Now you can buy your dream home with the help of a home loan. This loan can used for home extension or purchasing a new property. The lump sum amount borrowed can be repaid in easy EMIs. The loan can be availed at fixed or floating interest rate depending on the eligibility criteria as stated by the lender.
Home Loan Eligibility
For home loan approval, you should have the required eligibility criteria.
- Age of the borrower should be from 21years to 65 years
- For self employed, should have the required education
- Should have the required monthly income and job stability
- Good credit score and history
- Co-applicant’s income and credit score, if any
- Liabilities of other loans such as personal loan, education loan, car loan etc.
Home Loan Documentation
- Filled and signed application form with photograph
- Processing fee by cheque or draft
|For salaried individuals||For self-employed individuals|
|Identity, residence and age proof– voter id, Pan card, Adhar card, passport, etc. that is acceptable to the bank.|
|Last 6 months’ bank statements for approval of pre-decided loan amount|
|Last 3 months’ salary slips||Education qualification certificate|
|Form 16 or Income Tax returns||Last 3 months’ salary slips to check your income and job stability|
|Form 16 or Income Tax returns with computation of income|
|Proof of continuity/existence of business, for self-employed non-professionals|
|Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account|
Home Loan Features
- Quick and easy processing
- Protection of home loan with ‘Home loan insurance’.
- Transferring of ongoing home loan to a new lender with a lower interest rate through ‘Home loan balance transfer’.
- Choose from the fixed or floating interest rate with ‘Flexible interest rate’ feature. Where in the former the rate remains constant throughout the loan tenure and in the latter the interest rate depends on the market.
- Advance home loan approval with ‘Pre-approved home loan and save your time lost in documentations and other responsibilities.
|Home Loan Details|
|Processing fee||0.50% of the loan|
|Loan tenure||1 year–30 years|
|Pre-closure charges/ pre-payment||Nil|