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Indiabulls Home Loan Eligibility Calculator India 2020

Indiabulls Home Loan Eligibility

Last Updated 15th Jul 2019

Eligibility CriteriaIndiabulls Home Loan
Eligible Age of Borrower23 - 65 years
Minimum Eligible Income ₹ 15,000 and above
Work Experience for Salaried2 years
Business Stability for Self Employed3 years
  • Indiabulls home loan eligibility is calculated based on your age, income, property value and repayment capacity.
  • Increase your Indiabulls housing loan eligibility by adding earning family members as co-applicants or by applying for a longer tenure loan

Indiabulls home loan eligibility based on salary

Indiabulls offers loan to self employed and businessmen for financing the expansion or working capital requirements of their business. There are some benefits of taking loan from Indiabulls:

  • Net Income: Your net monthly income (take home salary after all deductions like PF, ESI, gratuity) determines your home loan servicing capacity. It determines how much home loan EMI you are capable of paying after meeting living expenses based on your standard of living. For instance, if your salary is ₹ 25,000 then at interest rate of 9.25% offered by Indiabulls, the loan amount that you will be eligible for (assuming you have no other EMI’s to pay) would be ₹ 26.72 Lakh to ₹ 32.11 Lakh depending on your age. Similarly, if your salary is ₹ 75,000, you might get eligible for a loan amount of ₹ 53.44 Lakh to ₹ 64.22 Lakh for same property at same rate depending on your age at the time of loan application.
Age Net Monthly Income (₹)
25,000 50,000 75,000
25 years32.11 Lakh48.17 Lakh64.22 Lakh
30 years32.11 Lakh48.17 Lakh64.22 Lakh
35 years32.11 Lakh48.17 Lakh64.22 Lakh
40 years32.11 Lakh48.17 Lakh64.22 Lakh
45 years30.03 Lakh45.04 Lakh60.05 Lakh
50 years26.72 Lakh40.08 Lakh53.44 Lakh

You may consider repaying any loans with short tenure and high EMI in order to increase your Indiabulls home loan eligibility.

  • Nature of Employment: Indiabulls will check whether you are salaried or self employed and the company and sector in which you are working. It also looks at your years of experience to check for job and income stability. Indiabulls requires minimum income history and job stability of more than 2 years for salaried individuals and of 3 years for self employed individuals.

Indiabulls home loan eligibility based on age

  • Age: Your age plays an important role in determining your eligibility and repayment capacity for home loan. Lower your age, higher will be the time period available to repay the loan, and hence higher home loan amount eligibility. Indiabulls home loan age limit to get the loan is 23 years of age at the time of loan commencement. Indiabulls offers home loans for a maximum period of 25 years subject to the condition that the borrower’s age at the end of the tenure must not exceed 25 years for salaried borrowers and 25 years for self employed borrowers. The maximum tenure of loan that you may be eligible for will be as follows:
Your current age Max tenure for salaried Max tenure for self employed
25 years25 years25 years
30 years25 years25 years
35 years25 years25 years
40 years25 years25 years
45 years20 years25 years
50 years15 years20 years

Home loan eligibility Indiabulls based on value of property

  • Value of property: Indiabulls will not finance the entire property value. The maximum home loan eligibility would depend upon the value of the property as shown below:
Property Value LTV
Less than 30 lakh90%
Between 30 lakh and 75 lakh80%
Above 75 lakh75%
  • Co-applicant: Adding a co-applicant increases your eligibility for home loan as it increases your repayment capacity. The co-borrower you add should have good income, low obligation and clean CIBIL record.
  • Property documents: Your property’s legal documents should be satisfactory and be cleared by the bank’s legal team.

The housing loan eligibility calculator Indiabulls can be a useful tool to assess your eligibility for the loan.

Minimum CIBIL Score for Indiabulls Home Loan

  • CIBIL Score: Your credit behaviour and track record from your past lenders and credit card providers gets captured in your CIBIL score. Banks consider this as a barometer to gauge your past credit behaviour and hence, CIBIL score becomes the most important factor to define your eligibility to get a home loan. When checking eligibility for home loan, Indiabulls will look at the complete CIBIL report, which also includes all past running loans and your payment track record on loans and credit cards. Higher credit score increases your chances that your loan application to Indiabulls will get approved. However, low CIBIL score will decrease your eligibility to get home loan. Indiabulls requires a minimum credit score of 650 to be eligible for a home loan.

There are few factors which affect your credit score -

  • Late payments – If you have delayed in payments on your existing or past loans, it negatively affects your CIBIL score and reduces your chances of getting a loan from Indiabulls.
  • High number of unsecured loans – Always keep a balance between secured and unsecured loans. More number of unsecured loans can adversely affect your credit score.
  • Usage of credit limit – Credit card bills and use of credit limit shows your credit behaviour. Outstanding credit card balance close to 30% of credit card limit reflects a potential financial stress, indiscipline on your part and may adversely impact your credit score.
  • Multiple loan applications – If you apply for loan in multiple banks at one time, it can affect your score negatively and reduce your CIBIL score. In case of application rejection from Indiabulls, improve your credit worthiness to get a good score.

You can use the housing loan eligibility calculator Indiabulls for quick calculation of your home loan eligibility.

Indiabulls Housing Loan Eligibility Calculator based on FOIR

FOIR (Fixed Obligation to Income Ratio) is an important parameter that Indiabulls uses to determine your Indiabulls home loan eligibility. Indiabulls considers all your fixed obligations like current EMIs into account while estimating your eligibility. Minimum FOIR required to be eligible for home loan from Indiabulls is 0.55. Calculate your eligibility with Indiabulls home loan calculator and apply for eligible loan amount hassle free.

FAQs

What is the criteria to get Indiabulls home loan?

The basic criteria to get a home loan from Indiabulls are as following:

Age23 - 65 years
Income ₹ 15,000
Income3 years for salaried, 5 years for self-employed
Credit score650 and above

How much home loan can I get on my salary from Indiabulls?

The amount for which you are eligible is calculated based on the FOIR and LTV. The higher your income, and the least is your fixed obligations (mostly ongoing EMIs), the higher will be your eligibility for a home loan.

What is the minimum salary to get home loan from Indiabulls?

The minimum salary required to avail home loan from Indiabulls is ₹ 15,000.

Is Indiabulls good for home loan?

The lowest interest rate provided by Indiabulls is 9.25% which is a best rate in the market. There are no prepayment charges on floating rate based home loan. Hence, you can consider this as a good option for housing loan.

Related Topics
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Indiabulls Home Loan News - Sep 2020
  • 2019-07-15 : Borrowers to get loans easily as Indiabulls enables online loan application processing across various platforms
    One of the leading home loan providers, Indiabulls has enabled online loan application processing over various platforms, allowing customers to apply for loans anytime, anywhere. The loan seekers can apply for personal loans through its app, Dhani after online verification through e-KYC and e-sign using the Aadhaar facility.
  • 2019-06-21 : CCI approves the merger of Indiabulls Housing Finance with Lakshmi Vilas Bank
    The Competition Commission of India (CCI) has approved the proposed merger of Indiabulls Housing Finance with Lakshmi Vilas Bank. After the merger, both the companies are aiming for a more extensive capital base, wider geographical reach, and steady growth across their retail loan book, which currently stands at Rs. 1.23 lakh crore.
  • 2019-04-08 : Lakshmi Vilas Bank to merge with Indiabulls Housing Finance
    Private sector lender, Lakshmi Vilas Bank has said that its board has approved a scheme of amalgamation with one of the leading home loan financiers, Indiabulls Housing Finance. Following the transaction, Indiabulls Housing Finance will receive access to the banking platform, while Lakshmi Vilas Bank will benefit from the efficiency of housing finance company backed by a strong technology architecture to further grow themselves. Although, RBI is yet to confirm their merger.
  • 2019-04-05 : Indiabulls Housing Finance plans Rs. 26,000 crores borrowing for FY19
    One of the leading home loan financiers, Indiabulls Housing Finance has said that it has raised Rs. 17,300 crore in the March quarter of 2018-19 and now it is planning to borrow Rs. 26,000 crore in the current financial year. The company is aiming to deliver 17-19% profit after tax (PAT) growth in the current financial year and also it is expecting to receive a strong growth in its home loans portfolio during this financial year.
  • 2018-10-05 : Indiabulls increases floating home loan rates
    Indiabulls has increased its floating interest rate on the home loan by 10 basis points. The new rate for Indiabulls home loan starts at 8.80 percent for female borrowers and 8.85 percent for the male borrower. The lender has also discontinued Indiabulls Home Loan Fixed rate of interest.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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