![real-estate-agent-with-house-model-keys.jpg](https://images.hive.blog/DQmcGHtqZ1skwfi6jjxvGSUHKHWbZ9pfbyCLEjh1Hfqax4v/real-estate-agent-with-house-model-keys.jpg) There are multiple types of home loan alternatives available to suit each situation. You can get a home loan to buy either commercial or residential property - 1. Home Purchase Credit: You can purchase any home or property that lies within your financial constraints. 2. Constructing Home Loan: This loan can be used to cover the costs of building/constructing a house. 3. Land Purchase Loan: This loan can be used to purchase a plot of land. 4. Home Improvement Loan: It can be used to renovate and improve your house. 5. Home Repair Loan: Finance the cost of repairing and restoring your home. 6. Home Extension Loan: With this loan, you can increase the amount of build-up space in your home. Indian Bank provides home loans to people in business to finance their businesses expansion or other monetary requirements. The Indian Bank Home Loan EMIs for people in the industry and self-employed professionals start at Rs. 809 per Lakh at interest rates starting at 7.55% with a maximum loan tenure of 20 years. Indian Bank also provides special schemes to women borrowers, offering lower interest rates and an LTV ratio of 90%. The processing fee is 0.25% of the loan amount with a maximum amount of Rs. 20,381. All the banks and NBFCs set a list of specific parameters used to check the home loan eligibility of the applicants. The borrowers need to satisfy these criteria first to be qualified for a home loan. Each lender also sets its parameters to verify and authenticate the borrowers even better. These crucial factors also influence the interest rate, home loan amount, and home loan tenure. The Home Loan Eligibility criteria for some leading banks are - I. Age: The lenders allow people of age 18 years and above to apply for a home loan, while some banks keep that age at 21 years. For the upper limit, some banks keep the maximum age at 65 years, while some let senior citizens of 70 years apply for a short-term too. II. Net monthly salary:

It should be at least Rs. 25,000.
In case your pay is between Rs. 25,000- Rs. 40,000, then the loan EMI should not exceed 50% of the income.
For people with a salary of Rs. 40,000 or more, the equated monthly instalment should not be more than 65% of the salary.
If it is a salaried borrower, then a stable and timely income is seen as a positive for loan eligibility.
The Pradhan Mantri Awas Yojana (PMAY) scheme also influences the eligibility of the applicant.

III. Type of employment: Salaried or Self-employed, with a work experience of at least three years. For women applicants, the job experience is reduced to 2 years. IV. Credit score: The applicant should maintain and manage a decent credit score of 750 or above to get the desired loan amount and interest rate. A lower credit score does not result in rejection of the loan application, but the interest rate will be higher, and the loan amount may be reduced. V. Documents: The income proof (salary slips, ITR) and property papers (proof of occupancy, License from the builder, society approval) are essential to get the idea of the property owner. The type and cost of the property also determine the loan amount disbursed by the lender. The lenders evaluated all these factors and then inputted them into the home loan eligibility calculator provided on their sites. This calculator provides an overview of the approximate interest rate, the loan tenure and loan amount offered by the lender to the borrower. Conclusion: After checking the eligibility criteria and verifying the background and credibility of the borrower, the lender sanctions the loan, and the amount is disbursed within a day. The eligibility of an applicant can also be improved if a joint home loan is taken. The co-applicant can improve the eligibility significantly, and the interest rates can also be lowered if the applicant is a woman.