Zeker Financial Services

Home Loan

Buy your own home.

Home Loan

Home is where you build your dreams. Home is where you nurture your family. Having a roof over your head is as important as breathing and eating.
So, how do you avail a home loan? Well it works like this: Avail a Home Loan from a lender and pay it back with interest over a period of time, through Equated Monthly Installments or EMIs.

Why avail Home Loans?

Cheap Rates:

Banks are competing with each other to offer you, low-interest rates. Women customers are offered a discount on interest by most banks.

Joint Loans:

You and spouse can avail a joint home loan. You get a higher amount of loan and also save on tax.

Own a Home in Youth:

You don't have to wait till you are old, to own a house. You enjoy a sense of accomplishment, as you are the owner of a house, at a young age

Tax Benefits:

You enjoy tax benefits on Principal and Interest on the home loan.

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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.
  • Passport.
  • 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.

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