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What is the role of co-applicant in home loan eligibility? You can avail a home loan along with a co-applicant to increase the chances of the loan approval. The main role of a co-applicant is to repay the home loan along with you . After this step, you will be able to check all the home loan offers that you are eligible for and apply for a home loan. You can also consider using the BankBazaar Home Loan EMI Calculator to calculate your effective EMI amounts for the home loan product that you want to choose. With SBI Education Loans, you can power your career with professional full time courses at the best institutions in India or Overseas.

People living in hilly/tribal areas can avail loan from this scheme to purchase or construct a home/flat without mortgaging the land. The maximum loan amount that you can get is INR 10 Lakh for a maximum repayment period of 15 years. SBI, India’s leading public sector bank, offers unmatched home loan deals. Wide-range of home loan schemes for both salaried and self-employed individuals, the SBI home loan eligibility criterion promises maximum ease to all loan seekers. Easy eligibility conditions with a low rate of interest, minimum charges and quick processing; check your SBI home loan eligibility to bag the best deal.
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Although there is no mandate for having a co-applicant for a home loan in India, most of the lenders insist on having one to ensure the guarantee in regard to the repayment of the loan amount. In addition to that, having a co-applicant while applying for a home loan will also boost your home loan eligibility. Nevertheless, it should be kept in mind that there is no legal requirement for having a co-applicant when applying for a home loan. Yes, you can avail housing loans for under construction properties.

There are no hidden charges and a complete waiver on the prepayment charges, which also makes them one of the most sought home loan options. If you know that a home loan is financed to 75%-90% of the property value, you can accumulate the required sum for a down payment (10%-25%) on time. This can give you an idea of the loan amount you could require to buy a home. The proposed home loan EMI should remain within 50-60% of your net monthly salary, provided you do not have any other loan running in your name. In case you have other loan obligations, the lender would like the ratio to be lower from 50-60% as stated above.
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I further authorize Wishfin to retain a copy of my information for use in accordance with [Wishfin’s] Terms of Use and Privacy Policy. The interest rate is lowered by the bank when the customer is a low-risk applicant. If the bank is certain that you are capable of making regular payments towards the loan, they will offer you a better interest rate.
The maximum age may vary from 58 to 65 years depending on the income source of the individual. The credit history of an individual plays a really crucial role in deciding the amount of the loan. This report is generated by the credit card companies regarding the outstanding credit history of an individual.
SBI Flexipay Home Loan
So, if the credit score is higher, the chances of getting approval on the loan are also higher. On the other hand, with a lower credit score, getting any form of credit is difficult. SBI Suraksha is a life insurance policy offered by the State Bank of India that is tied to the bank's house loan. As Equated Monthly Installments, the repayment period is the same as the loan tenure .
So, the lender can finance him the loan amount that keeps the EMI to around INR 35,000-40,000. The loan amount, in this case, can be upto INR lakh at an assumed interest rate of 7.50% for 20 years. In case he had an existing loan obligation of say INR 10,000, the maximum EMI allowed would most likely have reduced to INR 25,000-30,000. Accordingly, the maximum loan amount would have reduced to around INR lakh. How can I increase my chances of being eligible for SBI's home loan? What are the eligibility criteria for SBI's balance transfer of home loan or top-up loan?
In shorter tenures, you pay a greater EMI, but the loan gets repaid faster and you pay less by way of interest. There are two types of power of attorney.First, the 'General Power of Attorney' where a property owner confers 'general' rights. The rights include but are not limited to sell, lease, sub-lease etc. The second one is the 'Special Power of Attorney' wherein only a specific right is given by the owner to the chosen person.
If the buyer wants to make a payment outright, he can make it to the bank directly. The property papers will be released only after the bank has recovered the entire loan amount and other dues. Yes, you can sell the property with the prior consent of the financing bank. If the buyer wants to take a loan to buy the property, the process is much easier if he/she approaches the same bank.
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It allows more negotiating power with the seller or the builder. The perks of this loan are similar to the SBI regular home loan. SBI, HDFC, Axis Bank, Bank of Baroda, Bank of India, Union Bank, DHFL, LIC Housing, SBP, Canara Bank, Allahabad Bank, ICICI Bank, Yes Bank, Citibank, PNB, uco bank, Indiabulls & others. The net loan amount for which you are eligible for your Home loan is said as Eligible Loan Amount.
Customers in higher age groups get a lower repayment tenure which automatically attracts a higher EMI. The minimum age of the customer for an SBI home loan application is 18 years. It can only be used to pay the booking fee for properties offered by urban development authorities, housing boards, and other government agencies. Many banks make it mandatory for co-owners to be co-applicants for home loans. Here is all you need to know about co-borrower vs co-owner vs co-applicant.

Maximum loan tenure is 30 years with repayment upto the age of 75 years. The customers who already have a home loan from SBI and want more money can take SBI top-up home loan. The money can be used for renovation/construction/extension or any other personal need.
Can I get a higher loan through my existing loan account to buy a new property? Yes, you can use your existing loan account to purchase a new property. However, this benefit will be offered as per the discretion of your lender. For example, HDFC Bank offers the ‘Home Conversion Loan’ feature which can be used to transfer the existing loan to buy a new property. In addition to that, you can also get additional fund for the new property as per your home loan eligibility. Example – Sohan Gupta works in a pharmaceutical firm as a Senior Manager and earns a salary of INR 70,000 per month.

Property valuation is done by multiplying the built up area of the property with the cost of construction per square feet. Under personal possessions, home insurance companies generally cover furniture, electronic/electrical gadgets and jewellery under personal possessions. However, the maximum liability of these items depends upon the type of insurance cover sought or valuations done by the bank. Additional security may be required where the house is under construction.