Question 1

How is home loan eligibility calculated in India?

Accepted Answer

Home loan eligibility in India is primarily calculated based on your net monthly income, Fixed Obligation to Income Ratio (FOIR), age, employment type, credit score (CIBIL), and the property value. Most banks allow a FOIR of 40–55%, meaning your total EMIs (including the new loan) should not exceed 40–55% of your net income.

Question 2

What is the minimum salary required for a home loan in India?

Accepted Answer

Most banks require a minimum net monthly salary of ₹25,000–₹30,000 for salaried applicants and a minimum annual income of ₹2.5–₹3 lakh for self-employed applicants. However, the loan amount depends on your FOIR, existing obligations, and credit profile.

Question 3

What CIBIL score is needed for a home loan?

Accepted Answer

A CIBIL score of 750 or above is considered ideal for home loans in India and gets you the best interest rates. Scores between 700–749 are generally acceptable, while scores below 700 may result in loan rejection or significantly higher interest rates.

Question 4

How does BorrowBetter calculate the BorrowBetter Score?

Accepted Answer

The BorrowBetter Score is a proprietary metric that analyses your income, existing EMIs, credit score, employment stability, FOIR, LTV ratio, and banking history against the underwriting policies of 15+ Indian banks. It gives you a consolidated view of your loan approval probability and eligible loan amount.

Question 5

Is my data safe when using the BorrowBetter eligibility engine?

Accepted Answer

Yes. BorrowBetter does not store your personal financial data beyond the session. We do not share your information with banks, lenders, or third parties without your explicit consent. Your privacy is our highest priority.

Welcome to BorrowBetter Smart Consultation

Welcome to BorrowBetter Smart Consultation