Becoming a homeowner is a dream for many Indians but with rising real estate prices, it simply remains an aspiration. But not anymore. SMFG Grihashakti offers affordable home loans that help you purchase a home within your budget. Continue reading to know more about our home loan eligibility criteria.

SMFG Grihashakti Home Loan Eligibility

Before you make your home loan application, it is advised to ensure that you fulfil SMFG Grihashakti’s basic home loan eligibility criteria. This includes:

• You should be an Indian resident
• You should be a minimum of 21 years and at the time of loan application and maximum of 65 years at the time of loan maturity
• You should be salaried or self-employed
• You must have a minimum CIBIL score of 700 with a good credit history

Salaried Individuals Eligible for Home Loan

If you are a salaried individual, ensure that you meet the following home loan eligibility parameters:

• Be permanently employed in a multinational company, listed public limited company or government service
• Be employed in organizations private limited company, closely held or unlisted companies, partnerships or proprietorship firms
• Salaried applicants must earn a minimum salary of INR 1,20,000 and have a minimum work experience of atleast 1 year

Self-employed Individuals Eligible for Home Loan

If you are self-employed, the following home loan eligibility parameters are applicable:

• Self-employed individual businessmen or sole proprietorship
• Self-employed professionals such as doctors, architect's, CA’s, etc.
• Partnership firms
• Private limited companies or closely held/ unlisted companies
• Self employed applicants must earn a minimum yearly profit after taxes

How to Check Eligibility for Home Loan

You can utilise the home loan eligibility calculator available on our website to help determine your eligibility for a home loan. It also helps to gain an estimate of how much loan amount you may be eligible for.

Simply insert your monthly income, net monthly obligations, the market value of the property that you wish to purchase or construct, rate of interest and loan repayment tenure.

Remember that the home loan eligibility calculator offers an estimate only. The actual home loan eligibility will be determined by taking into consideration multiple factors such as the applicant’s age, type of employment, income, credit report and score, existing financial commitments, LTV and property valuation.