A few months back, I took out a home loan. Before opting for the home loan, I called the customer service of the bank and asked for the details of the loan. The support staff told me about the IDFC home loan eligibility, interest rates, etc. Apart from that, he also told me about the factors that determine home loan eligibility. I have added those factors below.
What are the IDFC First Bank Home Loan Eligibility Factors?
If you want to know about the eligibility criteria, then you must go through the answer provided by Venkat. Here are the factors that the customer support person had told me about.
CIBIL Score: CIBIL score or credit score plays the most important factor when option for home loans. He told me that to avail home loans at affordable rates; I need to have a credit score above 750.
Expense to Income Ratio: He also mentioned that the probability of getting a loan is much better if I have a low expense to income ratio. He said this shows the bank that I have enough funds to pay the monthly EMI.
Age of the Applicant: Age is another important factor. Younger people can have long repayment tenures, thus making it easier for them to pay the loan without default.
This is all the information that I had received from the IDFC customer support person about the IDFC Bank home loan eligibility. I hope this helps.
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I was looking to take a home loan a few months ago and started inquiring about the eligibility criteria across various banks. I also checked the eligibility in IDFC and I can tell you the IDFC home loan eligibility criteria through my answer.
What is the IDFC First Bank Home Loan Eligibility Criteria?
The eligibility criteria for a home loan at IDFC Bank are as follows:
For salaried
You must have a minimum of 3 years of experience.
You should be aged between 21 and 60 years.
The home loan tenure should be between 12 to 360 months.
You should have a yearly income of at least Rs. 1 lakh.
For self-employed
You should have at least 4 years of business continuity.
You should be an Indian resident.
You should be aged between 23 and 70 years.
Your yearly income should at least be Rs. 1.5 lakh.
The home loan tenure should be between 12 months to 300 months.
So, this is all about the IDFC bank home loan eligibility criteria from my end. You’ll have to fulfil the criteria according to whether you are a self-employed or a salaried employee to get the loan.
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Authors Of The Question
What is IDFC Home Loan Eligibility?
Jeet
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2 Answers
6 months
2024-06-30T23:24:39+00:00 2024-08-06T15:08:48+00:00Comment
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