STAY UPDATED!

We're constantly crafting offers and deals for you. Get them delivered straight to your device through website notifications.

All You Have To Do Is Click On "Allow".

Home Loan Eligibility And Documents

Home Loan Eligibility

You have to meet some basic conditions to get a home loan. Our easy-to-use home loan eligibility calculator will let you determine your housing loan eligibility in a quick and seamless manner. You can use our Home Loan Eligibility Calculator to find out your eligibility. To be eligible for Tata Capital Home Loan, you have to meet a few basic home loan eligibility criteria. 

  • You should be between the ages of 24 to 65 (at the time of completion of your home loan)
  • You should be a salaried individual or a self-employed professional
  • Your CIBIL score should be about 750 or above 

 

Home loan eligibility criteria will further differ depending on whether you are a salaried individual or a self-employed individual

Home Loan Eligibility for Salaried Individuals

For salaried individuals, home loan eligibility criteria is as follows –

  • Monthly salary must be a minimum of Rs. 30,000
  • A minimum of two years of work experience is a must 

Documents required for Home Loan

Age Proof

A Copy of your Passport, Driving License, Life Insurance Policy, Birth Certificate, PAN Card & School Leaving Certificate

Photo Identity Proof

A copy of your Voter ID / Passport / Driving License / Aadhaar Card / PAN Card

Address Proof

A copy of your Utility Bill / Bank Statements / Property Registration Documents / Property Tax Receipt / Voter ID

Salary Slips

A Copy of your Salary slips for the last three months / Appointment letter / Yearly increment letter / Certified true copy of Form 16

Income Proof

A copy of your Salary account bank statements for the last six months

Existing Loan Details

Existing loan details should be provided through bank statements

Processing Fee Cheque

To be issued from the salary account for Salaried customer or the business account in case of Self

Home Loan Eligibility for Self-Employed Individuals

For self-employed individuals or entrepreneurs, home loan eligibility criteria are such that they have must at least three years of experience in their current field.

Documents required for Home Loan

Age Proof

A Copy of your Passport, Driving License, Life Insurance Policy, Birth Certificate, PAN Card & School Leaving Certificate

Photo Identity Proof

A copy of your Voter ID / Passport / Driving License / Aadhaar Card / PAN Card

Address Proof

A copy of your Utility Bill / Bank Statements / Property Registration Documents / Property Tax Receipt / Voter ID

Business Proof

A copy of the last two years' Income Tax Returns / your Business profile on letter head / Registration certificate for business commencement

Income Proof

A copy of the last three years' Profit & Loss (P/L) Projection Statement / Operative current account statement for the last six months / Bank statements for the last six months of CC/OD facilities, if taken.

Existing Loan Details

Your existing loan details should be provided through bank statements

Processing Fee Cheque

To be issued from your business account

Home Loan Eligibility for NRIs

For Non-Resident Indians, the following is the home loan eligibility criteria

  • Must be within the age group – 24 to 65 years

  • Must be a salaried individual with at least three years of work experience

Documents required for Home Loan

Age Proof

A Copy of your Passport, Driving License, Life Insurance Policy, Birth Certificate, PAN Card & School Leaving Certificate

Photo Identity Proof

A copy of your Voter ID / Passport / Driving License / Aadhaar Card / PAN Card

Address Proof

A copy of your Utility Bill / Bank Statements / Property Registration Documents / Property Tax Receipt / Voter ID

Salary Slips

A copy of your pay slips for the last six months along with employment stability documents such as appointment letter/previous employment history

Income Proof

Overseas salary account details for Indian NRE/ NRO account statements for the last six months

Credit Report

NRI applicants should submit a Credit Report of their current country of residence, wherever it is applicable as per Tata Capital norms.

Existing Loan Details

Existing loan details should be provided through bank statements

Processing Fee Cheque

To be issued from the salary account for Salaried customer or the business account in case of Self

PMAY Calculator

Balance Transfer Top Up Calculator

Calculate your Eligibility

Area Conversion Calculator

Ways to Improve Your Home Loan Eligibility

There are four major ways in which you can improve your home loan eligibility. They are –

  • Opting for a Longer Tenure

  • Improving Your CIBIL Score

  • Having an Additional Source of Income

  • Adding a Co-applicant

Let us look at each in detail -

  • Opting for a Longer Tenure

Home loans with a longer tenure can improve your home loan eligibility as the EMI amount will be lower. Hence, you are more likely to make on-time payments. Home loans with a longer tenure will give you more time for repayment. Home loans with a longer tenure will give you more time for repayment.

  • Improving Your CIBIL Score

Your loan amount and loan approval are dependent on your CIBIL score or Credit score. If your Credit score is above 750 then it makes you a good candidate for home loans. A good CIBIL score also leads to low home loan interest rates. Repaying debts in a timely manner will improve your CIBIL score and in turn, your home loan eligibility.

  • Having an Additional Source of Income

Your eligibility for a home loan can be improved by having an additional source of income. This will indicate that you have a higher repayment capacity. An additional source of income can include part-time business, rental income, rent from equipment or machinery, etc.

  • Adding a Co-applicant

You can improve your home loan eligibility by adding an earning family member with a good credit score as a co-applicant. This will increase the loan amount that you can borrow because your EMI affordability will increase.

FAQ

To be eligible to avail a home loan, you should meet the following criteria –

  • Age Limit – 24 to 65 years 
  • Salaried Individuals – Minimum salary of Rs. 30,000 and at least two years of work experience 
  • Self-Employed Individuals – At least three years of work experience in the current field

CIBIL or Credit Score parameter has the greatest impact on home loan eligibility. CIBIL score is a number assigned to you based on your credit history and a track record of your previous loan repayments, credit card bills, and the likes. Generally, a CIBIL Score ranging between 700 and 900 is considered to be good. CIBIL Scores help in determining the credit-worthiness of home loan applicants or borrowers. The higher your credit-worthiness, the easier it will be to get a home loan.

Home Loan eligibility is calculated after considering a number of factors such as monthly income, current age, fixed monthly obligations, type of employment, academic qualifications and work experience, and credit and payment history. 

To calculate your home loan eligibility, you can use a home loan eligibility calculator – a simple online tool using which you can find out your home loan eligibility within seconds.

Yes. A co-owner helps to increase home loan eligibility. In fact, one of the ways to increase your home loan eligibility would be to add co-applicants who have an independent source of income. Tata Capital will consider the co-applicant(s)’ income before assessing your repayment capacity. This will naturally increase the amount of home loan that you can be eligible for.

There are several factors that affect your home loan eligibility –

  • Age – must be within 24 to 65 years 
  • Income – The greater your monthly income, the higher your home loan eligibility 
  • CIBIL Score or Credit Score – A good CIBIL or Credit score, generally in the range of 750 and above, will improve your chances of getting a home loan 
  • Fixed Monthly Obligations – Must be restricted to 50% of the monthly income 
  • Type of Employment – Home loan eligibility will differ depending on whether you are a salaried individual or self-employed individual 
  • Academic Qualifications and Work Experience – High academic qualifications and impressive work experience increase home loan eligibility 

At Tata Capital, we believe in extending home loans that involve minimal paperwork, reasonable interest rates, and flexi EMI plans.

Home loan eligibility of a salaried person is as follows –

  • Applicant should ideally be earning at least Rs. 30,000 per month 
  • Applicant should ideally have at least two years of experience in their current field of work 

For a self-employed individual or entrepreneur, there are no conditions in terms of their earnings; however, there is one criterion that must be met for home loan eligibility -

  • Applicant should ideally have at least three years of experience in their current field

Yes, the documents required for home loan may vary among lenders based on your loan scheme, loan purpose, and individual credit profile. To avail a home loan with Tata Capital, an applicant must present the following documents as valid proofs –

  • Age Proof

  • Photo Identity Proof

  • Address Proof 

  • Salary Slips/Business Proof

  • Income Proof 

  • Existing Loan Details

  • Processing Fee Cheques

Find the right loan for you

WHY CHOOSE US

CUSTOMIZED PRODUCTS
MINIMUM DOCUMENTATION
EASY APPLICATION PROCESS
STRONG AFTER SALES SERVICE

Customer Speak