Yes, a person can have both a car loan and a home loan simultaneously as long as he/she meets the eligibility criteria for both and has enough evidence to prove that he/she is capable of repaying both the loans without defaulting on payments. 

Eligibility for a car loan:

1 Should be a minimum of 21 years and a maximum of 60 years

2 Should either be a salaried or self-employed individual

3 Should have a minimum of 2 years work experience with one year in the current company where one is employed (if salaried)

4 Should have a minimum of 3 years work experience (if self-employed) 

5 Should be earning Rs.3,00,000 per annum

This can vary from lender to lender, so it is best to check your lender as to what their eligibility criteria for their car loan is.

Eligibility for a home loan:

1 Must be a minimum of 18 years of age 

2 Should be a salaried or self-employed individual.

3 Should have a minimum of 2 years work experience (if salaried)

4 Should have a minimum of 3 years work experience (if self-employed) 

5 Must be an Indian resident 

This can vary from lender to lender, so it is best to check your lender as to what their eligibility criteria for their home loan is.

Tips to keep in mind to get both a car loan and a home loan:

Credit score & history:

Having a good credit score and long & good credit history can make it easier for you to get both your loans approved. A credit score is a three-digit number that is used by the bank to judge your credit worthiness. A good credit score is very advantageous for easy credit approvals. 

Down payment:

If you make a large down payment for the purchase of your car and your house, the loan amount to be taken will be lower for the remaining cost. So, banks/lenders will be willing to lend a comparatively small amount for the car loan and the home loan. So, the larger the down payment on your car and house, the higher the chances of getting your loan approved.

Relationship with the lender:

Long and healthy relationships with the lender can give you the opportunity to get both the loans sanctioned. Banks will aim to please their long-term customers and so it will be easier to apply for a loan from a bank that you are an existing customer of. 

Income

The higher your income, the easier it is to get both your loans approved as it can act as proof of your repayment ability. Also, if you provide proof of regular income, the banks will consider you a reliable customer to lend to.

To apply for a car loan or a home loan, click here.