Eligibility Criteria
Home Loan differs across lending institutions and loan schemes. However, common set of housing loan eligibility criteria is given below:
- Nationality: Indian Residents, Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs)
- Credit Score: Minimum 750 and above
- Age Limit: 18 – 70 years
- Work Experience: At least 2 years (for salaried)
- Business Continuity: At least 3 years
- Minimum Salary: At least Rs. 25,000 per month
- Loan Amount: Up to 80% of property value
Apart from these, your home loan eligibility also depends on the property you are buying and the location of the property.
Documents Required to Apply for a Home Loan
- Passport size photographs, as required
- 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, (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
Benefits
- Commision: 0 Commision pay
- File Charges: No file charges
- Tax Benefits: In addition to the Section 24(b) of IT Act, you can claim tax benefit on home loan interest either under Section 80EEA or Section 80EE.
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