All You Need To Know About Home Loan Eligibility

By Author: Inr Credit
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A home loan is essentially a quick fix to all your home buying related worries but just like any other loan product in market, your loan lending institution needs you to prove your worth before they sanction you the loan.

How to go about it?

The process is quite easy. All you need to do is bring in the personal and professional details to the lender. Here are some important eligibility criteria that you need to fulfil to avail a loan.

Examining your Eligibility

It is important to convince your lender that you are the right candidate for loan. Here is the checklist of documents you should keep handy:

A valid proof of identification to prove you are a resident of India – passport, driver’s licence, voter id

You must be within the age bracket of 25-70 years

You need to submit a proof that your business is at least 5-year-old if you are a self-employed individual

Your loan amount should be between minimum and maximum amount offered by your lender.

You will need your latest credit report with a score of 750 or more.

Documents Required for Home Loan Sanction

If ...
... you are eligible, the lender will require documents that prove your existence and financial stability. You may need to put up the following papers:

Complete Home Loan application

Latest passport size photographs of applicant and co-applicant

ID proof

Residence proof

A proof of your business address in case you are self employed.

A statement of your bank account

Signature identification

A statement of personal assets and liabilities

A detailed information of ongoing loans

Salary certificate of past six months

Tax deducted at source or Form 16 along with a copy of ITR you may have filed. This is important to determine maximum loan for salaried employees.

Property Documents Required for getting a Home Loan

When you decide to put your property up for a home loan, the lender needs authorised paperwork to ensure there are no illegalities when approving your loan. As per the lender, here are some important documents you may need to be ready with:

Sale agreement

Receipts of building and land tax paid

A certificate of possession

A location sketch of property

Letter of allotment issued by builder

Any receipts of advance payments already made

NOC under Urban Land Ceiling Act 1976.

A copy of NOC from builder

A detailed estimate of cost of construction

A completed and up to date application is indeed the best way to get your home loan application approved as they justify your repayment capacity. You need to consider taking loan as a job interview and hence all the details that you mention should be true and the lender should be happy to give you a sanction.

INRCredit is a financial advisor as well as money lending institution with immense experience in lending business. The company specialises in unique home loan products like loan against property in Gurgaon and home loan in lal dora.

Source: https://www.freeprnow.com/pr/all-you-need-to-know-about-home-loan-eligibility