Home Loans | Home Loan Interest rates | Home Loans in Mumbai

 

Home Loan is a Secured Loan offered against the security of a house/property which is funded by the bank’s loan, the property could be a personal property or a commercial one. The Hsousing Loan is a loan taken by a borrower from the bank issued against the property/security intended to be bought on the part by the borrower giving the banker a conditional ownership over the property i.e. if the borrower is failed to pay back the loan, the banker can retrieve the lent money by selling the property.

Home Loan Eligibility & Documentation

Home Loan Eligibility:
Anyone with a repayment capability and a dream to buy a home is eligible to get a home loan. Some of the important eligibility criteria are as follows:

How is your home loan eligibility determined?
Based on the following aspects financial institutes will determine your loan eligibility:
Your monthly income
Property cost (you can get 80% of the property value if the loan amount is less than 20 lakhs and 85% of the property value if the loan amount is more than 20 lakhs. )
Other EMI’s which you are paying for any other loan
Tenure of the loan - The longer tenure you opt for, the more loan you are eligible for.
Interest rate offered - If your interest rates are on a lower side, then the loan eligiblity will be higer and vice versa.
Existing loans - In case you have any existing loans, then the loan eligiblity amount will come down to keep the EMI to income ratio.
Documents required in Home Loan
Generally the documents required to processing your loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application:

  1. ·  Age Proof
  2. ·  Address Proof
  3. ·  Income Proof of the applicant & co-applicant
  4. ·  Last 6 months bank A/C statement
  5. ·  Passport size photograph of the applicant & co-applicant
    In case of Salaried
  6. ·  Appointment Letter / Latest Increment letter if any,
  7. ·  Copies of pay slips for last 3 months.
  8. ·  Latest Form 16 issued by employer Bank statements
    In case of Self-employed
  9. ·  Copy of audited financial statements for the last 2 years
  10. ·  Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company
  11. ·  Profit and loss account for the last few years.
  12. ·  Income tax assessment order

 


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