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How to Check Your Eligibility for a Home Loan in India

To be eligible for a home loan, you have to meet the requirements and conditions set by the lender. Home loan eligibility criteria are based on factors such as age, income, credit score, and existing loans.

Checking your eligibility is now easier than ever through digital lending apps like Moneyview. You can now check your home loan eligibility and apply for a home loan in just a matter of minutes.

In this article, we will explore how to check for home loan eligibility using the Moneyview app and also look at why it is important to check eligibility in advance.

How to Check Your Home Loan Eligibility

Checking your home loan eligibility is a quick and easy task with Moneyview. All you have to do is go to the Moneyview website or download the app and follow the instructions below:

Step 1: Download the Moneyview app or go to the website.

Step 2: Enter your phone number and the OTP you received to log in.

Step 3: You will be asked to enter the following details:

  • Purpose of availing of the loan

  • Property PIN code

  • Estimated cost of the property

  • PAN card details

  • Email address

  • Current residential PIN code

  • Income details

After you enter the details, the loan amount for which you are eligible will be displayed. Use the slider to select the amount of money you want and click ‘Submit’.

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How to Get a Home Loan Through Moneyview?

You can apply for a home loan through Moneyview in a few simple steps. Here is the whole process:

  • 1

    Check your eligibility

    Install the Moneyview app or go to the website and check your eligibility in 2 minutes!

  • 2

    Select a loan plan

    Use the slider to select the amount of money that you want.

  • 3

    Provide the documents

    Get a call from the lending partner. You can submit soft copies of your documents.

  • 4

    Site visit and in-person discussion

    Lender schedules a visit for legal and technical verification.

  • 5

    Loan approval & get funds disbursed!

    Once the loan is approved and sanctioned, your loan amount gets transferred to your bank account.

Tips to Improve Your Home Loan Eligibility

Now that you know how to check your home loan eligibility, here are some tips to improve it:

  1. Pay off your existing loans/EMIs to reduce debt obligations.
  2. Improve your credit score through timely payments and reduced credit utilisation.
  3. Add a co-applicant to increase the combined income. A co-applicant can be an earning spouse/family member.
  4. If comfortable, opt for a longer tenure. This lowers your monthly EMI and increases eligibility. 
  5. Make a higher down payment. A higher down payment reduces the amount borrowed and improves your eligibility. 
  6. Choose a property in a better location or better condition. A property with a high appraised value will reduce the LTV.

Conclusion

A lot of factors go into deciding your home loan eligibility. Banks and NBFCs are constantly trying to find prospective borrowers to provide loans to. Once you know how eligibility is calculated, you can help prepare for your loan application and give you a good estimate to bargain with the lender.

Though eligibility does not guarantee approval, it still increases your chances. Check your home loan eligibility with Moneyview, prepare the documents, and improve your credit profile for maximum chances of home loan approval.

For a home loan with interest rates starting from 7.75% per annum, visit the Moneyview website or download the app.

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How Much Home Loan Can I Get on 30,000 Salary - Related FAQs

Most banks in India allow your EMI to be around 40%-50% of your monthly income. With a salary of ₹40,000, your eligible EMI would be roughly ₹16,000-₹20,000 per month. Based on this, you can get a home loan of ₹15 Lakh to ₹25 Lakh.
Paying a higher EMI reduces your loan tenure. If your goal is to pay off the loan as soon as possible and you can afford it, then paying a higher EMI is preferable.
Yes, self-employed individuals can apply for a home loan. However, lenders may require detailed financial proof, such as ITRs, business statements, and profit-loss statements to check your income stability.
Yes. Existing EMIs reduce your disposable income and increase your debt-to-income ratio, which lowers your eligible loan amount.
Yes. Each bank has its own internal policies and documentation requirements. That’s why eligibility varies across lenders.

The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.

This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.

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