What is Home Loan Eligibility?
Home loan eligibility is nothing more than an assessment of your loan repayment capacity. The bank considers several factors to assess whether you can repay the loan on time and then repay it. These include your age, your income, your credit score, the type of loan you are applying for, etc. Based on these factors, the bank determines the maximum loan amount that you can avail. Certain factors also help you in getting a lower interest rate on your home loan. Home loan eligibility mainly depends on the income and repayment capacity of the individual(s):-
The eligibility is calculated based on many factors like:-
- Current monthly income
- Current EMIs
- Total work experience
- Current age
- Credit history
-Credit score etc.
Home Loan Eligibility Criteria of Bank of Baroda:-
- Current Age and Remaining Working Years: The age of the applicant plays a major role in determining the home loan eligibility. The maximum loan tenure is generally limited to 30 years.
- Employed or self-employed with regular income.
- Age Limit for Salaried Persons: 21 to 65 years. - Age Limit for Self Employed Individuals: 21 to 65 years.
- Minimum salary: ₹10,000 per month.
- Minimum business income: ₹2 lakhs per annum. - Maximum loan tenure: 30 years.
- Financial Status: The present and future income of the applicant has a significant impact on the determination of the loan amount.
- Past and current credit history and credit score: A clean repayment record is considered positive. - Other financial obligations: Current liabilities like car loan, credit card debt, etc.
- All resident and non-resident Indians are eligible for our home loan.
Tips to increase your home loan eligibility:-
While you cannot change the home loan eligibility criteria of the bank, but there are several ways in which you can enhance your loan eligibility. They are as follows:
- Pay off any existing debt you have
Your credit score gets reduced if you hold any existing loan while applying for another one. Paying off your existing loans shows the bank that you have taken and repaid loans in the past, and makes you a credit-worthy applicant.
- Apply joint loan with your co-applicant
When you apply for a home loan with a co-applicant, the bank will considers income of your both. Your eligibility will increase if both of you have a credit score above 701, and you can also get low-interest loans if your credit scores are high.
- Choose for a longer Tenure Loans
Your home loan eligibility increases with longer loan tenure. A long tenure loan allows you to repay the loan in small EMIs. It also ensures to the bank that you will be employed for a longer period, enabling you to pay your EMIs on time.
Frequently Asked Questions
How can I check my loan eligibility in Bank of Baroda?
For any financial query including personal loan eligibility you can check loan status by calling on toll free no. 1800 22 33 44/1800 258 44 55/1800 102 44 55. You can also directly visit the branch where you apply to meet the Officer-in-Charge to know the status of your personal loan application.
How much home loan can I get BOB?
With Bank of Baroda you can earn up to Rs. You can get finance up to 90% for home loans up to Rs. 30 million. You can get finance up to 80% for a loan in Rs.
Is Bank Of Baroda Good For Loan?
Most of the salaried individuals, self-employed and professionals can apply for personal loans. With attractive interest rates, minimal documentation and fast processing, Bank of Baroda offers one of the best personal loans today.
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