Make sure to keep these documents ready while getting a home loan

 If you have to apply for a home loan, you must need the home loan eligibility criteria. 

If you are able to meet the eligibility criteria of lenders, you can get the loan approval. 

But, along with meeting home loan eligibility criteria, you also need to submit some documents. 

In the same context, let’s check out the home loan eligibility criteria and documents required for home loans. 

Read on!

Home loan eligibility criteria at a glance 

1. The home loan applicant must be a resident citizen of India. 

2. Your age should be between 23 and 62 years. 

3. You must have a minimum 3 years of work experience with an MNC, Public or a Private Limited Company. 

4. A home loan applicant must have a stable source of Salaried income. 

You need to know that these home loan eligibility conditions are standard ones and indicative. It may vary from lender to lender. Hence, a lender may require you to fulfil some additional home loan eligibility criteria. 

A quick look at documents required for home loans

1. KYC documents – they serve as proof of address and identity. 

2. Proof of income like Salary Slips and Form 16 – may differ from applicant to applicant. 

3. Recently clicked passport-sized photographs. 

4. Bank account statements of the last 6 months. 

The list of documents needed for a home loan is only indicative. Your lender may need more documents if a lender feels they need more. 

You can also use the home loan eligibility calculator available on a leading lender’s website. This way, you can know the exact amount a lender can sanction when you apply for a home loan online. 

This tool is accessible 24x7 and can help you plan your finances. Similarly, you can also use the home loan EMI calculator to know an exact payable home loan EMI per month.