Home loans are one of the most preferred financial tools that enables an individual to purchase a plot of loan or a residential property instantly.

These loans are provided by Banks and housing finance companies (HFCs), and they have designed special schemes wide range of customers, including farmers, women, doctors, CA, etc. Here are the required details of various home loans/Housing Loans offered by various banks and financial institutions.

Home Loan Eligibility

The following is the list of eligibility criteria

• Age - Minimum Age: 18 years and Maximum Age: 70 years
• Resident Type - The applicant must be (anyone):
  Resident Indian
  Non-Resident India (NRI)
  Person of Indian Origin (PIO)
• Employment - The applicant can be (anyone):
  Salaried
  Self-employed
• Net Annual Income - At least Rs.5-6 lakh depending on the type of employment
• Residence - The applicant must have (anyone):
  A permanent residence
  A rented residence where they have resided for at least a year before to applying for a loan
• Credit score - A good credit score of at least 750 or more obtained from a recognised credit bureau

Documents Required for Home Loan

The following is the list of eligibility criteria

• Driving License - Copy of Electricity Bill/Water Bill/Telephone Bill or Employer Identity Card.
• PAN - Copy of valid Passport/Aadhaar Card/Driving License or Duly filled loan application form affixed with 3 passport size photographs.
• Voter ID - Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions.
• Valid Passport - Bank account statements for all the bank accounts owned by the applicant for the last six months.

Income Proof Documents For Self-employed Applicant/Co-applicant

• Income Tax Returns for the last 3 years
• Certificate of Qualification (for Doctors/CA and other professionals)
• Balance Sheet audited by a certified CA and Profit and Loss account for the previous 3 years
• Business License Details
• Business address proof
• TDS Certificate

Income Proof Documents For Salaried Applicant/Co-applicant

• Salary Slips for the last three months
• Copy of Form 16 or Income Tax Returns for the last two years