Table of Contents

* Eligibility of home Loan
* Home Loan interest rate
* Process to take HomeLoan
  • Home loan is the lump sum loan taken from any financial or banking institution to buy a home. There are two types of interest rates in home loan, which are named as fixed and floating interest rates. According to the chosen interest rate, the consumer pays the loan in the form of an EMI for the desired term.
The ownership of a home is an important sign of success among the rapidly growing Indian middle class.

 As the income of the average Indian family increases, the desire to build a house has increased steadily and has increased the prices of property in the last few years. It is not only for big cities but also for small cities of entire India.

 The increase in these prices has made it impossible for the common man to buy his house only through savings.

In the recent years, there is an important difference between the income and the desire of the house behind the unmatched rise in home loan business. The impact of this has become so high that the prospective home owner now has several options to take home loan from NBFCs along with banks.


- Age of applicant minimum: 18 years and maximum: 70 years
Minimum Income Eligibility: Rs. 25,000 per month
- Types of employment and work experience salaried professionals are eligible for self employment
Minimum work experience should be: 3 years for salaried and 5 years for business.

-Revenue of employment: Regular job / business / occupation for at least 1 year and employment of at least 2 years back .

Credit Rating and Minimum Cibil Score: The credit rating should be good according to the accredited credit bureau. The minimum cibil score is 650.

Maximum loan eligibility up to 90% of asset value
Eligibility with Co-applicant: Can be 2-6 earning members of the family
-Loan value will also depend on other properties of the house
Home loan interest rates are currently based on MCLR (Marginal Cost of Lending Rate), as well as spread on MCLR based on the risk perception of applicant's lender.

Almost every bank offers a competitive interest rate on housing loans to attract prospective customers.

In the housing loan market, lenders offer home loan offers and deals to get more customers and profits.

However, it is best to compare home loan rates of different banks as a borrower and then finalise what is relevant to your needs.

Due to the MCLR being below 8.0% in the beginning of 2019, the home loan can be available at 8.5% to 9.5% interest rate, which is fixed on the eligibility of the person taking the loan as explained.
Before taking any major step, always do the first thing to get information about the loan which will be available primarily by the website and the article.

After that, start collecting the documents below, after preparing a good file, you can take it to your nearest bank or a good advisor, that will help you with the rest of the process such as scrutiny, valuation etc.

The reader should remember that it is very easy to get a home loan for the eligible person and there is no excess expense, so he will not pay any increase in fees to the advisor or any employee.
Checklist of documents required for home loan:
  1. proof of identification:
-driving license
-Ration Magazine
-Pan Card
-Presenter ID
-Employee ID
-Bank passbook
Includes the above mentioned Adi.
  1. address proof:
-Bank passbook or bank account details
-Presenter ID
-Ration Magazine
-Secondary bill (telephone, electricity, water, gas) - less than 2 months old
  1. Income Document:
(i) Salaried / Salaried person (one of the following):

-Form 16
-IT Returns (for 3 years)
- Certified Letter from Leader
-Celery Slip (last 2 months)

In addition to the proof of income of the salaried person, he has to submit any investment proof (such as fixed deposit, share, etc.) and his passport size photographs.

(ii) Self-employed or businessman (one of the following):

In the last 3 years, the income tax return of the applicant with the calculation of income generated by the chartered accountant

Profit and Loss Account of the Balance Sheet and Firm of the last 2 years - Duly certified by Chartered Accountant

Apart from these, if there is a loan already done (current or past), then its statement is also necessary and the documents of the primary house purchased which will be available to you by your lawyer or person who sells it.

thanks for the time .

Post a Comment