“How much loan can I get for house” is one question people usually ask when they plan to apply for a home loan. I am here to answer your question. Home loan eligibility criteria have common parameters across every NBFC (Non-Banking Financial Company) and banks. However, there can be certain criteria that are applicable for different lenders as per their requirements. It’s important to know about the home loan eligibility criteria to ensure that the process of application becomes easier and smoother for you.
How Much Loan Can We Get for House: Eligibility criteriaThere is a certain eligibility criteria which must be met if you wish to get a home loan. Although the conditions may vary for each financial institution, the general conditions are as follows:
Income |
Rs. 25,000 |
Age |
18 to 70 years |
Credit Score |
Above 750 |
Employment Status |
Non-Salaried or Salaried |
Work Experience |
2 Years |
Residence Type |
Non-resident Indian (NRI) or Permanent resident |
LTV Ratio |
Up to 90% |
Property Type |
Buy land and construct a house, build on own land, plot/land, and under construction/completed project |
I want you to remember that the loan eligibility criteria differ depending on a lender/ bank. You will get the approval based on borrowers' credit profile, income, and existing relationship with the bank. Generally, a salaried individual can get a home loan approximately up to 60 times his/her net monthly income. For example, you can get a home loan up to approximately Rs. 30 lakh if your net monthly salary is Rs. 50,000.
Wondering How Much Loan Can I Get for House? Check it on NoBroker Check How Much Home Loan You Can Get on 20000 Salary Check How Much Home Loan You Can Get on 40000 Salary Check How Much Home Loan You Can Get on 60000 SalaryI hope now you know how much loan can one get for house!
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Authors Of The Question
How much loan can I get for house?
Shree
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3 Year
2021-09-06T19:02:43+00:00 2021-09-07T19:00:09+00:00Comment
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