Home loan eligibility differs across lending institutions and home loan schemes. However, a common set of housing loan eligibility criteria is given below:
- Nationality: Indian Residents, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs)
- Minimum Age: 18 years with some lenders setting the minimum age of 21 years
- Maximum Age: Usually 70 years at the time of loan maturity with some lenders extending the tenure till 75 years of age
- Work Experience: At least 2 years (for salaried)
- Business Continuity: At least 3 years (for self-employed)
- Minimum Salary: At least Rs. 25,000 per month (varies across lenders & locations)
- Loan Amount: Up to 90% of property value
Documents Required
- Identity Proof Documents: Copy of any one (PAN Card, Passport, Aadhaar Card, Voter’s ID Card, and Driving License)
- Age Proof Documents: Copy of any one (Aadhaar Card, PAN Card, Passport, Birth Certificate, 10th Class Mark-sheet, Bank Passbook, and Driving License)
- Address Proof Documents: Copy of anyone (Bank Passbook, Voter’s ID, Ration Card. Passport, Utility Bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill) and LIC Policy Receipt
- Income Proof Documents for Salaried: Copy of Form 16, Latest Payslips, IT returns (ITR) of past 3 years, Investment Proofs (if any).
- Income Documents for Self Employed: Business License Details, Proof of Business Address, ITR of last 3 years, Balance Sheet and Profit & Loss Account Statement of the Company/Firm
- Property-related Documents: NOC from Society/Builder, detailed estimate of the cost of construction of the house, registered sale deed, allotment letter, and an approved copy of the building plan.
