Minimum Credit Score
700+
Income Requirement
₹10,000/month for
salaried individuals;
₹2,00,000/year for
self-employed
Maximum Loan Tenure
Up to 30 years
HDFC Loan Eligibility
Home Loan Eligibility Criteria
| Eligibility Factor | Minimum Requirement | Impact on Home Loan Eligibility |
|---|---|---|
| Income | ₹25,000/month (varies by lender) for salaried; ₹3-5 lakh annual turnover for self-employed | Higher income ensures better loan repayment capacity, increasing the loan amount eligible. |
| Credit Score | 650–750 or above (minimum varies by lender) | A higher credit score reflects good creditworthiness, leading to faster approvals and possibly lower interest rates. |
| Employment Status | Salaried with 2–3 years of work experience or self-employed with 3+ years in business | Stability in employment or business enhances repayment assurance for lenders. |
| Age | 21–60 years for salaried; up to 65 years for self-employed | Younger applicants have longer repayment tenure, increasing eligibility, while older applicants might face tenure limitations. |
| Fixed Obligations to Income Ratio (FOIR) | 40%–60% (depends on lender) | Lower FOIR indicates less existing debt and better ability to handle new loan EMIs, enhancing approval chances. |
| Co-Applicant (if Eligibility Factor applicable) | Spouse, parents, or other family Minimum Requirement members | Adding a co-applicant increases the total Impact on Home Loan Eligibility eligible income, improving loan eligibility. |
| Loan-to-Value (LTV) Ratio | Up to 75%–90% of the property value, based on type and location | Higher down payments (lower LTV) demonstrate financial stability and reduce lender risk, increasing approval likelihood. |
| Property Type and Legal Status | Residential properties with clear titles | Lenders prioritize legally compliant properties, ensuring secure investment and avoiding disputes. |
| Document Completeness | KYC, income proof, property documents, and bank statements | Accurate and complete documentation accelerates loan approval and avoids delays or rejections. |
Check Your Loan Eligibility Without
Impacting Your Credit Score
Eligibility Criteria by Lender
Loan Criteria
Minimum Credit Score
700+
Income Requirement
Not explicitly stated;
depends on FOIR
Maximum Loan Tenure
Up to 30 years
SBI Loan Eligibility
Minimum Credit Score
700+
Income Requirement
₹25,000/month
minimum for
salaried individuals
Maximum Loan Tenure
Up to 30 years
ICICI Loan Eligibility
Minimum Credit Score
700+
Income Requirement
₹1,80,000/year
minimum
Maximum Loan Tenure
Up to 30 years
AXIS Loan Eligibility
Understand Your Eligibility for a Home Loan
Eligibility for a home loan depends on several key factors that lenders assess to determine your repayment ability and financial stability. By understanding these criteria, you can prepare better and maximize your chances of securing a favorable loan.
Income and Employment Stability:
• Salaried Individuals: Consistent income with a minimum threshold as specified by the lender.
• Self-Employed Individuals: Regular business income and proof of stability over 2–3 years.
• Higher income enhances loan approval chances and allows for a greater loan amount.
Credit Score and History:
• A credit score of 700 or above is preferred by most lenders.
• A good credit history with timely payments on existing loans or credit cards reflects financial discipline.
Age of the Applicant:
• Most lenders consider applicants aged 21 to 65 years.
• Younger applicants may qualify for longer loan tenures, while older applicants are evaluated based on retirement plans and other income sources.
Employment Type and Tenure:
• Salaried Professionals: At least 1 year of continuous employment with the current organization.
• Self-Employed Professionals: A minimum of 2–3 years of stable income in the same business or profession.
FOIR (Fixed Obligations to Income Ratio):
• FOIR should ideally be under 50%, indicating manageable debt relative to income.
• A lower FOIR increases your repayment capacity and loan eligibility.
Property Value and Loan-to-Value Ratio (LTV):
• The LTV ratio, usually capped at 75–90% of the property’s market value, determines the maximum loan amount.
• Higher down payments reduce the loan amount and risk for lenders, improving approval chances.
Co-Applicant’s Role:
• Adding a co-applicant, especially one with a steady income, can enhance loan eligibility and approval chances.
Existing Liabilities:
• Lenders assess your current debts, including EMIs, credit card bills, and other obligations.
• Lower outstanding liabilities improve your financial profile.
Documentation:
• Proper submission of income proof, KYC documents, and property details is crucial. Missing documents can delay or negatively affect approval.
Employer Reputation (for Salaried Applicants):
• Working for a reputed organization or being a government employee can positively influence eligibility as it indicates job security.
Location of Property:
• Properties in approved locations or from trusted builders may improve eligibility as they lower the risk for the lender.
Use Our Eligibility Calculator to Get Personalized Results
Using our personal loan eligibility calculator, you can instantly assess how much you can borrow based on your financial profile. The calculator considers your income, current EMIs, credit score, and more to give you a personalized result. This helps you understand your borrowing capacity before submitting an official loan application.
If you don’t meet the eligibility criteria or want to increase your chances of approval, here are some tips:
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months
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Submit
Eligible Loan Amount
Improve Your Home Loan Eligibility
If you don’t meet the eligibility criteria or want to increase your chances of approval, here are some tips:
1. Maintain a High Credit Score: Ensure a credit score above 700 by paying existing EMIs and credit card bills on time. A strong credit profile boosts lender confidence.
2. Lower Existing Debts: Reduce your Fixed Obligations to Income Ratio (FOIR) by clearing outstanding loans or credit card balances before applying.
3. Increase Your Income Sources: Supplement your regular income with additional earnings, such as freelancing or rental income, to showcase higher repayment capacity.
4. Opt for a Longer Loan Tenure: Selecting an extended tenure reduces monthly EMI burdens, improving affordability and approval chances.
5. Provide a Higher Down Payment: Making a substantial down payment reduces the lender's risk and increases your chances of securing a better deal on the loan.
Frequently Asked Questions (FAQs)
How can I check my home loan eligibility online?
You can check your home loan eligibility online using Minemi’s home loan eligibility calculator. Enter your details, such as income, loan tenure, and existing EMIs, to get an instant assessment.
What factors affect my home loan eligibility?
Key factors include:
- Monthly income
- Age of the applicant
- Employment type (salaried or self-employed)
- Credit score (ideally 750 and above)
- Existing liabilities or EMIs
- Property value and loan-to-value (LTV) ratio
What is the minimum salary required for a home loan?
The minimum salary requirement varies by lender. Generally, banks require a minimum monthly income of ₹20,000 for salaried individuals and ₹25,000 for self-employed professionals.
Can I get a home loan with a low credit score?
Yes, it is possible, but lenders may offer a lower loan amount or higher interest rates. A credit score above 750 is generally preferred for favorable terms.
What documents are required to check home loan eligibility?
Commonly required documents include:
- Proof of identity (Aadhaar, PAN)
- Proof of income (salary slips, bank statements, ITR)
- Proof of residence
- Property documents (if identified)
How does loan tenure affect my eligibility?
A longer loan tenure increases your loan eligibility by reducing your monthly EMI burden. However, it also increases the total interest paid over the tenure.
What is the maximum home loan amount I can get?
The loan amount depends on your income, credit profile, and property value. Typically, lenders offer 75%-90% of the property's market value as a loan.
Can I add a co-applicant to improve my eligibility?
Yes, adding a co-applicant (spouse or family member) with a stable income can increase your loan eligibility and reduce the risk for lenders.
What is the Loan-to-Value (LTV) ratio?
The LTV ratio is the percentage of the property value that a bank will finance. For example, an 80% LTV ratio means the lender will finance 80% of the property value, and you must arrange the remaining 20%.
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