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It's the most important aspect of home loan. There are two types of eligibility

Let’s look at the details of each one of them

1) Property Eligibility OR Loan to Value (LTV): This is governed by the RBI guidelines, the following are the LTV’s across loan amounts

Loan Amount Bank Financing / LTV Self Margin OR Self Contribution
less than 30 lakhs 90% of PV 10%
30 -75 lakhs 80% of PV 20%
greater than 75 lakhs 75% of PV 25%

PV – Property Value excluding registration charges

2) Financial Eligibility: This is based on your total income, total liabilities & your age. Click Here to use our tool to find out your eligibility.

Factors that can increase your financial eligibility

1) Variable Pay

2) Existing rental income if it’s declared in your IT returns

3) Future rental income if you own a house

4) Any other income, again if it’s declared in your IT returns

Factors that can decrease your financial eligibility

1) Tenure Restriction on account of

a) Age

b) Property Type – Site or House/Flat

c) Resident Indian or NRI Status

2) Guarantor: If you have been one in someone else’s loan

3) Co-Applicant in an existing loan: Even if you are not contributing towards the repayment of this loan some banks may factor it as a liability