Have you always aspired to buy a house? That dream can turn into a reality if you consider taking a home loan.

Taking a loan has now become considerably easier with banks and financial institutions.

However, before approving a loan, there are certain things the lender has to verify before they trust you with their money.

To receive a trouble-free home or housing loan, you must meet specific housing loan eligibility criteria.

Please look at the following factors; they will teach you how to check your home loan eligibility.

1. Your Age

The tenure of your housing loan depends on your age to a great extent. It is often easier for younger applicants to get a loan as the lender’s concern is the number of years you have left as a salaried or working professional.

On the other hand, financial institutes tend to hang back if you are closer to retirement. You can use a home loan eligibility calculator on websites of financial institutes like PNB Housing to check home loan eligibility.

2. Your Profession And Income

Financial institutions check your annual income to determine the maximum housing loan amount you can avail of.

Thus, you should make sure that you have consistent income, stable finances, and the prospect of better earnings in the future.

Unusual jobs that are uncertain offer no security or have an inconsistent income flow, which can lead the lenders to question your ability to return the loan amount in time. Continual changes in your job will also have negative consequences.

3. Your Credit Score

Financial institutions evaluate the credit history of the applicant before sanctioning the housing loan. Therefore, you must maintain a healthy credit score. A high credit score will indicate your high refund capacity and elevate your home loan eligibility.

4. Your Property

The property you are taking a housing loan is also a concern to the lenders since the property is the security based on which you get the loan.

So, if your property is worth more, you will get a higher amount loan. Therefore, it is essential to choose a property that can increase in value in upcoming years.

The lenders also consider the amount you are paying as a down payment. For example, if you have funds for about 20% for a down payment, you are likely to get the housing loan with ease.

5. Any Dependents

The number of dependents you have will also play a crucial role in your housing loan.

The more dependents you have, the lesser the disposable earnings, plus the lesser will likely be your ability to pay back the loan. So, again, this can exert an influence on your housing loan eligibility.

Essential Eligibility Criteria: Housing Loans

It is to be noted that the eligibility criteria mentioned above for housing loans vary from one lender to another. But, some fundamental standards are applicable for every housing loan applicant. So, go through the following facts to check your home loan eligibility.


Buying a house is an achievement of a lifetime. So, it would be best to study all the attributes of your housing loan before taking it. Keep these factors in mind, and as long as you work on them, your dream to build a home will soon turn into a reality.

Also Read: Home Loan Comparison – Do It Prior To Applying For A Home Loan


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