- Cashmate
- Home Loan
Home Loan
Read on to know the criteria required to apply for our Home Loan.
Home Loan Eligibility and Documents
Home Loan Eligibility
The basic home loan eligibility criteria are as follows:
You must be above 21 years of age at the time of the commencing of your loan and up to 65 years or less at loan maturity.
Salaried Person:
- Age: 21 years to 58 years.
- Income: Minimum Rs. 10,000 per month.
- Employment: Minimum 6 Months of Experience in a Proprietor or Partnership Firms, MNC, Private or Public Limited Company.
Self-Employed Person:
- Age: 21 years to 65 years
- Income: Minimum Rs. 1,00,000 per year
- Employment: Minimum 1 years of Experience in the current field
Credit Score
A credit score of 650 is considered a good score for approval.
Documentation for Home Loan
Income Proof Documents
1. Salaried Individuals
- Form 16
- Employee Identity Card
- 3 Months Salary Slip
- 6 Month Bank Account Statement
- Duration of Employment Evidence
2. Self-Employed Individuals
-
2 Yrs ITR
- Financial Statement Audited by CA
- Profit & Loss Account Statement
- Balance Sheet - Authorized License
- Firm Registration Certificate (Proprietorship, Partnership, Private or Public Limited)
- 6 Months Bank Account Statement
- Professional Practice License for Doctors, Consultants, etc
- Registration Certificate of Establishment for Shops, Factories, and Other Establishments
- Business Address Proof
- Documents Required from all Non-Resident Indians (NRIs) Applicants
- Income Proof Documents for NRI
Property Papers
- Property Documents
- Sale Deed
- Stamped Agreement of Sale
- Allotment Letter
- No Objection Certificate or NOC
- Housing Society
- Builder
- Possession Certificate
- Land Tax Receipt
- Construction Cost Estimate
- Bank Account Statement of Payment Made to Seller or Builder
- Payment Receipt of Payment Made to Seller or Builder
- Incase of resale property, share certificate is required
- Occupancy Certificate
Fees and Charges for Home Loan
The fees and charges of home loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to home loans:
Particulars
Charges
FAQs
Home loan is a loan disbursed by a bank or financial institution (lender) to an individual specifically for buying a residential property. Here, the lender holds the title of property until the loan is paid back in full along with interest.
Home loans are long term borrowing instruments with a minimum tenure of 5 years and a maximum tenure of 30 years. The tenure offered to you for your personal loan depends on the loan amount that is sanctioned to you by the lender along with other factors.
Anyone — whether self-employed or salaried individuals/professionals — with a regular source of income can apply for home loans. One must be at least 21 years old when the loan period begins and should not exceed an age of 65 years when the loan ends or at the time of superannuation. This is the generic home loan eligibility criteria and specifics such as the minimum and maximum age limits, minimum income level, etc. may differ from one lender to another.
Due to the huge demand for home loans, banks and NBFCs across India provide home loans to their customers. Some of the leading banks who provide home loans to individuals include HDFC Bank, Axis Bank, ICICI Bank, State Bank of India and associates, Bank of Baroda, RBL Bank and many others. Leading NBFCs in India that provide home loans in India include India Bulls, Bajaj Finance, Financiers, LIC Housing Finance and may others.
Immediate family members such as your parents, spouse and children are allowed to be joint borrowers in case of a home loan.
Yes, a balance transfer option is available for a Home Loan. You can avail of current best offers on new home loan interest rate by transferring your ongoing home loan to other bank. It is recommended to transfer a loan in the early years. A loan that has already been served, i.e. max interest liability is already being paid, should not be considered for balance transfer.
The availability of top up facility will varies as per lender’s policy. However, in most cases, you will be eligible for the top up scheme if you have been regular in repaying your EMIs. The rate of interest on the top-up loan will be slightly higher than the Home Loan (still lower than personal loan), yet the approval & processing will be faster than a fresh loan application. You also get repayment flexibility with Top up Home Loan.