Having a home is the biggest asset that a person can own. Everyone dreams of owning a home. It’s the space where they can create happy memories with their family. However, buying a home is no easy task. Over the decades, real estate prices have gone so high that buying a home without any external financial help has become practically impossible in today’s times. The eligibility of a person for a home loan product of the bank is the qualifications that a borrower must meet, in order to qualify for a home loan. These requirements usually pertain to various factors like the age of the applicant, income of the applicant, credit profile of the applicant, etc. The applicants have to meet all the eligibility criteria set by the bank to be approved for a home loan. The eligibility criteria for home loan for salaried person do not vary from one lender to another.
Home loans are a very popular loan product in the loan segment. These loans are in the nature of term loans and are provided by banks as well as Non-Banking Financial Companies (NBFCs) and Housing Finance Companies (HFCs). The eligibility criteria set for home loans are dependent on many factors that determine the eligibility of the applicant.
Here are some of the common eligibility criteria for home loan for salaried person are mentioned below:
Eligible Age — The applicant’s age should be minimum 24 years and maximum 60 years at the time of applying for a home loan if the applicant is a salaried employee.
Eligible Income — Salaried applicants should have a minimum monthly income of ₹25,000 per month in a metro city, and a minimum monthly income of ₹20,000 in other cities.
Minimum Loan Amount — The salaried applicants can avail a personal loan starting from ₹100,000, based on their eligibility.
Maximum Loan Amount — The salaried applicants can avail a personal loan up to ₹35 Crores, based on their eligibility.
Co-applicant — Not mandatory, but only immediate family members can apply as a co-applicant.
Employment — The salaried employees should have a minimum of 2 years of total work-experience, and at least 6 months in the current company.
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