Understanding home loan eligibility is crucial to securing your dream home. Learn about age, income, property, and credit requirements.
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HDFC Bank
Interest Rate
10.5% p.a.
Max Amount
₹40 Lakhs
Processing Fee
1% + GST
Tenure
Up to 5 years
SBI
Interest Rate
8.5% p.a.
Max Amount
₹2 Crores
Processing Fee
0.35% + GST
Tenure
Up to 30 years
ICICI Bank
Interest Rate
12% p.a.
Max Amount
₹75 Lakhs
Processing Fee
2% + GST
Tenure
Up to 7 years
Kotak Mahindra
Interest Rate
8.75% p.a.
Max Amount
₹25 Lakhs
Processing Fee
1.5% + GST
Tenure
Up to 7 years
Meeting eligibility criteria helps you secure rates as low as 8.5% per annum.
Strong eligibility can get you up to 90% of property value financed.
Qualify for repayment tenure up to 30 years with better eligibility profile.
Lenders assess stability and property legality. Common requirements include:
Age: 18 to 70 years (loan must end before retirement age for salaried employees)
Credit Score: 750+ is ideal for securing the lowest interest rates
Minimum Income: Net monthly income of at least ₹25,000 (varies by city and lender)
Work Experience: At least 2 years for salaried; 3 years business continuity for self-employed
Property Status: Clear title with approved maps from local municipal authority
FOIR: Fixed Obligation to Income Ratio should ideally be under 50%
Meeting these criteria improves your chances of quick approval and better loan terms
Aadhaar, PAN, Passport, Voter ID
Last 6 months salary slips, Form 16, ITR (last 3 years)
Last 12 months statements of salary account
Sale deed, approved building plan, NOC from builder
Appointment letter, business proof for self-employed
Passport-size photos of applicants
Keep all documents ready in digital format (scanned copies) to speed up the application process. Most lenders now accept online document uploads for faster processing.
Prepay or close existing personal loans and credit card debt to improve debt-to-income ratio.
Include spouse or parent as co-applicant to combine incomes and increase eligibility.
Select property within your repayment capacity. EMI should not exceed 40% of monthly income.
Start building credit 6-12 months before applying by using credit cards responsibly.
Following these tips can significantly improve your approval chances and help you secure better interest rates
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