Home Loan Eligibility Calculator

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.

How to use Kotak Mahindra Bank’s Home Loan Eligibility Calculator?

A home loan eligibility checker can help you identify whether or not you fit the housing loan eligibility criteria. It is crucial that you check home loan eligibility before applying for a home loan to avoid your housing loan application from being rejected. Moreover, the housing loan eligibility criteria is also a key indicator of how much loan amount can be approved in each case.

 You can either manually calculate the total amount of loan you are eligible for, or you can do it in an easy and efficient way, that is, by using Kotak Mahindra Bank’s Home Loan Eligibility Checker. Simply enter the required information such as your employment type, customer type, monthly in-hand salary, existing EMIs, loan tenure, and current interest rate. The home loan eligibility calculator will calculate the exact amount of home loan that you are eligible for.

Factors Affecting Housing Loan Eligibility

These factors affect your housing loan eligibility:

• Your Monthly income: Your monthly income is one of the most important aspects of a home loan application process. It helps lenders decide the total amount of loan that you can afford. A person with a low income will be eligible for a lower loan amount and vice versa.
• Your Current Age: Next important factor that affects your home loan eligibility is your current age. If you are young, then you can opt for a long loan tenure. Since tenure is long your interest rate will be low, which, in turn, will lower your EMI.
• Credit History: A good credit history indicates that you are sincere in paying your dues and that you have a solid financial state. A good credit history leaves a positive impact on the lenders, which increases your chances of getting a home loan.

• Existing Loan Obligations: It is to keep in mind that if you have any existing loan obligations, it can impact your housing loan eligibility. These are considered as regular monthly expenses that can affect your loan repayment ability.
• Regulatory Requirements: The National Housing Bank (NHB) has set a limit that decides the maximum loan amount that can be disbursed. This depends on the cost of the residence. The high-priced homes in the market may have lower maximum limit while the lower-priced homes may have a higer maxim limit.

You can check our home loan eligibility checker to calculate the exact loan amount you are eligible for.