Know About Home Loan Eligibility with Ease

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Know About Home Loan Eligibility
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What is Home Loan Eligibility?

• Home loan eligibility is defined as a set of
  criteria basis which a financial institution
  assesses the creditworthiness of a customer to
  avail and repay a particular loan amount. Home
  loan eligibility depends on criteria such as age,
  financial position, credit history, credit score,
  other financial obligations, etc. Anyone-whether
  self-employed or salaried individuals/professional
  s with a regular source of income can apply for
  home loans.

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Home Loan Eligibility Criteria
Salaried Individuals Self-Employed Individuals
The applicant must be employed with a stable source of salaried income from a public or a private company or a multinational with a minimum 3 years of work experience The applicant must be self-employed with a business continuity of over 5 years in the current enterprise
He/she must be between 23 and 62 years of age He/she must be between 25 and 70 years of age
He/she must be a residing Indian citizen He/she must be a residing citizen of India
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Best Ways to Increase Home Loan Eligibility

• Maintaining a good credit score
• Choosing a longer tenure
• Providing for a supplementary source of income
• Adding a co-applicant for a joint home loan
• Repaying existing loans/debts before applying for
  a new one

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10 Factors That Impact Your Home Loan Eligibility

• Age
• Income
• Credit Score
• Employment Status
• Property Value and Profile
• Loan Amount
• Loan Tenor
• Current Obligations
• Down Payment
• Documentation

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How to Calculate Home Loan Eligibility?

• You can check your home loan eligibility by
  taking into account different factors such as
  your monthly income, current age, credit score,
  existing loan obligations (if any), and the years
  left to your retirement. Alternatively, you can
  also use our home loan eligibility calculator to
  calculate the exact amount of loan that will be
  disbursed. Just enter the required details like
  your monthly income, existing EMIs, and loan
  tenure along with the other details and our
  housing loan eligibility calculator will
  instantly display the total loan amount for you.

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For More Info-
BAJAJ HOUSING FINANCE LIMITED Cerebrum IT Park,
5th Floor B2 Building, Holy Cross Rd, Kalyani
Nagar, Pune, Maharashtra 411014 Phone number
91 8698010101 Email id bhflwecare_at_bajajfinserv.i
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