What Are The Eligibility Criteria And Documents Needed For A Home Loan?

A home loan is a popular financial option helping one realize their dreams of owning a house. However, borrowers need to adhere to the housing loan eligibility criteria and submit the necessary documents to receive instant approval for their loan application.

Eligibility criteria to avail of a Home loan

Here are the eligibility criteria applicants must meet before making a home loan application.

For salaried applicants

• Nationality: Individual must be from India

• Age: Age limit ranges from 23 to 62 years.

• Employment Status: Must have a minimum of three years of experience in a reputed firm.

For self-employed applicants

• Nationality: Applicants must be Indian.

• Age: Must fall in the age bracket of 25 to 70 years.

• Employment status: Individuals should have five years of experience in their current enterprise.

In this regard, borrowers can also use a housing loan calculator to determine their eligibility beforehand.

Furthermore, borrowers must have a decent CIBIL score to be eligible and fetch a lower housing loan interest rate.

Documents required to get a home loan

Individuals must keep the following documents handy to avail a home loan.

1. KYC papers

2. Proof of identity

3. Salary slips

4. Bank account statements (3 months for salaried applicants and 6 months for self-employed applicants)

5. Proof of business

It is important to note that this list of documents is indicative. Borrowers may have to submit additional documents during home loan processing as per the lender’s requirements. 

To sum up, borrowers can reap the benefits of this credit option once they adhere to the housing loan eligibility criteria and submit necessary documents to the lender.

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