Buy your own home.
Why avail Home Loans?
Call now for FREE consultation.
Thinking of Availing a Home loan
Documents Required To Availing a Home Loan
Following are the important documents required to avail a Home Loan:
- Driving License.
- Voter’s ID.
- PAN Card.
- Utility Bills.
- Ration Card.
- Passport size Photographs.
- Sale agreement.
- 6 months bank statements.
- Business documents describing type of business.
- IT Returns.
- Last 3 month’s salary slips.
- Form 16A.
Eligibility criteria to avail a Home Loan
Before banks grant a Home Loan, they do some checks of their own called due diligence. You have to be eligible to get that Home Loan. Be sure to check the important eligibility criteria:
1. Age: Younger the age of the borrower, greater are the chances of getting a Home Loan. To avail a loan, salaried employees should be between the age of 21 to 60 years and self-employed should be between 21 to 65 years.
2. Job Stability: A salaried employee should be in his current job for at least 2 years. For a self-employed, the business should have been in existence for at least 3 years.
3. Income Level: A higher monthly income indicates the ability to pay higher EMI’s. Therefore, the probability of repaying the loan on time is high. The present income status and past financial track record are considered to ascertain financial stability.
4. Credit Rating: If you have a CIBIL score of 750 and above, greater are the chances of getting a loan with flexibility on amount, EMI, tenure and interest rates. A low credit score indicates high outstanding loans and maybe defaults, which can lead to a rejection of the loan.
5. Other Loans: The banks will consider other loans that you have availed or any pending dues in your name.