Before approving a home loan, lenders consider several factors to assess the repayment capacity of the applicant. Here are the common ones:

  • Age: The applicant should be between 18 to 60 years old.
  • Income: The applicant should have a stable income. The minimum income requirement may vary across lenders.
  • Credit Score: A credit score above 750 is generally preferred by most lenders.
  • Employment Status: Both salaried and self-employed individuals can apply for a home loan.
  • Work Experience: The applicant should have a minimum of 2 years of work experience.
  • Residence Type: The applicant can be a permanent resident or a Non-resident Indian (NRI).
  • Property Type: The property to be purchased or constructed can be a completed/under-construction project or a plot of land.