home loan eligibility

Home Loan Eligibility: Top 10 questions

Home loans are the preferred way to buy the house of your dreams in India. But, there is a lot of confusion regarding how home loan eligibility is calculated, what are the deciding factors, etc.

So, we have put together this article with the top 10 questions our clients have asked over time to know about home loan eligibility, with all the factors affecting your eligibility about the home loan amount and interest rates.

Home Loan Eligibility Questions answered

What is the minimum salary required for a home loan?

The minimum stated salary required is Rs. 10,000 /- for salaried individuals to be eligible for Home Loan. The normal salary accepted in the metro cities is Rs 25,000 and Rs 20,000 in other cities. This data is as per our own list of the best home loan banks in India.

What is home loan eligibility?

Home Loan eligibility is the loan amount that is approved for a customer. It’s based on the CIBIL score & financial details provided by the customer

How to check home loan eligibility?

Different banks and NBFC companies have slightly different eligibility criteria for home loans. Thus, the best way to check home loan eligibility is to talk to a home loan expert agent.

What conditions qualify for a home loan?

Conditions to qualify for a home loan are:
1. Salary – Minimum ₹ 25,000 in Metros – ₹ 20,000 in other cities
2. Age – Preferably between 21 to 60 years.
3. ITR of at least the last couple of years.
4. Good CIBIL Score.

What is the home loan interest rate in Delhi?

The home loan interest rate in Delhi is – 6.90% to 14% as of May 2022. The final interest rate depends on the CIBIL score, income, and other financial details of the applicant.

home loan interest rate in Delhi

How much home loan can I get on a ₹ 15,000 salary?

On average, a salary of ₹ 15,000 will qualify you for a loan amount of ₹ 8,50,000.

Is ITR compulsory for loan?

Yes. ITR is compulsory for loan. Most lenders will require at least the last 3 years of ITR to process your home loan application. Even if your income is less than the taxable amount, it is a good idea to file your ITR for this purpose alone.

Can a housewife apply for a home loan?

No, a housewife cannot avail of a home loan on her own. She can only get a home loan if she is a co-borrower.

Can I get a home loan without salary?

Yes, You can get a home loan without salary. The eligibility criteria to get a home loan if you are not a salaried person are:
1. Business or self-employment should be operational for at least three years.
2. ITR returns from the last 3 years
3. Personal and Business bank statements.
4. At least 21 years of age
5. Proof of regular filing of all the taxes – GST, TDS, and Income Tax.

Is Form 16 compulsory for home loan?

No, Form 16 is not compulsory for a home loan.
Form No 16 has details of the salary paid and tax deducted from it. Thus, Lenders who are only interested in verifying your repayment capacity, accept Form No 16 as proof of one’s income and do not insist on the income tax return.

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