Home loan eligibility typically depends on a wide range of factors. Some of them include your:
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Monthly income
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Current age
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Credit score
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Fixed monthly financial obligations
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Credit history
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Retirement age
Are you currently interested in applying for a home loan? If yes, there are certain criteria that should be met by you:
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First of all, you must be an Indian resident
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An NRI or Non-Resident Indian must hold an Indian passport, foreign passport, or an OCI or Overseas citizen of India.
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You will be able to apply for a home loan if your age is 21 years or above.
In order to calculate your eligibility without leaving any room for mistakes, you can consider using a home loan eligibility calculator. For more information, all you need to do is take a quick look at this article from tip to toe. You will be able to uncover a lot of potential information by staying tuned till the very end. Let’s pave the way toward the main content without any further delay.
How Should You Calculate Your Home Loan Eligibility?
The home loan eligibility calculators act as a self-help Planning Tool. In order to calculate your home loan eligibility, you will have to provide the following details and information:
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Category (Salaried or Self-Employed)
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Gross Monthly Salary
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Date of Birth
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Tenure (Months)
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CIBIL Score (It should be more than 701 but less than 726)
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Other Equated Monthly Installments (Monthly)
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Any Monthly Deduction (Tax, NPS, etc.)
You will be able to calculate your home loan eligibility with much ease now!
What Are Some of the Home Loan Eligibility Criteria?
Check out some of the home loan eligibility criteria mentioned below in this article:
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Your age plays an important role in deciding your home loan eligibility.
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The maximum loan repayment term is 30 years.
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The age limit for Salaried Individuals must be between 21 years to 65 years.
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The age limit for Self-Employed Individuals should be between 21 years to 65 years.
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The minimum salary must be 10,000 per month.
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Minimum business income should be 2 lac per annum.
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Your financial position is one of the most crucial factors that contribute a lot to determining the overall loan amount. It is based on your future income as well as present income.
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Your present and past credit history, along with your credit score.
Some of the other financial obligations include existing liabilities such as credit card debt, car loans, etc.
How Are You Supposed to Enhance Your Home Loan Eligibility?
By following these pointers stated below, you can take a step towards enhancing your home loan eligibility in the best possible manner:
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You can choose to add an earning family member as your co-applicant.
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You can decide to avail a well-structured repayment plan.
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You will have to ensure regular investments, savings, and a steady cash flow.
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You will have to focus on maintaining a record of your variable salary components.
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You might consider repaying short-term debts and ongoing loans.
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If you have a low credit score, you will have to take some actions to rectify the mistakes.
What Are Some of the Important Documents Involved in this Entire Process?
If you want to grab a home loan, submitting the following documents is a must:
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Mandatory Documents: Application Form and PAN Card
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Proof of Identity: Passport, Aadhar Card, Driving License, Voter ID, GOI issued Photo ID, Government Employee ID
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Proof of Address: Aadhar Card, Driving License, Voter ID, GOI Issued Photo ID, Government Employee ID, Electricity Bill, Gas Bill, Property Tax Receipt, Telephone Bill
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Date of Birth Proof: Passport, PAN Card, Aadhar Card with DOB, Driving License, Birth Certificate, SSC Marksheet.
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Signature Proof: Passport, PAN Card, Banker’s Verification, Notarized Affidavit with ID and Address Proof.
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Proof of Income: 3 Months Pay Slip, 6 Months Pay Slip, 6 Months Bank Statement, Tax Audit Reports, etc.
Ending Note
Hopefully, you are now quite aware of the home loan eligibility. The Bank of Baroda is one of the finest banks that tend to offer these kinds of loans to interested individuals. You can rely on this bank with your eyes closed.
