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Home Loan Eligibility

Home is a dream place for every person where he relaxes and spends beautiful moments with loved ones. It is a big financial decision to buy a house and comes with a great responsibility. It is among the toughest decision one can ever make and needs a lot of financial support. Lending money from a bank is the simplest and secured way to finance your dreams.

Home loan is basically a secured loan. Secured against the value of property, the property can be personal or commercial type. There are a number of banks and NBFC’s that lend money for housing purpose. It may be for any purpose either from constructing a brand new house to renovating old one. Home Loan Balance Transfer Facility is available for customer to reduce the burden of increased interest rate.

Basic Eligibility Criteria

• An individual who is Salaried, self-employed or self employed professional.
• A person with Net Monthly Income is in excess of Rs.15,000/- or Net Annual Income (others) is in excess of Rs.1,80,000/-.
• The income of the spouse can be added if he/she is a co-borrower or a guarantor.
• Maximum age limit for home loan self-employed is 60 years and for Salaried is 58 years.

Documents Required

Most importantly, all Home Loan deals agreed and supported by relevant papers. Self-employed and salaried require different documents to support the deal. Before signing the Home Loan documents, recheck all terms and conditions.

A customer must understand and agree with each of the clauses in the documents. Do not sign any blank documents.

For Salaried Employees

• KYC Documents (Photos/PAN Card)
• Proof of Identity (Passport Copy/Voters ID card/ Driving License).
• Address Proof (Ration card Tel/Elect. Bill/ Rental agreement / Passport copy)
• Bank Statements(latest 6 months bank statement /Passbook)
• Latest salary slip or current dated salary certificate with latest Form 16

For Self - Employed

• KYC Documents (Photos/PAN Card)
• Proof of Identity (Passport Copy/Voters ID card/ Driving License)
• Address Proof (Ration card Tel/Elect. Bill/ Rental agreement / Passport copy)
• Bank Statements(Last 1 Year bank statement /Passbook)
• Last 3 Years ITR File with Balance Sheet and PL Statement.
• Last 5 Years Business Proof(Est.Registration/Tax Receipts)

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