Must Know the Eligibility Criteria to Apply for a CA Home Loan - Loan Trivia


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Wednesday 21 September 2022

Must Know the Eligibility Criteria to Apply for a CA Home Loan

home loan for CA

A home loan for CA (chartered accountant) is a unique credit instrument that helps financial executives get considerable home loan principal to purchase their dream home. Besides, CAs have the option to repay the home loan over an extended time frame they are comfortable with.

Eligibility Criteria to Apply for a Home Loan for CA

CAs opting to avail of a home loan must meet the following eligibility requirements: 1. The CA applicant must be from India and be within the age group of 25 to 70 years. 2. Individuals must have a certificate of practice that is active for at least three years. 3. The CA opting for a home loan must own a property or office in a place where the lender offers service. Furthermore, borrowers must maintain a decent CIBIL score. The optimum CIBIL score for a home loan for CA is usually 750 and above. Home loan eligibility is based on multiple factors, including the CA’s credit profile, credit score, etc.

How to check home loan eligibility? CAs can use any standard home loan eligibility calculator to determine their home loan eligibility before starting the application. Similarly, they can use other online tools to check various aspects of the home loan. For instance, they can use an income tax calculator to estimate the tax benefit on home loan.

Documents Required for Availing of a Home Loan for CA

Apart from meeting the eligibility requirements, borrowers will have to keep the following documents handy when they start the home loan application process:

1. KYC papers

2. Proof of income and residence

3. Qualification and registration proof 

4. Property documents

5. Income tax returns

6. Profit and loss statements and balance sheets

However, the list of documentation stated here is suggestive; some lending institutions may ask for additional documents from a borrower.

Home Loan for CA: Major Advantages

Chartered accountants aspiring to avail of a home loan are entitled to several major benefits like the following:


Substantial Loan Amount 

One of the major reasons why maximum CAs desire a home loan is the availability of a sizeable sanction at a reasonable home loan interest rate. Furthermore, a home loan is a secured borrowing option; hence the risk factor for the lender is less. 


Extended Repayment Tenor


Borrowers can opt for a longer tenor. An extended loan tenor has a high chance of reducing the EMIs; on the other hand, a comparatively shorter tenor reduces the interest outgo.


Home Loan Balance Transfer 

Another noteworthy benefit of securing a home loan is that aspiring borrowers can opt for a balance transfer. They can shift their home loan amount to another lending institution that offers a relatively lower interest rate than current lenders.


Affordable Interest Rate 

Borrowers can avail of a nominal interest rate under a home loan for CA. Interest rates have a significant impact on EMI payments. Hence, borrowers must do thorough research on the varying home loan interest rates and settle on one that is most suitable for them.


Round-the-Clock Account Management 

With the availability of an intuitive customer portal that is operational 24x7, applicants can track their loan applications and accordingly plan their repayments.


To sum up, a home loan for CA takes individuals near to the dream of owning a residential space. However, they are required to fulfill the eligibility criteria to avail of the home loan amount and reap maximum benefits. To know more about a home loan, such as types of home loans and so on, you can get in touch with us. 

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