Home Loan Eligibility

The KMBL Home Loan Eligibility Calculator is convenient to use. It provides an estimate of the loan amount available to you after examining your eligibility with the required details below:

*The calculator is given only as a general self-help planning tool. The results may vary according to the assumptions provided by the customer and other factors. We neither guarantee their accuracy nor applicability to your circumstances.

Home Loan Eligibility Criteria

Home Loan Eligibility Criteria for an Individual

Age:

• Home Loan Eligibility for Salaried persons is between 18 and 60 years.
• Home Loan Eligibility for Self-employed persons is between 18 and 65 years.

Indian Resident with a Gross Income of:

• Minimum Income of Rs. 20,000 per month for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai.
• Minimum Income of Rs. 15,000 per month for the residents of other cities.

Minimum Qualifications:

• If the applicant works with a private limited company or a partnership firm, the minimum educational qualification required is a Bachelor’s degree.
• If the applicant is employed with either a public limited company or MNC or Government or public sector company, no minimum qualification is required.

Home Loan Eligibility Criteria for a Partnership Firm/ LLP/ Indian Company

• The firm/organization should have been existing for a minimum of three years.
• The partnership firm/LLP/Indian Company should have a minimum net income of:
  • 2,40,000 per annum for companies/firms/LLPs in Delhi, Mumbai, Bangalore, Pune, and Chennai.
  • 1,80,000 per annum for companies/firms/LLPs in other cities.

Home Loan Eligibility Criteria for a Hindu Undivided Family (HUF)

• The applicant or the co-applicant must be the Karta of the HUF.
• The HUF should have been in existence for a minimum of three years.
• The HUF should provide their IT returns for a minimum of three years.
• HUF with a Minimum Net Income of:
  • 2,40,000 per annum for the HUFs in Delhi, Mumbai, Bangalore, Pune, and Chennai.
  • 1,80,000 per annum for the HUFs in other cities.

Factors that affect your home loan eligibility

Your age: Your age is one of the main factors determining your home loan eligibility, and it may affect your monthly payment and interest rate for the given loan amount. If you are young, you may opt for a long loan tenure and get a loan with a lower EMI and low home loan interest rate.

Your income: Your monthly income will influence how much of an EMI you can afford. So, high-income individuals may be eligible for a higher loan amount.

Your existing loan obligations: In addition to your income, existing financial obligations such as credit card debt or other loans may also have an impact on your eligibility. These are considered regular monthly outflows and reduce the EMI portion you can set aside for house loan repayment.

Your credit report: The credit report gives a bird’s eye view of your financial state. It assists the lender in determining your ability to repay the loan. It is a significant factor for loan approval or rejection.

Regulatory requirements: The National Housing Bank (NHB) has also set limits on the maximum loan amount as a proportion of the home’s purchase price. This permissible limit fluctuates slightly and depends on the cost of the residence. Lower-priced homes may have a higher maximum limit and vice versa.

General Questions regarding Home Loan Eligibility