How to Get Rs. 15 Lakh Home Loan? Eligibility Criteria and More.
How to Get Rs. 15 Lakh Home Loan? Eligibility Criteria and More.

Is the amount of Rs. 15 lakh becoming a hindrance between you and the keys to your dream home? This amount might not seem much when you compare it to the total home cost. But if you don't buy a home in your favorite locality quickly enough and decide to wait, you might lose your chance completely. That's why you should get a house loan of Rs. 15 lakh from your chosen lender and seal the property deal as soon as possible. And since time is the essence, you need to understand if you or your spouse qualify for a loan and prepare the right documents fast. In this article, we are going to discuss the criteria you need to fulfill to get an Rs. 15 lakh home loan. You will also learn what documents you need to submit to your lender to get the loan money in your account as soon as possible. Let's dig in.


Eligibility Criteria to Avail an Rs. 15 Lakh Home Loan:


If you want to get the best home loan available out there, you need to make sure that you meet the eligibility criteria set by the lenders. While different lenders might have different sets of criteria, they all have a list of general requirements that the borrower needs to fulfill. Here's a list of eligibility criteria you must fulfill to score an Rs. 15 lakh housing loan.


1) Age:

Many lenders require the age of the applicant to be within the range of 21 and 65 years. Some banks even cap the maximum age of the borrowers to 60 years. Also, as a general rule of thumb, the tenure of the home loan cannot exceed the number of years you have left until your retirement.


2) Job Profile and Income:

Every home loan finance company or bank needs the applicant to possess a stable job profile and a solid source of income. You can either be a salaried professional or a self-employed one. However, the bank might need different kinds of tax documents that can vary depending on your job.


3) Credit Score:

You should at least have a credit score of 650 points if you want to get a housing loan of Rs. 15 lakh without any hassle. Your credit score shows how responsible you are with your money. The higher your credit score is, the more trustworthy you will be in the eyes of the lenders. A credit score of 750 or above will even help you secure the loan with a significantly low-interest rate.


4) Work Experience:

Your work experience plays an important role during the home loan negotiation. If you are a salaried professional, you must have a work experience of 2 years or more. And you must be working for at least one year with your current employer. On the other hand, a self-employed individual must be in business for at least three years with at least two profitable years. As you can see, your work experience stats can be of tremendous help when you apply for a housing loan.


5) Debt-income Ratio:

Many people buy one or more things by taking credit from a finance company, and they pay a monthly EMI until the total cost of the credit is settled. Your potential lenders see the total amount of EMI you pay as your monthly debt. And the debt-income ratio is the ratio of your monthly debt and your monthly income.

The lower your debt-income ratio is, the higher the chances of getting an instant home loan approval. Generally, you must have a debt-income ratio of 40 percent or lower to even qualify to apply for a housing loan plan. So, make sure you settle the previous debts before applying for a mortgage.


6) Residential Status:

This is, of course, one of the simplest requirements. As long as you are an Indian citizen or have the status of a Non-Resident Indian, you can apply for a home loan from any Indian bank or financial institution.


Documents Required to Apply for the Loan:

You need to show several important documents to the bank when you apply for a mortgage. The lenders need these documents to verify your identity and determine if you are qualified to take a home loan or not. Here is a list of documents you need to show the banks to secure the loan.

1) Age Proof:

Lenders would need you to submit a few documents as proof of age during the loan eligibility evaluation process. Here's a list of documents you can show the bank when you apply for a housing loan:

  • Passport

  • Birth Certificate

  • PAN Card

  • Aadhaar Card

  • Driving License

  • Life Insurance Policy

  • School Leaving Certificate


2) Identity Proof:

Documents you can submit as proof of your identity are:

  • Aadhaar Card

  • Voter ID Card

  • Passport

  • PAN Card

  • Driving License


3) Proof of Residence:

You can submit any one of these documents as proof of residence:

  • Voter ID Card

  • Property Registration Documents

  • Utility Bills

  • Property Tax Receipts

  • Bank Statements


4) Income Proof:

The income proof is the most important document, which every bank and home loan finance company needs to evaluate whether you qualify to raise a house loan. The required documents will vary depending on whether you are a salaried or a self-employed individual. Let's take a look at the documents required for each case.


Documents Required from a Salaried Individual:

  • The last three month's salary slips

  • Form No. 16

  • Appointment Letter

  • Annual Increment Letter

  • The salary account's bank statement


Documents Required from a Self-employed Individual:

  • Last two years' income tax returns with supportive documents

  • Business registration certificate

  • Last six months current bank account statement (The account must be an active one.)

  • Business Profile

Make sure you get these documents ready and submit them to your lender to get the best home loan offer.



Getting a home loan of Rs. 15 lakh can significantly reduce your financial burdens and help you get your dream home quickly. Therefore, once you compare different offers and pick the most favorable home loan deal, it's time for you to check the eligibility criteria mentioned by your lender and get the proper documents ready. Use the facts mentioned in this guide to prepare the appropriate documents faster, visit the bank, and get your house loan sanctioned as soon as possible.