Your home loan eligibility determines whether you qualify for borrowing a home loan or not. Your lending bank conducts this mandatory housing loan eligibility check when you apply for a home loan. Based on your documentation, credit score and financial history the lending bank is able to analyse your financial status, creditworthiness and repayment capacity. A favourable impression that you leave on the lender increases your chances of getting a home loan. That’s why, before applying for a home loan it is important that you understand the eligibility criteria and make sure you fit the bill.
You can check your home loan eligibility by taking into account different factors such as your monthly income, current age, credit score, existing loan obligations (if any), and the years left to your retirement. Alternatively, you can also use our home loan eligibility calculator to calculate the exact amount of loan that will be disbursed. Just enter the required details like your monthly income, existing EMIs, and loan tenure along with the other details and our housing loan eligibility calculator will instantly display the total loan amount for you.
Home Loan Eligibility Criteria for an Individual
Indian Resident with a Gross Income of:
Home Loan Eligibility Criteria for a Partnership Firm/ LLP/ Indian Company
Home Loan Eligibility Criteria for a Hindu Undivided Family (HUF)
A home loan eligibility checker can help you identify whether or not you fit the housing loan eligibility criteria. It is crucial that you check home loan eligibility before applying for a home loan to avoid your housing loan application from being rejected. Moreover, the housing loan eligibility criteria is also a key indicator of how much loan amount can be approved in each case.
You can either manually calculate the total amount of loan you are eligible for, or you can do it in an easy and efficient way, that is, by using Kotak Mahindra Bank’s Home Loan Eligibility Checker. Simply enter the required information such as your employment type, customer type, monthly in-hand salary, existing EMIs, loan tenure, and current interest rate. The home loan eligibility calculator will calculate the exact amount of home loan that you are eligible for.
These factors affect your housing loan eligibility:
You can check our home loan eligibility checker to calculate the exact loan amount you are eligible for.
While sanctioning loan to a person, the bank or lending institution does a background check to determine whether the applicant is capable of repaying a loan or not. If capable, then how much loan should be disbursed. This process of the determination of creditworthiness of an applicant is known as home loan eligibility.
In the absence of salary slips, especially for non-salaried individuals, applicants may submit bank statements and complete ITR details as required by the lending bank. So, although salary slips improve your chances to get a home loan, it’s not mandatory.
Home loan eligibility plays an important role in deciding the total amount of home loan a bank or lender will sanction to you. Here are some ways through which you can improve your housing loan ability:
Check your housing loan eligibility with our housing loan eligibility checker. In the calculator:
Your home loan eligibility decides the amount of loan that can be sanctioned to you, and the following factors affect it:
Your income or salary is a reflection of your repayment capability that directly affects your home loan eligibility. If your in-hand salary (after PF and gratuity deductions) is higher then you get a better home loan deal and if it is lower, it makes it more difficult in procuring the loan. However, the bare minimum salary for residents of Mumbai, Delhi, Bangalore, Pune, and Chennai is Rs. 20,000/month while for the residents of other cities it is Rs. 15,000/month.
For a salaried applicant the age bracket lies between 18 and 60 years, while for self-employed professionals, it is from 18 to 65 years. However, younger applicants have an advantage over older applicants. They can opt for a longer tenure, the maximum being 20 years. This significantly reduces their overall interest rate and EMI.
In order to qualify for a home loan, you have to meet certain home loan eligibility criteria. These include your monthly income, credit score, age, existing loan obligations, and work experience. The banks or lending institutions use these criteria to determine whether you will be able to repay the loan or not.
You must meet certain housing loan eligibility criteria to qualify for a loan. So, it is advisable to use these parameters to calculate the amount of the loan. Our home loan eligibility checker is the right tool for you. It saves you from the hassle of calculating it by yourself and helps in better planning of repayment schedules.
You can easily calculate this by using our housing loan eligibility calculator through these simple steps:
Kotak Mahindra Bank offers great flexibility not only on the housing loan eligibility but on the total amount of loan disbursed too. Right from a minimum loan amount of Rs. 10 lakhs you can avail of a loan as high as Rs. 10 crores. However, the total amount of the loan disbursed all depends on your eligibility.
Disclaimer (Things you should know):
For loans: Credit at the sole discretion of the Bank and subject to guidelines issued by RBI from time to time. Bank may engage the services of marketing agents for the purpose of sourcing loan assets.
* Rs. 5,000 Flat processing fee applicable for women applicants.