Do you want to make an investment that will benefit you in the present and the future? Consider investing in a residential property. It assures you and your loved ones have a haven regardless of anything. Furthermore, the real estate market is thriving, which means investing now gives you a chance to realise incredible capital gains in the long run.
A Home Loan is a Mortgage Loan designed to help individuals like you realise your dream of buying a home without feeling financially burdened. Most banks provide Home Loans up to Rs. 5 crore at a competitive interest rate based on your requirements and eligibility. You can select any tenure up to 30 years and repay the borrowed amount in Equated Monthly Instalments.
Suppose your Home Loan requirement is Rs. 1 crore, let us understand your eligibility and the documents required for the same.
Home Loan eligibility
Home Loan eligibility criteria differ depending on your employment status. Your employment status can be salaried, professional, or self-employed. Here is a detailed guide on eligibility for Home Loan of each:
Salaried employees
- You should be at least 21 years old at the time of Loan application. You cannot be more than 65 years old or of retirement age at the time of Loan completion.
- You should earn at least Rs. 25,000 per month.
- You should have a stable employment history.
Professional individuals
- You should be within the age bracket of 21 years to 65 years.
- You should earn a decent income per month. The minimum income requirement differs between cases.
- You should have spent a good number of years in the profession.
Self-employed individuals
- You should be at least 21 years old when initiating the Home Loan application. You cannot be more than 65 years old upon closure.
- You need to have strong personal and business finances to apply for a Home Loan. The financial requirement varies from applicant to applicant.
Note: Whether a salaried, professional, or self-employed individual, you need to have an excellent credit score. Use the Home Loan eligibility calculator to gauge your eligibility and make an application accordingly. The calculator offers an estimate of Rs. 1 crore Home Loan EMI, which helps with repayment planning.
Home Loan documents
Submission of Aadhaar and PAN card is mandatory for all. The income documents depend on your employment status. They are as follows:
Salaried employees
- Latest two months' salary slip
- Latest six months' Bank Account statements showing salary credit
- Latest one-year Form 16
Self-employed individuals
- Latest two years Income Tax Return, Computation of Income, Profit and Loss Statement, and Balance Sheet.
- Latest six month’s Savings and Current Account statements
- Tax Audit Report (if applicable)
- Business continuity proof
- Latest Shareholding pattern
