What are the eligibility criteria for basic home loans?

  • Age of applicant: Between 18 years to 60 years of age
  • Occupation: Salaried or self-employed with a steady source of income.
  • Income: Above the minimum income requirement laid down by the lending institution.
  • Credit Score: Above a specified limit.
  • Age of property: Certain older properties are not financed by lenders.

Any other criteria laid down by the specific bank or NBFC.

The actual loan amount approval also depends on the:

  • Ability to pay the down payment
  • Ability to pay the monthly EMIs
  • Existing loans and liabilities

What are the types of home loans?

  • Loans for home purchase
  • Loans for home construction
  • Loans for land purchase (only if the land is purchased for constructing a house)
  • Loans for home improvement (major renovations)

What are the documents required to apply for basic home loans?

  1. Duly filled and signed application form
  2. Passport-size photos
  3. ID and address proofs
  4. Canceled cheque for paying the processing and other fees
  5. 6-month bank statements
  6. 3 years Form 16 and ITR filing for salaried individuals
  7. Proof of educational qualification, proof of business, 3 years of ITR, computation of income, 3 years of CA audited balance sheets, 3 years of profit and loss statements, etc., for self-employed applicants.