Eligibility

Owning a house is a dream for every human being. After the economic liberalization and competition among retail finance companies, it's easier to get a home loan now. However, there are eligibility criteria that has to be met. You can not get any amount of home loan irrespective of your income. The amount of loan given by financial institutions depend on lots of factors, including your income, age, qualifications, work experience, number of dependents, spouse's income, stability of income and employment, assets, liabilities, etc.

Bank Minimum Age (in yrs.) Minimum Income (in Rs.) Minimum Work Experience (yrs.) Residence Status (yrs.)
Salaried Self Salaried Self Salaried Self Salaried Self
ICICI Bank
ICICI Bank
Minimum 21 years Minimum 21 years Regular Source of Income should be there Regular Source of Income should be there Job experience not provided Job experience not provided Valid Residence proof Valid Residence proof
State Bank of India
State Bank of India
18 to 70 years 18 to 70 years Availability of sufficient, regular and continuous source of income for servicing the loan repayment. Availability of sufficient, regular and continuous source of income for servicing the loan repayment. Job experience not provided Job experience not provided Residence proof not provided Residence proof not provided
HDFC Bank
HDFC Bank
21-60 years 25-65 years Information not available Information not available Information not available Information not available Valid Residence proof Valid Residence proof
Punjab National Bank
Punjab National Bank
18 years to 65 years 18 years to 65 years Information not available Information not available Information not available Information not available Valid Residence address proof valid Residence and Business address proof
Axis bank
Axis bank
24 to 60 years 24 to 65 years Information not available Information not available Information not available Information not available valid Residence proof valid Residence proof
Citibank
Citibank
Minimum 23 years, Age on loan maturity should not exceed 65 years Minimum 23 years, Age on loan maturity should not exceed 65 years Information not available Information not available Minimum 2 years Minimum 2 years Valid Residence proof Valid Residence proof
Union Bank of India
Union Bank of India
Minimum 21 years Minimum 21 years Information not available Information not available Information not available Information not available Valid Residence proof Valid Residence proof
Bank of Baroda
Bank of Baroda
Maximum 60 Years Maximum 65 Years Income criteria not provided Income criteria not provided Job experience not provided Job experience not provided Residence proof not provided Residence proof not provided

Documents Required

Obtaining a home loan is comparatively easier now a days. However, there are eligibility criteria that have to be met. You can not get any amount of home loan irrespective of your income. The amount of loan given by financial institutions depend on lots of factors, including your income, age, qualifications, work experience, number of dependents, spouse's income, stability of income and employment, assets, liabilities, etc.

To get any home loan you need to show some relevent documents to support the deal. Self employed and salaried people require different documents to support the deal.

The borrower must submit the following documents along with loan application though it can vary slighly depending on the bank:
• Proof of age
• Proof of identity and residence - passport, PAN card, ration card, voter ID card, etc
• Salary slip of last three months along with salary certificate.
• Proof of continuity in the job for last two years or Form 16.
• Bank statement for last six months.
• Company profile for employees of a private limited company.
• Proof of business address in respect of businessmen/industrialists
• Latest property tax paid receipt.
• Sanctioned plan.
• Receipts towards payments already made.
• Sale agreement and title documents in favour of the seller (old flat or house).
• Sale agreement or construction agreement with builder (new flat).
• Total cost break-up on builder's letterhead (new flat).

During the time of documentation be careful. Do make sure that you always ask for a letter on the banks letterhead mentioning the particulars like exact rate of interest, processing fees, pre-payment charges along with interest-schedule. Checking and re-checking of terms and conditions at the time of signing of the deal is very helpful. Do not sign a document without reading it carefully. If you do not understand a clause consulting a lawyer is a good option. Do not sign the deal in hurry and repent at leasure. It's better to err on the side of caution. Also ensure that you submit all the correct information to the bank. Giving false information may constitute as fraud and could land you in trouble later.

 

Go to Top

Need Help in Choosing the right Loan/Insurance?

Interested in *
Name *
Mobile *
E-Mail *
City *
 

Calculator

Loan Amount
Interest Rate
Tenure (months)

Testimonial

After getting rejected for a home loan by two banks I thought my wish of owning a home in a city like Mumbai will remain a dream. By chance I came to your site and applied for the loan.

What happened then was a smooth process. It's been my good luck to visit your site and get loan for my dream home.

Thanks

- Deepak Gupta

Advertisement




© 2014 LoanBoss.com | Accentiumccentium