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Eligibility criteria for home loans in India

Buying your dream home in today’s times is surely not easy. The ever increasing price of real estate is a matter of worry to everyone who is planning to buy their dream home. If you are too bothered by such high rates, then you need not worry. There is always an option to get a home loan for buying the house of your dreams. However, to get a home loan you need to be eligible first. Here is a brief of home loan eligibility criteria in India to give you a fair idea. However, you can also take help of online home loan eligibility check to get better insights.

Firstly, to be eligible to get a home loan it is important that you are at least one of the following segments:


Self employed


Hopefully this makes it clear enough that you need to have a regular income source to meet eligibility criteria for a home loan. This is because the bank expects your loan to be repaid on time and a person with regular income is expected to do so with ease. In simpler terms, the risks involved in lending funds to an earning person are much less as to that of someone with unsteady income base.

Let us discuss these categories in details:

Salaried Individual

If you fall under this category, you have to be a permanent employee of a private or public firm. If you are working with a private firm, it is important that the company is a reputed one. You will have to provide proof of income in the form of bank account statements, salary slips etc. if you don’t fall under this category but your spouse does, you can take the loan under his/her name.


a professional is a person who is a doctor, engineer, architect, accountant, dentist, consultant. If you fall under this category and can show steady income proof, you are eligible to get a home loan.

Self employed

Self-employed is a person running their own business. If you have your own business or have any other source of income you can apply for home loan but it is also vital that you are regularly filling your income tac returns.

Besides the categories, here are some factors that affect your home loan eligibility:



how much you are earning per month decides the amount of loan you are eligible for.


The home loan applicant must be at least 24 years of age at the beginning of loan and not more than 60 years at the end of loan. The age can be extended up to 65 years in case of self-employed people and professionals.

Interest rates

The eligibility for your home loan is often inversely proportional to the interest rate you are paying. If the interest rate is low, your eligibility will be higher.

Loan tenure

The longer is the tenure of your loan, greater will be the amount you are eligible for.

Existing loans

Most Indian banks try to keep the ratio of EMI to income somewhere between 50 to 60 percent. So, in case you have some existing loans going on, the eligibility amount will be reduced in order to maintain the said ratio.

Credit history

Banks will check your credit history from CIBIL score which is considered to be of high value in determining your eligibility. The information can be accessed in the form of credit information reports and to ensure you maintain a good credit history, it is important to pay your credit card bills and EMIs on time.



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