Jana Small Finance Bank offers home loans to eligible customers at affordable interest rates starting at 8.40% p.a., with a repayment period of up to 30 years. However, you will get a loan only if the bank deems you eligible.
So now, here’s how to check your Jana Small Finance Bank home loan eligibility.
Jana Small Finance Bank Home Loan Eligibility Criteria
Criteria | Details |
---|---|
Age | Salaried and Self-Employed: 25 – 75 years |
Employment Type | Salaried, Self-Employed (Professionals and Non-Professionals) |
Minimum Income | Salaried: Rs.10,000 per month , Self-Employed: Rs.10,000per annum |
Factors Affecting Jana Small Finance Bank Home Loan Eligibility
Several factors affect your eligibility for an Jana Small Finance Bank home loan, including:Factor | Impact on Eligibility |
---|---|
Age of the applicant | Younger applicants get longer repayment tenures |
Financial position | Strong financials improve eligibility |
Repayment record | Also good repayment history boosts eligibility |
Credit score | Higher scores increase chances of approval |
Existing liabilities | Higher liabilities reduce eligibility |
Applicant’s profile | Stable profiles are favored |
Property specifications | Newer, well-located properties have better eligibility |
Loan guarantor status | Being a guarantor to another loan can affect eligibility |
Eligibility Based on Age
Applying for an Jana Small Finance Bank home loan early ensures that you can get a longer repayment tenure, lowering your EMI and helping you manage your finances better.Applicant Age | Maximum Eligible Tenure |
---|---|
25 – 45 years | 30 years |
46 years | 29 years |
47 years | 28 years |
48 years | 27 years |
49 years | 26 years |
50 years | 25 years |
51 years | 24 years |
52 years | 23 years |
53 years | 22 years |
54 years | 21 years |
Eligibility Based on Property Value
The value of your property also influences your loan eligibility. Here’s how:Property Value | LTV Ratio |
---|---|
Up to Rs.30 lakh | 90.00% of the property cost |
From Rs.30 lakh to Rs.75 lakh | 90.00% of the property cost |
Above Rs.75 lakh | – of the property cost |
Eligibility Based on Credit Score
Your credit score is a crucial factor in determining your eligibility.Rating | Credit Score |
---|---|
Good | 750 and above |
Average | 600 – 750 |
Poor | Below 600 |
Eligibility for Women
For women applicants, the eligibility criteria are the same as for other applicants. However, women applicants are eligible for a variable interest rate concession on the loan.Calculate your ideal home loan eligibility and get your dream home faster!
What is Home Loan Eligibility?
Home loan eligibility is defined as a set of criteria by which a financial institution assesses the creditworthiness of a customer to avail and repay a particular loan amount. It depends on various parameters, including age, financial position, credit history, credit score, and other financial obligations. test test testTips to Improve Jana Small Finance Bank Home Loan Eligibility
Strategy | Description |
---|---|
Adding a Co-Applicant | Adding an earning family member as a co-applicant can improve your eligibility. |
Opt for Longer Tenure | A longer tenure reduces the EMI burden, improving your eligibility. |
Improve Your Credit Score | Consistent repayments and rectifying errors in your credit report can enhance your score. |
Adequate Funds for Down Payment | Making a higher down payment can increase your chances of loan approval. |
Conclusion
Checking your Jana Small Finance Bank home loan eligibility is a crucial step in securing a home loan. Also, by understanding the eligibility criteria and using the tools provided by Jana Small Finance Bank, you can ensure a smooth application process and improve your chances of approval. If you need assistance, Jana Small Finance Bank offers a facility of a pre-approved home loan even before you have identified your dream home. For any queries, feel free to contact our team of experts.FAQs
The minimum salary required for a salaried individual to be eligible for an Jana Small Finance Bank home loan is Rs.10,000 per month. For self-employed individuals, the minimum business income should be Rs.10,000 per annum.
Yes, Jana Small Finance Bank provides up to 90.00% of the property cost as a home loan for properties valued up to Rs.30 lakh.
Eligible individuals for Jana Small Finance Bank EMI include: -Salaried professionals aged 25 – 75 with a minimum salary of Rs. 10,000 per month. -And Self-employed professionals and non-professionals aged 25 – 75 with a minimum annual business income of Rs.10,000.