Eligibility for employees:
Current age and remaining working years: The age of the applicant plays a major role in determining eligibility for the home loan. The maximum term of the loan is 30 years.
Age limit for various types of income:
- Loan seekers receiving part of their salary in cash: The loan conditions cannot exceed the retirement age.
- Employees without a pension: It can be extended for another 10 years after retirement. For example, if the retirement age is 60, the closing age will be 70.
- Self employed: It should be closed at the age of 75.
- The minimum income must be INR 30,000 for a borrower
- For more than one person receiving cash salary, the total should be INR 40,000.
Maximum loan duration: 30 years.
Financial situation: An individual’s current income and income prospects are of great importance when sanctioning a loan.
Past and present credit history and credit score: Another important thing to consider when granting a loan is a person’s credit score.
Other financial obligations: Outstanding loans, such as car loan, credit card debt, etc., are all taken into consideration.
Repayment: EMIs can be debited from the borrower’s savings account.