In the case of a salaried person, Income plays an important role
while applying for a home Loan and the minimum salary should not be
less than Rs.25,000/- per month.
In the case of a self-employed person, your eligibility is
determined by the latest ITR or Income TAX Returns divided by 12
which makes the eligibility criteria.
Employment or Business continuation
The minimum employment for a salaried person fully relies on their
Income TAX Returns with form 16 and form 26AS and other
In the case of a Self-employed person, the last 3 years of Income
TAX Returns and another financial statement like a balance sheet,
etc. which we will discuss in detail in the documentation part.
The value of the particular property is considered while applying
for a Home Loan because Banks and NBFCs give the finances up to 75%
to 90% of the total value of the property.
Age of Applicant: this matters a lot while applying for a home loan
and differ for a
salaried and self-employed person as well as for guarantor as well
If the applicant Is Self-Employed then the minimum salary can be
and goes up to the maximum age of 65 Years.
In the case of a salaried person, the minimum age decided by the
21 Years and the maximum age should not be more than 60
For applying for a home loan, a perfect CIBIL score is required
which should not be less than 700.
If the applicant’s CIBIL is less than 700 then the applicant must
have a VALID REASON for a lower CIBIL.
If the applicant CIBIL gets affected due to COVID Lockdown
due to which the applicant
has to suffer for job or business which delayed the repayment of
loans and the applicant is back with work and the business profit
goes up then the bank will disburse the home loan for the certain
rather than this no home loan for CIBIL less than 700.
The eligibility is different, but the applicant who is salaried
self–employed professionals, self–employed nonprofessionals, and
private limited companies are