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Housing Loan Eligibility Criteria

Potential borrowers must meet certain Home Loan eligibility criteria before applying for a Home Loan to experience hassle-free loan processing. The criteria include parameters related to age, income, employment status and stability, and property value.

Both self-employed and salaried individuals can avail of credits against separate sets of Home Loan eligibility requirements. The Home Loan eligibility criteria of Bajaj Housing Finance are simple and easy-to-meet.

Check Home Loan eligibility for both salaried and self-employed individuals below and apply as per your profile.

Salaried Individuals Self-Employed Individuals
The applicant must be employed with a stable source of salaried income from a public or a private company or a multinational with a minimum 3 years of work experience The applicant must be self-employed with a business continuity of over 5 years in the current enterprise
He/she must be between 23 and 62 years of age** He/she must be between 25 and 70 years of age**
He/she must be a residing Indian citizen He/she must be a residing citizen of India

Note that the home loan eligibility requirements are indicative and can include additional criteria.

**The maximum age is considered as age at the time of loan maturity.

Professionals, namely doctors and chartered accountants, can also apply for a Home Loan for a competitive offer. While all criteria remain the same as stated above, professional applicants must also meet additional qualification criteria. Doctors must hold an MBBS or a subsequent higher degree, and CAs must have a valid COP.

Note: In the case of professionals, the years of experience are counted post qualification.

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Home Loan Documents Required

Apply with the following set of home loan documents* to avail of funds from Bajaj Housing Finance. The documents required for a home loan are minimum to shorten the processing time.

KYC Documents

KYC documents (documents that serve as proofs of your identity and address)

Proof of Income

Proof of Income (based on the applicant’s profile; includes latest salary slips for salaried applicants and P&L statements for self-employed applicants)

Business Proof

Proof of business existence with a vintage of not less than 5 years (for self-employed applicants only)

Account Statements

Statements of your primary account of your last 6 months as proof of income


*The list of documents required for a home loan is indicative. Borrowers may need to provide additional documents to showcase their home loan eligibility.

All applicants must also provide a set of property documents required for a home loan, such as the title deed and allotment letter.

Use the Bajaj Housing Finance Home Loan EMI Calculator to figure out a suitable loan amount and the instalments payable before applying for the loan.

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Home Loan Eligibility Calculator

Use our Home Loan Eligibility Calculator to estimate the Home Loan suitable for you as per your income and repayment capacity. Enter only a few essential details, such as your monthly income, city of residence, date of birth, and monthly obligations, to arrive at a suitable value as per your Home Loan eligibility.

The calculator provides an instant and error-free estimate of the maximum Home Loan amount borrowers can avail of against their current eligibility. Use the calculator before applying for a Home Loan to improve your chances of approval.

Proper planning and timely repayment can help borrowers maximize advantages, such as improved credit score, and Home Loan tax benefits.

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Home Loan Eligibility: Important Factors

The home loan eligibility of an individual depends on various factors. These include:

1. Applicant Age

An individual’s age determines a suitable tenor for the home loan. Applicants at the onset of their career can conveniently avail of the loan for an extended tenor due to their repayment potential for a long term. Lenders, thus, cap the maximum borrowing age for salaried and self-employed applicants to reduce the risk of default in repayment.

2. Credit Profile and Score

An applicant’s credit profile and score are other essential home loan eligibility parameters that help lenders identify the risk involved in extending the loan. Individuals with a high credit score of over 750 and a healthy credit profile of timely repayments stand a better chance of receiving prompt approval for a housing loan.

3. Employment Status/Business Stability

Based on the applicant’s profile, financial institutions also check their income stability. Employment of 3+ years for salaried applicants depicts a stable income source and an increased propensity for timely repayment.

Similarly, self-employed individuals with a current business vintage of 5+ years depict suitable home loan eligibility with stable occupation and a reliable income for timely repayment.

4. Condition of the Property

The mortgaged property’s condition, current market value, and resale value also determine a borrower’s eligibility for a housing loan. Properties with all amenities in their vicinity and situated in prime locations stand a better chance of raising high loan value, and vice versa. Lenders also consider a property’s age as a contributing factor in determining the maximum loan amount they can extend. Properties constructed recently carry a higher propensity for a sizeable loan amount.

5. FOIR

Fixed Obligation to Income Ratio, or FOIR, is a measure of an applicant’s repayment capacity. It is calculated as a percentage of one’s monthly income against the fixed monthly liabilities, such as EMIs and rent. FOIR contributes to the overall housing loan eligibility and a lower FOIR can enhance your chances for a higher sanction.

6. LTV

The Loan-to-Value ratio, or LTV, represents the maximum loan amount a lender can extend as a percentage of the mortgaged property’s current market value. As per the RBI guidelines, lenders can extend 75% to 90% of the property’s value as a Home Loan to individuals.

Loan Amount LTV ratio
Up to Rs. 30 lakh Up to 90%
Above Rs. 30 lakh and up to Rs. 75 lakh Up to 80%
Above Rs. 75 lakh Up to 75%

Applicants must, therefore, make a down payment of not less than 10% of the property’s valuation to avail of the required loan. The amount of down payment required and the total loan value available also depend on the LTV set by the lender within the capping mentioned in the above table.

*Terms and conditions apply

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