When talking about Home Loans and credit score, the only thing that comes to mind is a minimum credit score of 750 in order to be eligible for most lenders. So, does it imply that those with a credit score lower than this value cannot avail a Home Loan altogether? Fortunately, it is not so-
Applicants who are interested for Home Loan in Pune and have a credit score slightly below the prevalent minimum benchmark can qualify for a loan when they satisfy the other eligibility criteria specified by the lending institution. In addition to that, they also need to be able to provide all the necessary documents (personal, employment-related and financial) to the lending institution.
The common eligibility criteria that popular lending institutions require are as follows:
- Earning Indian resident with 3 years of work experience
- 25 to 58 years of age
- Loan amount should be between Rs. 30 lakh to Rs. 10 crore
- For Pune-based applicants, lending institutions require a minimum monthly income of around Rs 45,000
As far as the documents required are concerned, in addition to the application form, loan applicants will have to provide proof of identity and address, latest salary slips or Form 16 as per profession and bank account statements of past 6 months.
Generally, lenders in Pune grant Home Loans up to 85-90% of the property’s value but in case of applicants having a credit score below 750, this value reduces to 60-65%. Moreover, the interest rate charged might be higher than the normal lending rates.
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