So, you’re about to apply for a home loan with Tata Capital to fulfill your long-held dream of having a place of your own? That’s great! However, it would be best to look at the lender’s home loan eligibility criteria if you looked before you leap. Let us find out what they are.
Basic Home Loan Eligibility Criteria
Some necessary conditions must be met before you can apply for a home loan with Tata Capital. Given below are the home loan eligibility criteria –
- Your age should fall within the prescribed range of 24 to 65 years (the upper limit is for the time of completion of a home loan)
- You should either be a salaried individual or a self-employed individual.
- Your CIBIL or Credit score must be good. Meaning, you should have a CIBIL score of 750 or above.
Home Loan Eligibility Criteria for Salaried Individuals
Home Loan eligibility criteria for Tata Capital are further based on whether you are a salaried individual or a self-employed individual. Given below are the same for a salaried individual –
- The home loan applicant must have a minimum salary of Rs. 30,000
- The home loan applicant must have a minimum work experience of two years.
Home Loan Eligibility Criteria for Self-Employed Individuals
There are no minimum salary or income requirements in the case of self-employed individuals. Given below is the home loan eligibility criterion for those home loan applicants that are self-employed –
- Such home loan applicants must have a minimum work experience of three years in their current field.
Tips to Enhance Home Loan Eligibility
Using the tips mentioned below, you can increase your home loan eligibility –
- Build a good CIBIL Score
Maintaining a good credit or CIBIL score is not only the most sure-shot way to enhance home loan eligibility but doing so will also help you avail of lower home loan interest rates. So, naturally, low home loan interest will translate into lower EMIs. A good CIBIL score would be anything that ranges from 750 to 900, with 900 being excellent.
- Clear all Existing Loans and Dues
If you are currently repaying older loans, now is the time to reconsider getting a home loan before you have repaid your previous dues. This is because your home loan eligibility greatly depends upon your debt-to-income ratio, and pending loans will increase this ratio, impacting your home loan eligibility. So, make sure you repay all existing loans and credit card dues before applying for a home loan.
- Take Joint Loans
Another effective way to enhance home loan eligibility is to have a co-applicant with a stable income source and a solid credit record. More often than not, spouses are considered ideal co-applicants for home loans; however, parents, siblings, or adult children are also eligible.
Before applying for a home loan with Tata Capital, use their home loan EMI calculator. This home loan calculator will display the amount of EMIs you will need to shelve out each month towards loan repayment. Use essential tools and plan well in advance when you’re about to make the most significant investment of your life.