employees, self-employed professionals and businessmen are also eligible for availing LIC Home Loans.
- Pensioners in the age group of 70 years are classified as before-retirement individuals and pensioners in the age group of 70 years or above are classified as post-retirement individuals, both are eligible to avail LIC Home loan.
- Thus, with all the above options in your hands, you must have got the idea which lender would suit your profile. So, do not delay your decision and apply for a home loan online now!
Srishti Singh has a keen interest in writing about loans & investment and has been an expert in writing about home loan . She believes in delivering the hidden informations regarding the product so that customer can make the right move.