Home Loans

Home Loan Eligibility - Getting In On the Deal:

Every lender assesses a customer differently but, by and large, the basic criteria a borrower should satisfy to be eligible for a home loan are outlined below:

• Age: The minimum age at the time of application should be 21 years. Repayments have to be completed before the age of 60 or 65.
• Employment: Ability to service interest charges, as reflected in the borrower's earning capacity, is important. Borrowers should: Be salaried employees or self-employed persons (professional/non-professional).
• Have been in employment/business for at least 3 years of which current employment should account for at least 1 year.
• Income: A minimum income varying between Rs.5 - 7 lakhs would be required. This depends on the nature of employment, i.e. salaried or self-employed.
• Residence: At least one year of stay at the current residence is required to display stability.
• Credit Rating: A good credit score is required (a score of 750-900 from CIBIL is considered good). Besides this, a healthy financial background is vital for approval and to determine the interest rate and loan amount.

Documents to be submitted differ according to the eligibility requirements. The following, however, are commonly requested for:

• The application form which has to be signed and affixed with the specified number and size of photographs.
• Proof of identity, address, employment, income and tax paid as per KYC requirements. This usually includes.
• Passport/Voter ID//Driving License/Ration Card/Utility Bills/Lease Agreements/Property Deeds/Salary Slips (3 most recent months)/Salary Certificate/Bank Statements (3-6 most recent months)/Audited financial statements/Form 16/ITR/Business deeds e.g. MOA, Partnership Agreement etc./Appointment Letter.
• Documentary evidence of the property to be funded.
• Cheques for payment of fees charged to process the application.
• In case of a joint application, the co-applicant will also be required to furnish similar paperwork.

What you will Love?

• No guarantor required.
• No pre-closure and part payment fee.
• Special offers are available for women applicants at a lower rate.

Documents

• KYC-PAN, address & ID proof.
• Income proof, bank statement and one photograph

Perks

• Door step service.
• Part payment available.
• No guarantor required
• E-approval
• Balance transfer

Fees & Charge

• Pre closure fee= ₹ 0.
• Part Payment fee= ₹ 0.

Good To Know

• Avg. approval time.
• Branches.

Eligibility Criteria

• Age at least 18 and less than 60.
• Salaried / Self - Employed with regular income, earn more than the minimum income required.