About Home Loan Eligibility Criteria
Have you found your dream home but are unable to buy it because you do not have the entire money needed for the purchase? The solution is to avail a home loan.
Most financial institutions like banks and non-banking financial companies (NBFCs) offer housing loans to help you move into your dream home. These facilities are available at affordable interest rates payable over the long-term ensuring you are able to service the loan in a timely manner without any financial stress.
Eligibility for home loans
If you are a salaried individual, here are the home loan eligibility criteria:
Residential status: Indian
Age: between 23 and 62 years
Work experience: at least three years
Loan amount: minimum INR 10 lakh and maximum INR 3.5 crore
Income:
1. Metros like Mumbai, Delhi, Noida, Gurugram, Thane, Ghaziabad, Navi Mumbai, and Faridabad: minimum net salary should be INR 30,000 per month
2. Other cities: minimum net salary should be INR 25,000 per month
- Minimum property value: INR 15 lakh
If you are a self-employed professional like a doctor, chartered account, businessman, or engineer, the eligibility criteria are as follows:
Residential status: Indian
Age: between 25 and 70 years
Business: at least five years of continuity in the current business
Documents needed for home loans
An online home loan eligibility calculator found on the lender’s website allows you to check how much money you may be able to borrow, and what would be the estimated Equated Monthly Installment (EMI) payable on the same. Once you determine your eligibility, here is the checklist of documents that are needed at the time of application:
Know-your-customer (KYC) documents
Form 16 or latest salary slip
Address proof
S Bank statements for the past six months
Proof of identity
Business proof (for self-employed professionals)
Photograph
Features of home loans
Easy eligibility criteria and minimal documentation making the procedure quick and simple
Flexible repayment tenure of up to 20 years to ensure you have no difficulty in timely servicing of the loan
Balance transfer and top-up facility available on existing loans
No pre-payment penalty and foreclosure charges, thereby reducing the effective rate of borrowing
Customized insurance products to secure your family in case of an unfortunate event
Excellent customer service to ensure you can complete the legal and financial requirements without any difficulty
Buying a home is a dream and a lifetime investment. Check your eligibility with a home loan calculator and fulfill your dream today. Apply for Home Loan today with Finserv MARKETS.
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