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.
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)