Home Loan Eligibility Criteria | Apply for Home Loan Online

Home Loan Eligibility Criteria | Apply for Home Loan Online

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Your ability to obtain a home loan depends in part on your CIBIL Score. The bank will look at your CIBIL score when you apply for a home loan. A good credit score will make it simple for your loan application to be approved. However, if your credit score is low, it's likely that your loan application will be turned down. So, before requesting a home loan, check your CIBIL score.

Home Loan Eligibility

The requirements for home loans vary from bank to bank. The fundamental requirements set forth by ICICI HFC for each applicant are as follows:

The minimum age for applying for a loan is 18, and this requirement must be met. The age limit would be 60 at the most.
The applicant must be an Indian national, an NRI, or a person of Indian ancestry (PIO)
The applicant's occupation must meet certain requirements, and he or she may be salaried or self-employed.
The borrower's credit score must meet the requirements. This is one of the most important requirements for receiving a home loan. In the Apna Ghar programme, ICICI HFC provides home loans to people who do not have a CIBIL score.

Home Loan eligibility for Salaried individuals

The eligibility requirements for a home loan apply to people who are employed permanently by the government or reputable businesses.
At the time of loan origination, applicants must be older than 21 years old, and at the time of loan maturity, they must not be older than 60 or have reached retirement age, whichever comes first. Using the home loan EMI calculator, you can determine how much you must pay in monthly instalments.

  • Identity, address, and age proof
  • Last 2 months’ salary slip
  • Form 16/Income Tax Return
  • Last 3 months’ bank statements

Home Loan eligibility for Self Employed individuals

Anyone who files income tax returns is eligible.

When the home loan is first started, applicants must be older than 21. When the loan matures, applicants must be younger than 65.

Find out if you qualify for a loan using this calculator for home loans.

  • Identity, resident, and age proof
  • Last 2 years’ income tax returns and computation of income
  • Last 2 years’ balance sheets, profit and loss(P&L) account statements and capital account statements certified by CA.
  • An audit report of the last 2 years

Factors that decide housing loan eligibility

Here’re the factors that determine your home loan eligibility:

  • Age
  • Income and expenditure pattern
  • Employment status
  • Credit score
  • Property type
  • Loan amount

Margins

For home loan upto Rs. 30 Lakhs - 10%
For home loan above Rs. 30 Lakhs upto Rs. 75 Lakhs - 20%
For loan above Rs. 75 Lakhs - 25%

Step by Step Procedure to get a Home Loan from Standard Chartered Bank?

Here’s the step-by-step home loan process –

  1. Make an application for Home Loan
  2. Submit all documents as per the checklist
  3. A loan is sanctioned detailing the ROI and other terms
  4. Submit all disbursement related documents
  5. Avail disbursement
  6. Deposit the post disbursal documents required for a home loan, if any

What is the ideal Home Loan Tenure?

There is no perfect length for a home loan because it depends on your ability or affordability to repay the loan amount. The tenure should be as brief as possible, though. The interest cost is too high over a long period of time. Therefore, it is best to choose the loan term with the shortest payment requirement that you can afford. Please take note that if you select a shorter tenure, the home loan EMI will be higher.

How To Apply Online For Home Loan?

Obtaining a mortgage is a necessary step in building the house of your dreams. It is the barrier that stands between you and the house of your dreams. A person only needs to finish a few bank procedures to apply for a home loan with ICICI HFC, and the loan will be approved in 3 to 5 days. Among all NBFCs and banks in the market, ICICI HFC's eligibility requirements for home loans are some of the simplest. When you choose a housing loan from ICICI HFC, half of your work is already done. This article will explain what a home loan is, its features and advantages, and how to apply online with ICICI HFC for one.

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