LIC Home Loan Review Griha Suvidha – Advisor Forbes INDIA

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.

Minimum income:

  • 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.

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