The Equitas home loan eligibility depends on several aspects, including credit score, employment type, and income. It also differs for salaried and self-employed individuals in India. The eligibility criteria are to accommodate a wide range of applicants and ensure more people can access housing finance.
Age: Applicants must be between 18 and 60 years old.
Employment Type: Both salaried and self-employed individuals are eligible.
Loan Amount: Loans up to Rs300 lakhs are available.
Loan-to-Value (LTV) Ratio:
Up to 90% for properties valued up to Rs30 lakhs.
Up to 80% for properties valued between Rs30 lakhs and Rs75 lakhs.
A higher credit score improves eligibility and may lead to better interest rates. Higher existing debts can reduce loan eligibility. Contributing a larger down payment can increase loan approval chances. I hope you found this helpful.
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Hello there. I know several ways to improve the chances of gaining a home loan approval. So, I will be happy to help you with how to increase home loan eligibility. I too struggled with the same thing a few years ago. I worked on improving my CIBIL score, remained in a stable job and also went for a joint home loan to increase my chances. I shall tell you about all these in depth below.
How to Increase Your Home Loan Eligibility?
Here are some ways through which you can improve your home loan eligibility:
Credit Score: One of the most fundamental things is your credit score. Having a healthy credit score establishes yourself as a trustworthy borrower, who won’t default on EMI payments. A score of 750 is considered safe.
Longer Tenure: Another thing which can improve your chances of securing a home loan is going for a longer tenure. A longer tenure increases the interest paid but it lowers your EMI. This helps if your repayment ability is not the best due to a low salary, for example.
Joint Loans: Add a co-borrower for your home loan to improve your chances. Their added income will help solidify your case in securing a loan. Also, many borrowers prefer female borrowers, so that can help too.
So, these are some methods you can use to improve your chances of getting a home loan. I hope this will help you.
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Some related information:
Is CIBIL Report of Home Loan Co-Applicant Checked?
How to Increase Home Loan Eligibility?
varun78
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2025-03-24T16:56:08+00:00 2025-03-25T19:28:57+00:00Comment
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