Disclaimer: Please note that these values are an estimate for demonstrative purposes only. Actual eligibility will depend on a number of factors, including Fullerton Grihashakti's policy at the time of loan application. Please contact us or apply now to know more.
- Enter the value of the property you wish to purchase
- Select whether the property is commercial or residential
- Enter your monthly income
- Enter your net monthly obligations. This is the sum of all EMIs you are currently paying. If you don’t have any ongoing EMIs, please enter zero.
- Select interest rate and tenure
You will be able to see the maximum home loan amount you may be eligible for on the right side along with the monthly EMI. You can vary the interest rate and tenure to understand how these factors may impact your loan amount eligibility.
Please note that actual eligibility will be determined on the basis of several other criteria including CIBIL score, creditworthiness, repayment capacity, nature and value of property, nature of employment, etc. and Fullerton Grihashakti’s policy at the time of home loan application.
Home Loan Eligibility Criteria
Fullerton Grihashakti requires individuals applying for home loans to meet the following basic eligibility parameters:
For Salaried:
- Multinational cos / listed public ltd cos / govt.
- Organizations private ltd cos / closely held or unlisted companies / partnerships /proprietorship firms
For Self-Employed:
- Self-employed individual businessmen/ sole proprietorship
- Self-employed professionals - doctors /architect's / CA’s
- Partnership firms
- Private limited companies/ closely held/ unlisted companies
Please note that other parameters such as your age, CIBIL score, repayment capacity, nature of employment, and several other factors will also be taken into consideration to determine your eligibility.
Home Loan Eligibility Documents
Eligibility for a home loan will be verified through specific documentation to process the application towards gaining approval.
Here is a basic document list for your easy reference.
- Proof of Identity – PAN Card, Voter’s Card, Driving Licence, Employee Card
- Proof of Residence – Aadhaar Card, Latest Electricity Bill/Piped Gas Bill, Ration Card, Property Tax/Water Bill
- Co-applicant Guarantor – KYC documents
- Proof of Income for Salaried Individuals – 6 Months Bank Statements with Salary Credit, Last 3 months Pay Slips, Form 16 for 2 years
- Proof of Income for Self-Employed Individuals – 6 Months Bank Statements for Primary Account, IT Returns for the last 2 years, CA Audited Financials (if applicable)
- Documents pertaining to the property you wish to purchase will also be requested
Factors That Impact Your Home Loan Eligibility
Besides using the housing loan eligibility calculator to ascertain your maximum loan amount, and the basic eligibility criteria, there are a host of secondary factors that can affect your home loan eligibility. These include:
a. The Applicant’s Age: Generally, applicants must be above the age of 21 for home loan products . As a result of their extended working life, younger applicants have a higher income potential which works in their favour when applying for a home loan. Also, the applicant cannot exceed 65 years of age at the time of loan maturity. Thus, a 50 year old applicant may be only able to get a home loan if he selects a tenure of 15 years.
b. Type of Employment: Salaried individuals with a stable job at a reputed organisation may be given a better preference.
c. Income: The inflow of income on a monthly basis determines the amount for your instalments that the individual will be able to afford towards the home loan.
d. Credit Report & Score: The applicant’s past credit behaviour is reflected in the Credit Score and Report generated by CIBIL. A score of 700 and above indicates that the applicant may be a good candidate for a home loan.
e. Existing Financial Commitments: In addition to income, we also take into account existing EMIs to ensure that the home loan instalment does not add further financial stress.
f. LTV: The LTV or the Loan to Value ratio is the maximum loan amount that we can approve towards the mortgaged property. This is calculated taking into account the current market value of the property.
g. Property valuation: Fullerton Grihashakti will also determine the value of the property in terms of age of the property, construction quality, location, market value, etc. to determine the loan eligibility.