Lenders have drafted a set of parameters for borrowers that are to be fulfilled while availing for a home loan. Home loan eligibility criteria include age, income, work experience, and credit history.

Any salaried, self-employed or professional individual can apply for a home loan, provided he meets the eligibility criteria mentioned below

Age criteria: An applicant must be 21 years or above

Income criteria: Before granting a home loan, the lender carries out an assessment of the applicant’s incomes and expenditures. The borrower needs to have a regular source of income to enhance the chances of home loan approval as it attests the borrower's repayment capacity. For self-employed individuals, the home loan value approved is dependent on the profit earnings shown in the yearly accounts.

Credit History: One of the crucial eligibility criteria for getting a home loan approved is the borrower's credit history. A clean credit history will help you get home loan without any hassle. This includes timely payment of credit card bills and other personal loans.