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Quick Guide to Right Home Loan Eligibility Criteria :

When you move forward to get home loans for property, there are many things and aspects of finance that you must look at, in order to secure the best possible loan for yourself. We present some of the right home loan eligibility criteria which will provide a smooth process.

When it comes to giving loans, banks have different set of classifications for different categories. Personal loans can be broadly divided into income based and non income based. Income based loans are given on the basis of income per month/per year for salaried and self employed respectively.

Non income based loans are also know as surrogate loans which are usually given based on the repayment track records of existing personal loans, car loans, home loans and Credit cards from approved banks. Minimum installments paid or months on books required is 9-12 months.


Eligibility Criteria for Salaried customers -

  • Customers should be Indian citizens. .
  • Minimum age required is 21 years and Maximum 58/60 years.
  • Minimum Work Experience-1 month in current company and 3 years overall.
  • Minimum Net Take Home - Rs. 20, 000/- per month.
  • Residence-either Owned, rented or company provided.
  • Telephone/mobile mandatory at residence. Currently most of the banks are providing unsecured personal loans only to employees of Private Limited and multinational companies.

Eligibility Criteria for Self Employed Customers:

  • Applicant should be Indian Citizen.
  • Minimum age required is 25 years and Maximum 60 years.
  • Minimum 5 years’ experience in same business.
  • Minimum income (ITR) Rs. 2. 50 lakh per anum.
  • Residence/Office -either Owned, rented or company provided. Either residence or office should be self owned.
  • Telephone/mobile mandatory at residence. Telephone/mobile mandatory at residence and office.
  • Partnership firms , Private Ltd. companies and deemed Limited companies are eligible.
  • Factors such as existing loan liabilities , average bank balance, track record on existing loans , company profile and loan tenure also plays a very important part when it comes to deciding the eligibility of a customer.
  • In the case of Self Employed customers, the eligibility for loan criteria would depend on the turnover, existing track record, net profit, cash credit /overdraft limit enjoyed, line of business, cash flow, bank statement and existing loan liability.
  • Usually the banks go for loan amount which is limited at 1. 25 to 4 times of cash profit generated less existing liabilities or a certain percentage of turnover less existing liabilities on the self employed customers.
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