Know Eligibility Criteria for Home Loans - Wave City

Know Eligibility Criteria for Home Loans

Know Eligibility Criteria for Home Loans

While you start thinking of buying a house, the very first thing that comes to your mind is about funds. Very rare does it happen that people buy home with 100% payment on their own. Here is where the know-how for home loan arises, so let us today take you through the basics of the same. The eligibility conditions of home loan in India does not fluctuate much but keeps on changing from year to year and lender to lender.

Who is eligible and what makes you qualified?

Loan approvals depend on the income of borrowers, their credit profiles and relationship with the banks or lending institutions. Below is a quick walkthrough of the eligibility conditions for home loans:

  • Age – the age bracket is 18 years to 60 years (depending upon employment type); differs from lender to lender.
  • Minimum annual income (net) – Generally, the minimum income is kept between ₹ 15000-20000. However, there are some products like ‘Swaraj Home Loans’ where an applicant whose household income is ₹ 7500 monthly is eligible for applying for home loans.
  • Employment Type – Both Salaried and self-employed are eligible for applying for home loans.
  • Tenure – The maximum home loan tenure for salaried is 30 years and self-employed is 20 years.
  • Employment Status – At least last 3 years employment without any gap and regular job for last 1 year. Self-employed people need to have business existence for last 3 years.
  • Residence Status – At least a year of stay at the current place. There must be an address proof.

Documents required for home loan application

More or less the documents remain the same. What varies is the importance of the records as per the lending institutions or banks. Here is a list of few common documents:

  • Photographs affixed to the application form with signature across.
  • Proof of identity (Voter ID/Passport/PAN card/Aadhaar Card).
  • Residence proof (Voter ID/Passport/Driving license/Aadhaar Card/Electricity bill/Water bill/Lease agreement).
  • Income proof (last 3 months salary slip/current salary certificate/last 3 to 6 months banks statement/audited financial statements).
  • Proof of tax (Copy of latest Form 16/copy of latest ITR).
  • Employment proof (Employment certificate/MOA/Partnership deed/ evidence of establishment of business).
  • Any other property documents (varies from lender to lender).
  • Requisite cheque for processing fee.
  • Co-applicant’s documentation wherever required.


Have few clicks on EMI Calculator and you can calculate your eligible loan amount, EMI etc.

As far as flexibility is concerned, the scope of borrowing a home loan has widened over the years. This has made it possible for more and more people to own a home. Furthermore, with customer service touching new levels of excellence, every bank and lending institution has well developed and interconnected help desk and customer service desk to serve you at any time of the loan process, after and before too.

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