Home Construction Loan Eligibility

Home construction loan eligibility criteria has common parameters across all bank and Non-Banking Financial Companies (NBFCs). However, the home construction loan eligibility criteria shall vary from bank to bank. Understanding the criteria that is required to be eligible for a home construction loan helps you to ensure that the process of application becomes smoother and easier for you.

Eligible Criteria for Home Construction Loan

  • Age Criteria: 21 – 65 Years  
  • Income: At least Rs.25,000 per month
  • Credit Score: Should have 750 or above
  • Employment Status: Salaried or Non-Salaried
  • Work Experience: At least 2 years of work experience
  • Loan Amount: Decided by the lender
  • Residence Type: Permanent resident or Non-resident Indians (NRIs)
  • LTV Ratio: Completed /Under Construction Project, Land/Plot, build on own Land, Buy Land and Build Home

How to Check Home Loan Eligibility with Financeseva?

With the use of home loan eligibility calculator, one can check his/her eligibility for a home construction loan.

Moreover, you can also compare and choose the best home construction loan the aid of the home loan eligibility calculator available on Financeseva. The process is simple and only basic details will need to be entered. The step-by-step procedure to check your eligibility via Financeseva.com is mentioned below:

  1. Visit Financeseva Home Loan Eligibility
  2. Choose your type of employment from the options that are provided.
  3. Enter your gross fixed monthly income and click on ‘Continue’ on the next slide.
  4. Enter the PIN code of your current residential address.
  5. On the next slide, choose the purpose of your home loan.
  6. Enter your mobile phone number.
  7. Check the box to authorise contact permissions.
  8. Enter your full name, date of birth, and email ID in the designated fields and click on ‘Continue’.
  9. Enter the OTP sent to your mobile phone number and click on the ‘Submit’ button.

Thereafter, you can check the offers that you are eligible for and apply for the home construction loan. You can also consider using the Financeseva Home Loan EMI Calculator to calculate your effective EMI amounts that you want to choose.