HOME LOAN

Home Loan Overview

A home loan is a financial product offered by banks and financial institutions that allows individuals to borrow money to purchase, build, or renovate a residential property. The loan is repaid over a fixed period with interest.

Benefits of a Home Loan

1. Ownership of Property
   Enables you to buy your dream home without paying the full price upfront.

   interest paid.

2. Low Interest Rates
   Compared to other types of loans, home loans often come with relatively lower interest rates.

3. Longer Repayment Tenure
   Repayment periods can extend up to 30 years, making EMIs more manageable.

Eligibility Criteria

Eligibility may vary by lender, but the general criteria include:

1. Age

   • Salaried: 21 to 60 years

   • Self-employed: 21 to 65 years

2. Income

   • Stable and sufficient income to repay the loan. Minimum income varies by lender and city.

3. Employment Type

   • Salaried (private/public sector)

   • Self-employed (business owners, professionals)

4. Credit Score

   • A good credit score (typically 650 or above) improves chances of approval.

Documents Required

For Salaried Individuals:

• ID proof (Aadhar, PAN, Passport)

• Address proof (Utility bill, Aadhar, Passport)

• Latest 3–6 months salary slips

• Form 16 or Income Tax Returns (last 2–3 years)

• Bank statements (last 6 months)

• Employment certificate or job confirmation letter

• Property documents (sale agreement, title deed, etc.)

For Self-Employed:

• ID and Address proof

• Income Tax Returns (last 3 years)

• Profit & Loss statement and balance sheet (CA audited)

• Business license/proof of business

• Bank statements (personal and business accounts – last 6 months)

• Property documents