Home Loan

Home Loan Eligibility Criteria:

Home Loan eligibility depends upon various factors which are as follows:

1. Income – Your income determines the amount of home loan you are eligible for. Banks generally keep the EMI to income ratio at 0.45% to 0.60% of your monthly income.
2. Tenure – The longer tenure you opt for, the more is your home loan eligibility and the lesser is your EMI. Maximum tenure is 20 years (30 years in some banks or NBFC’s).
3. Age – Your age will determine your home loan tenure and hence your eligibility. Maximum age to be considered for salaried is 60 years and for self employed is 75 yrs.
4. Interest Rate offered – Banks offer Fixed and Floating Rates of Interest. Lower the interest rate more is the home loan eligibity and higher the interest rate less is the home loan eligibity.
5. CIBIL Score – Your credit report tells the bank about your repayment capacity and hence determines if you’re eligible for a loan.(credit score must be above 650)

Bank wise Rates of Interest for Home Loan :

Documents Required for salaried Home Loan :

1. Application Form - Signed with photograph pasted (applicant and co applicant)
2. Identity Proof - PAN card, Passport, Driving License, Aadhar Card, Voter id,(applicant and co applicant) (Any One)
3. Address Proof - Aadhar card, Passport, Driving License, Election ID card, Rent Agreement, Electricity/ Telephone/ Mobile bill/ Bank statement (not more than 3 months old) (applicant and co applicant) Rent Agreement ( Notarised/ Registered) ( Any One)
4. Income Proof - Form 16, Latest 6 month’s salary slip, Last 6 month’s bank statement
5. Stability Proof - Job Stability Proof must be of 2 years
6. Property Documents -
   1. If builder purchase- draft agreement, Cc copy, Development Agreement, Approved Plan, Cost Sheet.
   2. If resale - Past Title Chain, Conveyance Deed, Sale Deed, Allotment Letter, Possession Letter, Latest Property Tax Receipt, Copy of Approved Plan for Construction/ Extension.

Documents Required for self employed Home Loan :

1. Application Form - Signed with photograph pasted( applicant and co applicant)
2. Identity Proof - PAN card, Passport, Driving License, Aadhar Card, Voter id,(applicant and co applicant) (Any One)
3. Address Proof - Aadhar card, Passport, Driving License, Election ID card, Rent Agreement, Electricity/ Telephone/ Mobile bill/ Bank Statement (not more than 3 months old) (applicant and co applicant) Rent Agreement ( Notarised/ Registered) (Any One)
4. Business address proof -Address on current account, Rent Agreement, Ghumasta License, Adhar Udyog, Electricity Bill. (Any One)
5. Business License - Ghumasta License, GST Certificate, Government License.
6. Income Proof - Last 3 Years ITR with CA Attested, 1Year Bank Statement Of Current And Saving Account.
7. Stability Proof - Business Stability Proof must be of 3 Years.
8. Property Documents -
   1. If builder purchase- draft agreement, Cc copy, Development Agreement, Approved Plan, Cost Sheet.
   2. If resale - Past Title Chain, Conveyance Deed, Sale Deed, Allotment Letter, Possession Letter, Latest Property Tax Receipt, Copy of Approved Plan for Construction/ Extension.