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Basics of home loan

27 May, 2009 By:Unknown in Home Loan,

A house to live is a basic necessity for every person. Banks and other financial institutions offer home loans to people who meet the required eligibility criteria. It helps those people who can not afford to pay the full price of a house.

To avail of the facility of a home loan you need to have certain qualifications. The eligibility criteria are related to a person's age, income, past repayment history and the cost of the property. It also considers the person's work experience, number of dependents, spouse's income, stability of income and employment, assets, liabilities, etc. Banks normally lend up to 3-4 times the annual gross income as a home loan. Every bank has its own set of eligibility criteria that may differ slightly.

Banks need certain documents at the time of applying for a home loan. The types of documents may vary, though normally those include proof of age, proof of identity, proof of residence, salary slip of last three months along with salary certificate, proof of continuity in job for last two years or Form 16, bank statement for last six months, proof of business address in respect of businessmen, etc.

Due to the booming Indian economy, there is a lot of competition among banks to offer various kinds of retail loans to people. The banks keep cutting interest rates and keep offering attractive terms and conditions to lure customers towards the banks. Owning a home of own is a dream, which is easier to realize now.

Comment:(20)
on 21 Oct, 2016

Pl give me job

on 19 Aug, 2016

I'm Indian Army service Pers. I have required to home loan amount is Rs 35,00,000/-. My salary is Rs 35,000/-PM.

Thanking you

on 22 Jul, 2016

I have been working as a contractual TET teacher under SSA Assam for four years and my gross salary is 20,192 as on 1/1/2016. Am I eligible to get a personal loan of an amount of Rs. 2lacs from my SBI branch ?

on 23 Jun, 2016

I am a social work Monthly Honorarium Rs. 24700.00 and our house built up ground floor but I biukt 1st floor so need Rs. 4.00 Lac amount

on 10 Feb, 2016

पो०बदलापुर जि०जोनपुर त०बदलापुर गाव सराय अहमद

on 22 Dec, 2015

@GreatOffers3000 HELLO GOOD DAY! OPPORTUNITY KNOCKS THE DOOR ONCE I'M A CERTIFIED REALLIONAIRE TXT OR CALL ME 09223800023 IF YOU ARE INTERESTED MAG LOAN 5k to 50k above ANYWHERE IN THE WORLD. REGISTRATION FEE FOR ONLY 1,100 EARN 60k/ a month. DONT WORK FOR MONEY LET THE MONEY WORK FOR YOU! 200% PROVEN AND TESTED NOT SCAMM!! BELIEVE 1ST AND YOU'LL SEE!THANKS A MILLION! MAY YOUR DREAMS BECOME REALITYCONTACT ME: 09223800023 MEET UPWEBSITE: randompanic2k9.i.ph

on 18 Dec, 2015

Ben Bernanke, on behalf of the Fed, eftifcevely told the Congress recently that the economic recovery is not yet self-sustaining which is why the Republican spending cuts could be harmful. The balance of risks outlook is such that spending could be just as risky for recovery as, according to the Fed's reasoning, the Republican cuts. Meaning, the economy needs higher levels of domestic investment from the private sector, especially given the Fed's monetary easing, and not the mother's milk of government spending, while increasing the effectiveness of the existing budget without having to raise the debt ceiling. The Fed needs to think about how to make that happen which is its job.

on 26 Nov, 2015

My cibil score some how gone bad. Can i avail loan.

on 28 Aug, 2015

Plies ham ko loan haeia

on 25 Aug, 2015

Respected sir I am serving in Indian army ...pls provide genuine information regarding home loan my split is in Lucknow NeelmTha at shardanagar colony...thnx with regards

on 01 May, 2015

Please provide information ofhome loan, I serve in army. With regard. Thanks

on 20 Feb, 2015

Home loan 1lakh

on 14 Feb, 2015

8000 per manth

on 20 Nov, 2014

minimam salery to apply home lone

on 29 Sep, 2014

I am chandrashekar from mangalore karnataka state i wanth home loan rs 15 lack.pls advice me any nationalise bank or finance pls

with regards
chandrashekar

on 13 Feb, 2014

Sir.mai home lone lena chahta hoon per sallari slip nahi hai.fir hum lone kaise le sakte hain

on 28 Dec, 2013

Sir,
I am Government employee I am residing at rent home so kindly complete information of loan house loan scheme

on 25 Sep, 2013

I am a auto driver in chennai.There is no patta for my home .But we have all other proof ,if there any chance to get home loan

on 06 Sep, 2012

If a person having following documents:-
2 yrs ITR
2 LAC ANNUAL GROSS INCOME
57 YEARS OF AGE
PROFESSIONAL FREELANCER
NO SALARY SLIP

CAN HE AVAIL HOME LOAN?

on 02 Aug, 2012

Dear Sir,

Please provide the information of home loan, in physical handicap category, like 40% & 60% physical handicap.

with regard,

Narayn DAss

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