Home Loan Eligibility

The basic home loan eligibility criteria are as follows:

Age: 

• You must be above 21 years of age at the time of the commencing of your loan, and up to 65 years or less at loan maturity
• Salaried Person – 21 years to 58 years
• Self-Employed Person – 25 years to 65 years

Income

• Salaried Person – Minimum Rs. 10,000 per month
• Self-Employed Person – Minimum Rs. 2,00,000 per year

Employment

• Salaried Person – Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company
• Self-Employed Person – Minimum 3 years of Experience in the current field

Credit Score

• A credit score of 750 is considered a good score for approval.

Documentation for Home Loan

 Income Proof Documents

 1. Salaried Individuals

• Form 16
• Employee Identity Card
• 3 Months Salary Slip
• 6 Month Bank Account Statement
• Duration of Employment Evidence

2. Self-Employed Individuals

• PAN
• Trade License
• Partnership Deed
• Article of Association
• Memorandum of Association
• Import Export Code
• SEBI Registration Certificate
• ROC Registration Certificate
• Financial Statement Audited by CA
• Profit & Loss Account Statement
• Balance Sheet
• 6 Months Bank Account Statement
• Professional Practice License for Doctors, Consultants, etc
• Registration Certificate of Establishment for Shops, Factories, and Other Establishments
• Business Address Proof

3. Documents Required from all Non-Resident Indians (NRIs) Applicants

• Income Proof Documents for NRI
• Property Papers
• Property Documents
• Sale Deed
• Stamped Agreement of Sale
• Allotment Letter
• No Objection Certificate or NOC
• Housing Society
• Builder
• Possession Certificate
• Land Tax Receipt
• Construction Cost Estimate
• Bank Account Statement of Payment Made to Seller or Builder
• Payment Receipt of Payment Made to Seller or Builder
• Incase of resale property share certificate is required
• Occupancy Certificate