Home Loans

ELIGIBILITY CRITERIA

The first step you need to take is to make sure that you qualify for a housing loan. At the beginning, our agents will assess your eligibility for home loan on the basis of your income and repayment capacity. The other important considerations include age, qualification, financial position, number of dependants, spouse’s income and job stability.

LOAN AMOUNT

As defined by the regulator, most banks provide a housing loan ranging from 75 to 90 percent of the cost of the property depending on your loan value. You can use a housing loan eligibility calculator to check your eligibility for home loan.

 COST OF YOUR HOME LOAN

The cost of your housing loan is also a factor to take into consideration while assessing its suitability. The cost will include the interest payments, processing fees, administrative charges, prepayment penalties, etc. Ideally your home loan should have zero prepayment charges for adjustable/floating rate loans. You should also be able to convert your loan to a lower rate by just paying a nominal fee. When considering a home loan, ensure that there are no hidden charges. As per the regulator, lenders need to transparently disclose information about fees and charges on their website.

DOCUMENTATION

Documents needed for a home loan can be categorized as:

KYC DOCUMENTS:

These include your identity and address proofs. Some documents that you can submit for this requirement include a valid passport, voter ID card, Aadhaar card, etc.

CREDIT/INCOME DOCUMENTS:

These documents help the lender assess your loan eligibility. If you are employed, you can submit your salary slips of the last 3 months; if you are self-employed, you can submit income tax returns along with computation of income of the last 3 years.

PROPERTY DOCUMENTS:

These documents include the agreement to sell, the title deeds, etc. The lender does a due diligence on the property based on these documents.