Indiabulls Home Loan Eligibility

Indiabulls offers home loans to salaried and self-employed individuals. Both resident Indians and NRIs are eligible for Indiabulls Home Loans. Borrowers between 21-65 years of age with regular monthly income are on board to enjoy Indiabulls’ home loan at the rate of interest starting at 6.85% p.a. Check your Indiabulls’ home loan eligibility to grab the deal! .

Indiabulls Home Loan Eligibility in India for 2021

Eligibility CriteriaIndiabulls  Home Loan
Eligible Age of Borrower21- 65 years
Minimum Eligible IncomeRs 10,000 
Work Experience for Salaried2 years
Business Stability for Self Employed2 years

Indiabulls Home Loan Eligibility- Based on Age

One of the most important factors that can have an effect on your Home Loan eligibility is age. The age determines your capacity to repay the loan and serve the equated monthly instalments (EMIs). The higher is the age, the lower are your chances of getting approved for longer tenure.

The minimum age essential to be eligible to apply for the Home Loan at Indiabulls is 21 years. The maximum Home Loan tenure at Indiabulls is 30 years. The borrower's age should not exceed 65 years at the time of loan maturity.


Indiabulls Home Loan Eligibility- Based on Income

The salary or income of an applicant is another important parameter to determine the Home Loan eligibility at Indiabulls. The take-home salary or turnover (in case of self-employed) is taken into consideration while estimating the loan serving capacity of the applicant. It helps the financial institution to determine the borrower’s capacity to pay the EMIs based on the current expenses and lifestyle.

The income stability of an applicant is determined based on the nature of employment as well. Indiabulls will check whether the applicant is a salaried employee or a self-employed individual while reviewing the Home Loan application. It will also have a look at the job/business stability. The applicant must have a minimum experience of 2 years.

Indiabulls Home Loan Eligibility: Based on Value of Property

The entire property will not be financed by Indiabulls. It provides an LTV up to 90%. The borrowers have to fund the remaining margin on their own.


Indiabulls Home Loan Eligibility: Based on CIBIL Score

The CIBIL score takes in to account the existing/ past payment records of loans and Credit Card bills to know about the creditworthiness of the applicant. It is the most important factor that determines your eligibility to get the Home Loan. Higher the credit score, greater are your chances of getting the Home Loan application sanctioned at Indiabulls. The minimum credit score of 550 and above is must to be eligible for the Home Loan at Indiabulls.
Following are the factors that can affect your CIBIL score:

Late payments: The delayed payments of the existing or past loans can decrease your CIBIL score.

A high number of unsecured loans: It is important not to have more unsecured loans as it shows the financial stress and can have an adverse effect on the CIBIL score.

Usage of credit limit: The Credit Card bills should be paid on time and one should not exceed the card limit often. The frequent withdrawals and exceeding Credit Card limit often show credit indiscipline and will lower your CIBIL score further.

Multiple loan applications: The applicant must not apply at multiple financial institutions for a Home Loan. If the application is rejected it is advised to improve your creditworthiness and then apply again for a Home Loan at Indiabulls.

Indiabulls Home Loan Eligibility Based on FOIR

FOIR (Fixed Obligation to Income Ratio) is used to determine the Home Loan eligibility. The Indiabulls will take into consideration all the current EMIs and fixed obligations such as rent, utility bills, and so on to estimate your Home Loan eligibility. The minimum FOIR of 0.65 is must to be eligible to get the Home Loan from Indiabulls. It is recommended to calculate the eligibility prior to applying for a loan at Indiabulls to get a clear picture of your Home Loan eligibility.

Eligibility Criteria for Different Indiabulls Home Loan Schemes

Below mentioned are the different Home Loan products offered by Indiabulls:

Indiabulls offers the following types of schemes under its Home Loans segment:

Home Loans

PurposeTo purchase a house purchase
Who can applySalaried and self-employed individuals having a regular income and aged between 21 to 65 years.
Repayment tenureUp to 30 years or up to the age of 65 years or retirement (whichever is earlier)

Home Loan to NRIs

PurposeTo help Dubai-based non-resident Indians (NRIs) to purchase a property in India.
Who can applyAny Dubai-based salaried or self-employed NRI with a regular income and who is aged between 21 to 65 years.
Repayment tenureUp to 30 years or up to the age of 65 years or retirement (whichever is earlier)

Plot Loans

PurposeTo purchase a plot for house construction
Who can applySalaried and self-employed individuals having a regular income and aged between 21 to 65 years.
Repayment tenureUp to 30 years or up to the age of 65 years or retirement (whichever is earlier)

Home Improvement Loans

PurposeTo fund house improvement and renovation cost.
Who can applySalaried and self-employed individuals having a regular income and aged between 21 to 65 years.
Repayment tenureUp to 15 years

Home Extension Loans

PurposeTo expand the space of an existing house
Who can applySalaried and self-employed individuals having a regular income and aged between 21 to 65 years.
Repayment tenureDepends on customer profile, age at loan maturity, property's age, and other factors.

Rural Home Loans

PurposeAffordable Housing Loans for people of rural or semi-urban areas of India.
Who can applyAny salaried/self-employed individual who wants to purchase a home in a rural/ semi-urban area of India.
Repayment tenureDepends on customer profile, age at loan maturity, property's age, and other factors.

Pradhan Mantri Awas Yojana (PMAY) - Credit Linked Subsidy Scheme (CLSS)

PurposeCredit Linked Subsidy Scheme based Home Loans for Economically Weaker Section, Low Income Group, Middle Income Group-I, and Middle Income Group-II of society.
Who can applySalaried and self-employed individuals having a regular income and aged between 21 to 65 years.
Repayment tenureSubsidy is available for a maximum period of 20 years only or till the end of the tenure (whichever is earlier).
Maximum subsidyMaximum up to  2.67 Lakhs

Home Loan Balance Transfer

PurposeTo transfer your existing housing loan from a private/foreign bank, scheduled commercial bank, HFC (registered with national housing bank) to Indiabulls. You can also get additional funds on balance transfer through the top-up facility.
Who can applySalaried and self-employed individuals having a regular income and aged between 21 to 65 years.
Repayment tenureUp to 30 years or up to the age of 65 years or retirement (whichever is earlier)

How to Increase Your Indiabulls Home Loan Eligibility?

If you want to increase your eligibility for Home Loan amount, following tips may help:

  • Repay all existing loans or any other Credit Card dues
  • Add income from other sources to your monthly salaried income like rent, bonus, and so on.
  • Add spouse as a co-applicant so that their income can be added
  • Mention the bonuses or other benefits from the employer that have been received from time to time.

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Indiabulls Home Loan Eligibility FAQs

When can an applicant apply for a Home Loan at Indiabulls?

You can apply for Indiabulls Home Loan if you wish to buy a property for the residential purpose, purchase of a plot to construct a house thereon, renovate/extend an existing house or transfer balance of an existing Home Loan to Indiabulls.

What is the Home Loan eligibility for housing loans at Indiabulls?

Any salaried and self-employed (both professional and non-professional) who are Indian residents or even NRIs with regular source of income and aged between 21-65 years are eligible to apply for the Home Loan at Indiabulls.

Who can be the co-applicant for Indiabulls Home Loans?

The co-applicant can be the spouse or any other blood relative. If the house is to be co-owned by more than one individual, in such a case, all the co-owners can be the co-applicants.

What are the types of Home Loans offered by Indiabulls Housing Finance Limited?

Apart from regular Home Loans, Indiabulls offers Home Loans for NRIs, Rural Home Loans, Plot Loans, Home Improvement Loans, Home Extension Loans, PMAY, and Home Loan Balance Transfer.

What is the current Home Loan interest rate at Indiabulls?

Indiabulls Home Loans interest rates start at 6.85% and may go up to 11.85% p.a. as on 25.03.20201 depending on the borrower's repayment capacity.

What is the maximum repayment tenure for Indiabulls Home Loans?

The maximum Home Loan tenure at Indiabulls Housing Finance is 30 years.

Is there any requirement to submit any security or collateral for the sanctioned Home Loans?

For Home Loans, the property to be purchased/constructed/renovated/extended itself acts as collateral. You don't have to provide any additional security for home loan.