Home loan is a type of loan to disburse by a bank or financial institution to individual or Individuals for buying a residential property where lender holds the title of property until the loan is fully paid with interest.

Any individual whether self-employed or salaried with a regular income can apply for home loans and their age should be minimum 21 years at the beginning of the loan and maximum should be 65 year at the end of the loan. This is the basic home loan eligibility criteria and can be differ from one lender to another.

The lenders consider following criteria during appraisal of Home Loan.
• Earing of regular Income quantum.
• Qualification and experience
• Age of the applicant
• Resident status whether he is resident or non-resident because limit for an Indian resident and non-resident is different.
• Spouse’s income (Even household income can be taken into account when there is a co-applicant)
• No. of dependants
• Credit history and CIBIL score
• Status and quantum of existing loans

A bankers and other lenders would allow only immediate family members as co-applicant in home loan application so friend does not qualify as co-applicant .

The maximum number of joint borrowers for home loan is fixed at 6 and immediate family members can become joint applicant. Further person who have good credit history and good CIBIL score are more preferable than have low CIBIL score and bed credit history.