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What is Home Loan Eligibility?

Home loan eligibility refers to the set of criteria that financial institutions use to assess an individual's suitability for obtaining a housing loan. It involves the evaluation of various factors, including income, credit score, age, employment status, loan amount, and any other financial obligations. Prospective borrowers must understand and fulfill these criteria to secure financing for their home purchase.

Home Loan Eligibility Calculator

A home loan eligibility calculator is a valuable tool for individuals aspiring to secure a home loan. Just like a home loan EMI eligibility calculator gives you an estimate of monthly installments required to be paid to repay the home loan amount, the online home loan eligibility calculator allows you to determine whether or not you qualify for a home loan. With a click, this home loan online eligibility calculator provides an instant estimate of the maximum loan amount one is eligible for, thereby helping the borrower make better financial decisions.

How is Eligibility on Home Loan Calculated?

Individuals keen to apply for a housing loan can easily check home loan eligibility using the home loan eligibility calculator. This online tool asks for simple loan-related information to help you make informed decisions for a housing loan. Listed below are the steps to use the home loan eligibility calculator:

Step 1: Visit the BASIChomeloan Eligibility Check

Step 2: Choose ‘Home Loan’

Step 3: Enter the desired loan amount, loan tenure, gender, and date of birth

Step 4: Click on ‘Next’

Step 5: Choose ‘Salaried’ if you are salaried, or ‘Self-Employed’ if you are self-employed

Step 6: Select the salary credit mode bank, cheque, or cash and enter the annual income (minimum Rs. 12 lakh income)

Step 7: Enter the co-applicant’s income, if any

Step 8: Fill in details about any existing EMI

Step 9: Click on ‘Next’

Step 10: Click ‘Yes’, if the property is identified and fill in the property details/ Click ‘No’ if it is not identified

Step 11: Enter your mobile number

Step 12: Click ‘Submit’ and you will see the list of banks and NBFCs offering home loans as per your filled requirement

Home Loan Eligibility Criteria

The home loan eligibility criteria play a pivotal role in the process of securing financial assistance for purchasing a dream home. The key considerations include the employment status, a stable and regular source of income; no matter whether the applicant is self-employed or salaried, the applicant’s age, credit score, ongoing debt or any other loan, property type and its location, and citizenship.

Factors that Determine Home Loan Eligibility

Home loan eligibility is calculated using a combination of factors. Listed below are the prime factors affecting eligibility for home loans in banks and NBFCs:

  1. Applicant’s Age: Banks and NBFCs have an age bracket that is applied when approving home loans to applicants. Generally, younger individuals having longer working years to repay the loan are preferred for home loans.

  2. Income: The second crucial factor that determines the eligibility for a home loan is the income of the applicant. Through this, these lenders ensure whether or not the applicant is capable of repaying the loan with a steady source of income.

  3. Interest Rate: The interest rate is crucial to determining housing loan eligibility. Home loans with higher rates of interest generally come with less eligible loan amounts.

  4. Loan Tenure: The chosen loan tenure or duration has a direct impact on the eligibility for a home loan. Home loan eligibility tends to improve significantly for longer loan tenures and vice versa.

  5. CIBIL or Credit Score: The applicant’s credit score or CIBIL score is another factor that plays a vital role in determining home loan eligibility.

How to Improve Home Loan Eligibility?

Individuals can improve their home loan eligibility and secure finances for their dream homes by following these strategies:

  1. Maintaining a good credit or CIBIL score by paying bills on time and reducing the outstanding debt

  2. Saving for a larger down payment to reduce the loan amount

  3. Adding a co-applicant or guarantor with a strong financial profile

  4. Opting for a more structured repayment plan

  5. Maintaining a stable financial profile with a consistent income

  6. Clearing existing loan and legal issues associated with a property or their financial records

FAQs

Product Eligibility Matrix (PEM) is an automated tool to calculate the home loan & LAP eligibility of a customer in partner banks based on banks’ policies & customer’s profile.

PEM is a dynamic calculator that uses a number of variables in its calculations, especially FOIR, LTV, CIBIL Score, etc. that other calculators might not take into account.

According to the customer's profile, PEM will recommend the most suitable banks along with interest rates within the BASIC agent app. Using the available bank list and interest rates, the agents can find the best possible lenders for their customers.

Yes, it takes into account the CIBIL score. However, it is at the user's discretion whether to include CIBIL score information in eligibility analysis.

Pem checks user eligibility in over 70+ partner banks and NBFCs.

The parameters taken into consideration are the following: Annual income, Age, FOIR, LTV, CIBIL score, property type, etc.

Yes, the eligibility criteria also take into account the credentials of co-applicants.

A PEM report includes the maximum loan amount, the term of the loan, the interest rate, and the processing fee for all banks to which the customer is eligible.

Yes, PEM's analysis takes into account Property Type as one of the variables in determining eligibility.

No, there are no charges for eligibility checks in PEM. The tool is available on BASIC's website and is free to use.

Here’s why:
  • Doorstep Documentation
  • Agent Support
  • 100% Online Process
  • Flexible Repayments
  • Disbursal within 15 Days