Indiabulls Home Loan Eligibility

One of the most important factors that can have an effect on your Home Loan eligibility is age. The age determines your capacity to repay the loan and serve the equated monthly instalments (EMIs). The higher is the age, the lower are your chances of getting approved for longer tenure.

The minimum age essential to be eligible to apply for the Home Loan at Indiabulls is 21 years. The maximum Home Loan tenure at Indiabulls is 30 years. The borrower's age should not exceed 65 years at the time of loan maturity.

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The salary or income of an applicant is another important parameter to determine the Home Loan eligibility at Indiabulls. The take-home salary or turnover (in case of self-employed) is taken into consideration while estimating the loan serving capacity of the applicant. It helps the financial institution to determine the borrower’s capacity to pay the EMIs based on the current expenses and lifestyle.

The income stability of an applicant is determined based on the nature of employment as well. Indiabulls will check whether the applicant is a salaried employee or a self-employed individual while reviewing the Home Loan application. It will also have a look at the job/business stability. The applicant must have a minimum experience of 2 years.

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The entire property will not be financed by Indiabulls. It provides an LTV up to 90%. The borrowers have to fund the remaining margin on their own.

The CIBIL Score takes in to account the existing/ past payment records of loans and Credit Card bills to know about the creditworthiness of the applicant. It is the most important factor that determines your eligibility to get the Home Loan. Higher the credit score, greater are your chances of getting the Home Loan application sanctioned at Indiabulls. The minimum credit score of 550 and above is must to be eligible for the Home Loan at Indiabulls.   
Following are the factors that can affect your CIBIL score:

Late payments: The delayed payments of the existing or past loans can decrease your CIBIL score.

A high number of unsecured loans: It is important not to have more unsecured loans as it shows the financial stress and can have an adverse effect on the CIBIL score.

Usage of credit limit: The Credit Card bills should be paid on time and one should not exceed the card limit often. The frequent withdrawals and exceeding Credit Card limit often show credit indiscipline and will lower your CIBIL score further.

Multiple loan applications: The applicant must not apply at multiple financial institutions for a Home Loan. If the application is rejected it is advised to improve your creditworthiness and then apply again for a Home Loan at Indiabulls.

FOIR (Fixed Obligation to Income Ratio) is used to determine the Home Loan eligibility. The Indiabulls will take into consideration all the current EMIs and fixed obligations such as rent, utility bills, and so on to estimate your Home Loan eligibility. The minimum FOIR of 0.65 is must to be eligible to get the Home Loan from Indiabulls. It is recommended to calculate the eligibility prior to applying for a loan at Indiabulls to get a clear picture of your Home Loan eligibility.

Below mentioned are the different Home Loan products offered by Indiabulls:

Indiabulls offers the following types of schemes under its Home Loans segment:

Home Loans

Home Loan to NRIs

Plot Loans

Home Improvement Loans

Home Extension Loans

Rural Home Loans

Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme (CLSS)

Home Loan Balance Transfer

If you want to increase your eligibility for Home Loan amount, following tips may help:

• Repay all existing loans or any other Credit Card dues
• Add income from other sources to your monthly salaried income like rent, bonus, and so on.
• Add spouse as a co-applicant so that their income can be added
• Mention the bonuses or other benefits from the employer that have been received from time to time.