A mortgage loan is a type of secured business or personal loan in which you use your real estate assets as collateral. If you want to get a mortgage loan, you need to first check if you are eligible for it. 

Let’s discuss the eligibility criteria for home mortgage loans. 

For Salaried Individuals

Age: 18-70 years

Monthly Income: INR 25000 per month (net monthly income of the salaried co-applicants)

Loan Tenure: Up to 20 years

Interest Rate: Up to 12%

Employment History: Minimum proven work experience of three years

Type of Property: Industrial, residential, or commercial

Loan-to-Value (LTV): Up to 80% of the property value

CIBIL Score: Over 650

For Self-Employed Individuals

Age: 18-70 years

Income: INR 3 lakh per annum or above

Loan Tenure: Up to 20 years

Interest Rate: Up to 12%

Employment History: Business existence of at least five years and ITR of at least three years

Type of Property: Industrial, residential, or commercial

LTV: Up to 80%

CIBIL Score: Over 650

Documents Required for Home Mortgage Loans

Salaried Individuals:

• Latest salary slips
• Bank account statements of the last three months
• Aadhar card/PAN card
• Address proof
• Copy of property documents
• IT returns

Self-Employed Individuals:

• Bank account statements of the last six months
• Aadhaar/PAN card
• Address proof
• Copy of property documents

Conclusion

You can use the above information to check your loan against property eligibility. Also, please note that different lenders may have different eligibility criteria for home mortgage loans. Hence, be sure to check the requirements with your lender. 

Additional Read: How Many Types of Mortgage Loans Available in India?