Product Details
home loan
A Home Loan is a secured loan product where the lender provides finances for the purchase or construction of a residential/commercial property. One can also avail a housing loan to buy a plot of land and construct on it. Home Loans are also issued to extend/ repair/ renovate/ alter a new or second-hand property. So, in this loan buying property will mortgage with loan provider banks or housing finance company, hence it is a secured loan by collateral property. Home Loan is the second largest demanding loan product available in financial market in India.
Home Loan Eligibility Criteria
Home Loan eligibility depends upon various factors. A few of them are listed here –
Income – Your income determines the amount of home loan you are eligible for. Banks generally keep the EMI to income ratio at 0.45 to 0.50.
Tenure – The longer tenure you opt for, the more is your home loan eligibility and the lesser is your EMI.
Age – Your age will determine your home loan tenure and hence your eligibility.
Interest Rate offered – Banks offer Fixed and Floating Rates of Interest. If your interest rates are on a lower side, then the loan eligibility will be higher.
CIBIL Score – Your credit report tells the bank about your repayment capacity and hence determines if you’re eligible for a loan.
Documents Required for Home Loan (for Applicant & Co Applicant)
|
Documents Required |
Salaried Customers |
Self Employed Customers |
|
Application Form |
Signed by customer along with photographs |
Signed with photographs with rubber stamp if required |
|
Identity Proof |
Clear Copy of PAN card Self signed |
Copy of PAN card self-signed |
|
Certificate and Proof of Business Existence |
Not applicable |
PAN, GST registration, copy of partnership deed, Shop act, Trade license, Certificate of practice, Registration certificate issued by government |
|
Current Address Proof |
Copy Passport, Driving License, Election ID card, Electricity/ Telephone/ Mobile bill/ Bank statement (not more than 3 months old) |
Bank statement, Utility bill, Reg, Lease or rent agreement, TAN allotment letter, Passport, Driving Licence, Voter ID card, Phone bill, Property bill |
|
Office Address Proof |
Not Applicable |
Utility Bill, Bank Statement, Reg. Lease Rental Agreement |
|
Income Proof |
Form 16, Latest 6 months’ salary slip & Latest 6 months bank statement, Previous Job experience proof if required |
Last 2 years ITR, Last 12 months bank statement ( ITR is not mandatory) |
|
Property Documents |
Past title chain if resale or builder master file – Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension |
|
Home Loan Balance Transfer
One of our most popular products among home owners, a Balance Transfer can help you get a better deal on your Home Loan thus enabling savings. You can also use a balance transfer to take a top up loan from a bank, which allows you to pay off your other loans by taking a consolidated loan from a bank. FInkartz will help you get the best possible deal on a balance transfer for your loan.
