text: DHFL home Loan Eligibility Calculator 2022, Housing Loan Eligibility
  Home DHFL DHFL Home Loan Eligibility
  Updated: 25-04-2022 06:17:56 AM
  Please Note: DHFL is not a Paisabazaar partner. Offers would be from partner banks/NBFCs only.
  Customers must check for DHFL home loan eligibility to make sure they apply for DHFL home loan in the best possible way. Given below is the general DHFL home loan eligibility criteria that all customers need to fulfill to apply for DHFL home loan.
  Resident Type Indian Resident & Non Indian Resident (NRI)
  Minimum Age 21 years & above
  DHLF Home Loan Eligibility Criteria
  Factors that Affect DHFL Home Loan Eligibility
  Ways to Improve DHFL Home Loan Eligibility
  DHFL home loan eligibility criteria differ from one loan scheme to another. To qualify for DHFL home, below are the detailed eligibility criteria for customers.
  Resident Type – Both Indian Residents and Non Residents of India (NRI) can apply for DHFL home loan.
  Age – DHFL home loan has a minimum and maximum age criteria for both salaried and self employed loan applicants. The minimum age of the applicant to apply for DHFL home loan should be above 21 years at the beginning of the loan. And the maximum age of the applicant to apply for DHFL home loan should not be more than 65 years, when the loan matures.
  Credit Score – Your credit score reflects your past credit behavior; therefore, higher your credit score, the better. Before applying for DHFL home loan, customers should ensure that their credit report is clear of any errors and the credit score is above average.
  Income – Both salaried and self employed (owning a business or practicing as a professional) individuals are eligible to apply for DHFL home loan. But ensure that your income is regular and sufficient as per the income criteria set by the bank.
  Your eligibility for DHFL home loan should be supported by documents as required by the lending institution. Customers should provide the complete and correct documents at the time of submitting the loan application. Check the list of DHFL home loan documents below:
  Utility Bill: Electricity, Telephone, Post paid mobile, water bill etc.
  Salary slips for the last 2 months or salary certificate (*If variable components like over time and incentives are reflected, then salary slips for the past 6 months are required.)
  Credit Score – Your credit score shows how well you have handled your debt in the past. Lenders give out loans to customers who can handle their debt well. If you handle your debt responsibly, your credit score will increase, thus increasing your home loan eligibility and chances for loan approval.
  Age of the Applicant – Your remaining service years are determined by your age. If you are 50 years old, you will most likely not get home loan of 20 years as during the loan period you will retire and therefore will not be able to repay loan.
  Repayment Capacity – Your loan repayment capacity is judged by Fixed Obligation to Income Ratio (FOIR). Ideally, this ratio should not cross the 40%-50% mark. If it is more than the eligible mark, consider paying off the outstanding debt or increase the income by adding a co-applicant.
  Property Features – Before giving out home loan, lenders also evaluate the value and features of your property. The property's market value and features such as its age, location and title helps in deciding the eligible loan amount. Lenders reject home loan application if the property is too old, disputed or not situated in the bank's located in the bank's listed.
  Employer and Profession – Lenders prefer to give out loans to individuals working in established organisations than to individuals working in lesser-known start-ups. Your profession also impacts your home loan eligibility. The home loan eligibility criteria for salaried are slightly more lenient than the eligibility criteria for self employed. This is because salaried individuals have more stable income than the self employed.
  Job or Business Stability – Lenders avoid lending money to individuals who frequently change their jobs or do not have a stable business. Stable business or more years of continuous work experience reflects stable income and timely payment of loan EMIs.
  Increase your credit score – Your credit score reflects your credit behavior. A good credit score displays disciplined and responsible credit behavior, which increases your loan eligibility.
  Increase your down payment – Paying more towards your home loan down payment will decrease your Loan-to-Value (LTV) ratio, thus making you more eligible for the loan.
  Choose longer loan tenure – Going for longer loan tenure will reduce your home loan instalments, thereby making sure the home loan EMIs are more affordable as per your net income.
  Pay off your outstanding debts – Consider paying off your outstanding debts, especially the costlier ones to increase your repayment capacity. The increase in the loan repayment capacity will increase your loan eligibility, helping you take loan of higher amount.
  Add a co-applicant – If you think your income will not get you the desired loan amount, consider adding a co-applicant. Apply for a joint home loan will increase your loan eligibility as lenders will also consider the credit score and repayment capacity of the co-applicant.