Indiabulls Home Loan Eligibility Criteria

Age of the Applicant

18 to 70 years

Eligible Salary

25,000 per month and above

Work Experience for Salaried

3 years and above

Maximum tenure

30

Minimum CIBIL Score

650

Maximum Loan on Property Value

Up to 90%

Eligibility with Co-applicant

Up to 3 earning family members may be added to get higher loan eligibility

check your eligibility

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About Indiabulls Home Loan

Indiabulls Housing Finance Ltd is the second largest Housing Finance Companies (HFC) in India. The tag line of "Ab Ghar Aa Jao" by Indiabulls Housing Finance Ltd rightly conveys its motto. Indiabulls aims at providing financial aid to people looking out to fulfill their dream of having their own house. Indiabulls provides various housing loan products at affordable interest rates to meet the housing finance need of every customer in the best possible way.

Indiabulls Home Loan Features and Benefits

  • Higher loan to value (LTV) ratio is offered by Indiabulls to its valuable customers and patrons. Indiabulls offers loan LTV up to 90% of the market value of the property, depending on the property's cost, loan amount, and repayment capacity of the borrower.
  • The maximum Home Loan repayment tenure offered by Indiabulls is 30 years, depending on the loan amount, retirement age of the borrower, and other factors.
  • An applicant can apply for the joint Home Loan at Indiabulls by adding a co-applicant. The co-applicant can be the spouse, siblings, son, daughter, or any other close relative acceptable to Indiabulls. It is beneficial to add a co-applicant while applying for the Home Loan as it will increase your eligibility as the income of co-borrower is also considered while reviewing your loan application and risk of default is also less.
  • Indiabulls offers a transparent and hassle-free loan procedure.
  • You can also check your loan eligibility online and calculate the equated monthly instalment (EMI) before application.

Purpose of Obtaining Indiabulls Home Loans

An applicant can apply for the Home Loan at Indiabulls to meet the following requirements:

  • For purchasing/constructing a new house
  • Renovation of the current house
  • Purchasing a new plot and construction thereon
  • Extension of the current property

Indiabulls Home Loan Eligibility Criteria

Eligibility Factors Criteria

Age

Minimum 21 years at loan application and up to 65 years at loan maturity

Who can apply

Salaried and self-employed individuals who are Indian residents/ NRIs with regular income source

Work experience of salaried applicant

Minimum 2 years

Business stability of self-employed applicant

Minimum 2 years

Maximum LTV

Up to 90% of property value

The Home Loan eligibility at Indiabulls is calculated on the basis of age, income, employment type, property value, repayment capacity, obligations, and other factors. The applicant can increase the eligibility for Indiabulls Home Loan by adding a co-applicant.

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 pay the monthly equated monthly instalments (EMIs). The higher the age the lower are your chances of getting the Home Loan application approved, as you will have less time to repay the loan.

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 the most 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 your capacity to pay the EMIs based on the current expenses and lifestyle.

Indiabulls Home Loan Eligibility Based on Nature of Employment

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 of an applicant. The applicant must have a minimum experience of 2 years and good income in order to eligible for the Home Loan at Indiabulls.

Indiabulls Home Loan Eligibility Based on the Value of the Property

The entire property will not be financed by Indiabulls. It provides an LTV of up to 90%. The borrowers have to fund the remaining 10% on their own.

Indiabulls Home Loan Eligibility Based on Co-applicant 

The applicant can increase the Home Loan eligibility and repayment capacity by adding a co-applicant while applying for the Home Loan. The co-applicant must have limited obligations, good credit score, and stable income.

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 650 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 Housing 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.

Indiabulls Home Loan Processing Fees & Other Charges

Following are the charges that are associated with the Indiabulls Home Loans:

Description Charges

Processing fees

  • For loan up to 30 Lakhs: Up to 10,000
  • For loan between 30.01 Lakhs to 3 Crores: Up to 0.50% of the loan amount sanctioned
  • For loan above 3 Crores: 0.50% to 1% of the loan amount sanctioned
  • Legal Opinion, SRO Search, Technical Valuation, ROC Search, and Non-Encumbrance Certificate from SRO charges are included in the processing fee

Prepayment charges

  • Nil for floating interest rate loans
  • For fixed and floating (dual rate) loans:
    • Nil for partial/ full pre-payment during the Fixed Interest Rate period if the Home Loan is being pre-closed from own sources
    • 2% of the amount prepaid for partial/ full prepayment during the Fixed Interest Rate period if prepayment is done from other than own sources

Charges for transaction handling in balance transfer/ resale housing loans

2,500

Charges or PDC/ ECS dishonour

500

Late payment charges

24% per annum on outstanding EMI

Charges for retrieval of copies of loan/ property documents kept in Indiabulls custody

Hard copies with attestation by Indiabulls: 500

Emailing of scanned copies: Nil

Statement of account/ amortization schedule charges

200

Charges for obtaining certified true copies of Title Deeds from SRO

As per Actual

Loan agreement stamping charges

As applicable by state laws

Stamping of other legal documents such as Indemnity Bond, Legal Affidavits, Legal Undertakings, Personal Guarantee Bond, Power of Attorney for NRI Home Loans, etc.

As applicable by state laws

Charges for retrieval of original property documents

5,000

Database admin fee

650 (including service tax)

Types of Indiabulls Home Loans

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

Purpose

To purchase a house purchase

Who can apply

Salaried and self-employed individuals having a regular income and aged between 21 to 65 years.

Repayment tenure

Up to 30 years or up to the age of 65 years or retirement (whichever is earlier).

Home Loan to NRIs

Purpose

To help Dubai-based non-resident Indians (NRIs) to purchase a property in India.

Who can apply

Any Dubai-based salaried or self-employed NRI with a regular income and who is aged between 21 to 65 years.

Repayment tenure

Up to 30 years or up to the age of 65 years or retirement (whichever is earlier).

Plot Loans

Purpose

To purchase a plot for house construction

Who can apply

Salaried and self-employed individuals having a regular income and aged between 21 to 65 years.

Repayment tenure

Up to 30 years or up to the age of 65 years or retirement (whichever is earlier)

Home Improvement Loans

Purpose

To fund house improvement and renovation cost.

Who can apply

Salaried and self-employed individuals having a regular income and aged between 21 to 65 years.

Repayment tenure

Up to 15 years

Home Extension Loans

Purpose

To expand the space of an existing house

Who can apply

Salaried and self-employed individuals having a regular income and aged between 21 to 65 years.

Repayment tenure

Depends on customer profile, age at loan maturity, property's age, and other factors.

Rural Home Loans

Purpose

Affordable Housing Loans for people of rural or semi-urban areas of India.

Who can apply

Any salaried/self-employed individual who wants to purchase a home in a rural/ semi-urban area of India.

Repayment tenure

Depends on customer profile, age at loan maturity, property's age, and other factors.

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

Purpose

Credit 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 apply

Salaried and self-employed individuals having a regular income and aged between 21 to 65 years.

Repayment tenure

Subsidy is available for a maximum period of 20 years only or till the end of the tenure (whichever is earlier).

Maximum subsidy

Maximum up to 2.67 Lakhs

Home Loan Balance Transfer

Purpose

To 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 apply

Salaried and self-employed individuals having a regular income and aged between 21 to 65 years.

Repayment tenure

Up to 30 years or up to the age of 65 years or retirement (whichever is earlier)

Documents Required for Indiabulls NRI Home Loan

Documents for Indian Residents

  • Completely filled & signed application form
  • 1 coloured recent passport-sized photograph of all applicants (should be signed across)
  • A cheque for processing fee
  • Property related documents
  • KYC documents
    • Proof of name/ date of birth
    • Proof of identity
    • Proof of signature
    • Proof of residence
  • Income documents for salaried applicants
    • Salary slips of last 3 months (6 months for variable salary)
    • Form 16
    • Bank statements
  • Income documents for self-employed applicants
    • ITR along with financial statements
    • Bank statements

Documents for NRI Applicants

  • Completely filled & signed application form
  • 1 coloured recent passport-sized photograph of all applicants (should be signed across)
  • A cheque for processing fee
  • KYC documents
    • Proof of identity: PAN Card, Passport, Visa/ Work Permit
    • Proof of residence: Utility Bill/ Registered Rent Agreement
  • Income documents for salaried applicants
    • Salary slips of last 3 months (6 months for variable salary)
    • Salary bank statements of last 6 months
    • Form P60/P45
    • Latest Employment Contract
    • Consumer Credit Check report
  • Income documents for self-employed applicants (including Locum Doctors & IT Contractors)
    • ITR, income computation, financials of last 2 years
    • Balance Sheet, P&L account, Audit Reports (for all firms)
    • Last 6 months bank statements of all active bank accounts
    • Consumer Credit Check report
  • Other documents (if applicable):
    • Sanction letter/ bank account statements of currently running loans & statement of the bank reflecting loan repayments
    • Bank statement for own contribution
    • Photocopy of title documents if the property is already decided

*All documents must be self-attested

Frequently Asked Questions - Indiabulls Home Loan Eligibility

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 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 Housing Finance?

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 rates at Indiabulls?

Indiabulls Home Loans interest rates start at 8.80% and may go up to 12% p.a. (as on 21.05.2019) 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.

Indiabulls Home Loans - Latest News

17.05.2019: Buy Indiabulls Housing Finance target 740

Kunal Bothra, an independent analyst has a buy call on Indiabulls Housing Finance Ltd. at a target price of 740. The current market price is 707. The analyst gave Instra Day time period when Indiabulls price can reach the defined target. Indiabulls Housing Finance Ltd. has a market cap of 30217.42 Crores.

22.04.2019: IBHFL's merger with Lakshmi Vilas Bank a win-win situation for home loan business

After its merger with Lakshmi Vilas Bank, Indiabulls Housing Finance Ltd will gain access to its branch network. Similarly the bank will gain access to IBHFL's housing loan portfolio. The merger will be a win-win situation for both.

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