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Home Loan

A house loan or home loan simply means a sum of money borrowed from a financial institution or bank to purchase a house. Home loans consist of an adjustable or fixed interest rate and payment terms. The property is mortgaged to the lender as a security till the repayment of the loan.

Requirement For Home Loan

Eligibility criteria

Criteria	Details
Nationality	Indian Residents, Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
Credit Score	Preferably 700 and above
Age Limit	21 - 58 years
Work Experience	At least 2 years (for salaried)
Business Continuity	At least 3 years (for self-employed)
Minimum Salary	At least Rs. 25,000 per month (varies across lenders & locations)
Loan amount	Up to 90% of property value

(For home loan some NBFC’s providing loans on cash salary & without ITR income also with higher Rate of interest and processing fee.)

Maximum loan duration

It can be 5 to 30 years. Shorter or longer tenures may be allowed on a case by case basis.

Rates

Home loans have a lower interest rate than all other loans. At present, many leading banks offer such loans at interest rates of as low as 6.90% with additional income tax benefits. However, the rate applicable to a borrower is contingent on key factors, including credit score, income level, loan amount and tenure, previous relationship (savings account, loans or credit cards) with the lender, etc.

Processing fees

Yes. In addition to the interest payable on the home loan amount, there is a non-refundable charge on applying for a home loan. The lender charges processing fees, usually 0.50-2% of the loan principal, to take care of any paperwork that needs to be processed as part of the application process. The lender may waive this charge if you have a long-term association with him.

Documents Required for Business Loan

Home loan application form Passport size photographs of applicant and co-applicant.

Proof of Identity:	Copy of any one (PAN Card, Passport, Aadhaar Card, Voter’s ID Card and Driving License)
Proof of Age:	Copy of any one (Aadhaar Card, PAN Card, Passport, Birth Certificate, 10th Class Mark-sheet, Bank Passbook and Driving License)
Proof of Residence:	Copy of any one (Bank Passbook, Voter’s ID, Ration Card. Passport, Utility Bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill) and LIC Policy Receipt
Proof of Income for Salaried:	Copy of Form 16, latest payslips, IT returns (ITR) of past 3 years and investment proofs (if any)
Proof of Income for Self Employed:	Details of ITR of past 3 years, Balance Sheet and Profit & Loss Account Statement of the Company/Firm, Business License Details and Proof of Business Address.
Property-related Documents:	NOC from Society/Builder, detailed estimate of the cost of construction of the house, registered sale deed, allotment letter and an approved copy of the building plan.

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Home Loan

Requirement For Home Loan

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