What Is The Eligibility For A Home Loan?
                     WHAT IS THE ELIGIBILITY FOR A 
HOME LOAN?
INTRODUCTION
A loan given by any mortgage company, NBFCs or other financial institution for the 
purchase of a primary or investment residence. The owner of the property transfers 
the ownership to lender on condition that it will be transferred back to the owner once 
the payment has been made and other terms of the mortgage have been met. 
IDEAL HOME LOAN TENURE:
The maximum tenure range for home loan is upto 30 
years. Most borrowers prefer to go for a longer tenure 
rather than the short one. The repayment through 
EMIs depends on the tenure of the loan and amount. 
Longer the loan tenure, lower the EMI. Shorter the 
loan tenure, higher the EMI. Ofcourse, going by the 
same logic, for shorter loan tenures, the interest 
amount paid is also less as against the longer tenure 
loans, where the interest amount increases.  
In the next slides you will see the 
eligibility for home loan.
ELIGIBILITY CRITERIA FOR A HOME LOAN:
● He/She should  be an Indian resident 
● He/She should  be a minimum of 21 years and at the time of loan application and 
maximum of 65  years at the time of loan maturity 
● He/She should  be salaried or self-employed 
● He/She must  have a minimum CIBIL score of 700 with a good credit history 
ELIGIBILITY CRITERIA FOR SALARIED INDIVIDUAL:
● Be  permanently employed in a company
● Be employed  in organizations private limited company, closely held or unlisted 
companies,  partnerships or proprietorship firms 
● Minimum salary should be 25,000 for Metro residents and 20,000 for other Indian 
Cities
ELIGIBILITY CRITERIA FOR SELF EMPLOYED INDIVIDUAL:
● Self-employed  businessmen or sole proprietorship 
● Partnership  firms 
● Private  limited companies or closely held/ unlisted companies 
● Self  employed applicants must earn a minimum yearly profit after taxes 
TYPES OF HOME LOAN
The Home Loans that are available in the market have different criteria to avail. The 
following is the list of different types of home loans you can avail from the market:- 
● Home Purchase loans
● Home Construction Loans
● Home Improvement Loans
● Home Extension Loans
● Home Conversion Loans
DOCUMENTS REQUIRED FOR HOME LOAN
● Income Proof
● Age Proof
● Identity Proof
● Address Proof
● Employment Details
● Proof of Education Qualification
● Details About the Finalized Property
● Bank Statements