CATEGORY OF BORROWERS

The person who wants to avail a home loan may belong to any of the following category

  1. Salaried Individual (All employees of public and private sectors earning monthly salary)
  2. Self Employed Individual Professional (Professionals as Doctors, CAs, Lawyers, Consultants etc. )
  3. Self Employed Individual Non-professional or Businessman (Engaged in Manufacturing, Trading, contractorship etc.)
  4. NRIs. (Non resident Indians)

PROVIDERS OF HOME/HOUSING LOANS

  1. Banks
  2. Housing Finance Institutions
  3. NBFCs. (Non banking Finance Companies)

GENERAL PROVISIONS REGARDING ELIGIBILITY OF HOME LOAN

SN PARAMETER ELIGIBILITY
1 Nationality Indian, NRI, Persons of Indian Origin
2 Age 21 to 70 Years
3 Work Experience (for Salaried) 2 to 5 years
4 Work Experience (for Business) 3 to 5 years
5 CIBIL Credit Score Preferably Not below 700
6 Minimum Income (for Salaried) Rs. 15,000/- per month.
7 Income(for co-applicant, if any) Rs. 10,000/- per month
8 Max Loan versus Cost of House 75 % to 90 % of Cost of House
9 Maximum Loan Amount Rs. 5 Lakhs to 10 Crores
10 Existing Debt (Existing EMI) Below 36 % of Income
11 Tenure of Loan 5 years to 30 years
12 Rate of Interest 8.5 % to 11 %
13 EMI per 1 Lakh for 10 years tenure Rs. 1240 to Rs. 1400
14 EMI per 1 Lakh for 20 years tenure Rs. 868 to Rs. 1032
15 EMI per 1 Lakh for 30 years tenure Rs. 769 to Rs. 952
16 Identity Proof Requirements Aadhar Card / PAN /Driving License/ Passport/ Plus 3 Passport Photos
17 Address Proof Requirements Aadhar Card / Registered Rent Agreement /Driving License/ Passport/

DOCUMENTS REQUIRED ALONG WITH LOAN APPLICATIONS

For salaried individuals
  • Applicant's salary slips for the last 3 months
  • Guarantor's salary slip for the last 1 month
  • Applicant and guarantor's Form-16 and ITR for the last 1 to 3 years
  • Copy of employee ID card
  • Proof of employment duration: Appointment letter/ Confirmation letter/ Promotion letter
  • Bank account statement for the last 6 months
For self-employed individuals (Both Professionals & Non professionals)
  • Balance sheet and P & L statement, computation of income for the last 1 to 3 years
  • IT Returns for the last 3 years for applicants, 26 AS, Traces
  • Business proof: Shop Act Certificate, Business Registration Certificate, and GST Registration
  • Qualifications and Certificates for Professionals
  • IT Assessment / Clearance Certificate, Income Tax Challans / TDS Certificate (Form 16A) / Form 26 AS for income declared in ITR
  • PAN Card and Address proof (in case the applicant's business is registered as Partnership Firm/Private Ltd. Company)
  • Memorandum of Association and Articles of Association of the company.
  • Current account statement for the last one year.
  • Firm's IT Returns and Audit results for the last 1 to 3years
For non-resident Indians (NRIs)
  • Stamp-size photograph
  • Copy of valid Passport and Visa
  • Proof of employment overseas
  • Residence proof (both India and overseas): Driving License/ Voter ID/ Passport/ Aadhar/ Registered Rent Agreement
  • Details of any local contact: Name, Relation & Address
  • NRE Savings Bank statement for last 6 months
  • Overseas Bank Account Statement for the last 6 months (including for Salary Account)
  • Statement of existing loan accounts for the last 1 year .
  • Credit Check Report from Overseas Credit Bureau