Home Loan Eligibility – Documents Required

Home Loan – Make your dream of owning your own house come true with Home Loans offered by Banks and NBFCs. Financial Institutions in India offer Home Loans to salaried and self-employed individuals for the purchase/construction/extension/renovation of Home. Home Loan are usually offered upto 75% to 90% of the cost of the property. Also Home Loan gives you the option to choose between Fixed or Floating Rate of interest. Availing Home Loan is also easy due to the low processing fee charged by the Banks.

Apply for Home Loan today and avail the benefits of higher loan amount, flexibility of interest, longer loan tenure, low processing fee, concession on interest rate to women borrowers, tax benefit.

Read below to know more about Home Loan.

Eligibility for Home Loan

  •  Home Loan is available to Salaried and Self-Employed Individuals.
  •  Salaried Individuals: 21 years – 60 years.
  •  Self-Employed Individuals: 21 years – 65 years.

Why to Choose Home Loan

  • Available for Multi-Purpose: Purchase/Construction/Renovation/Extension.
  • Pay easily with Longer Repayment Period.
  • Enjoy Higher Loan Amount on Home Loan.
  • Eligible for Tax Exemption under section 80C of Income Tax Act.

Types of Home Loan

Home Construction Loan: Home Construction Loan can be availed for construction of house on self-owned land.

Home Improvement Loan: Home Improvement Loan can be availed for external and internal repairs and other structural improvements such as painting, waterproofing, roofing, plumbing, electrical works etc.

Home Extension Loan: Home Extension Loan can be availed for adding more space to your existing home such as extra bedroom, washroom, balcony etc.

Regular Home Loan: Home Loan can be availed for the purchase of new or second-hand house.

Plot Loan: Plot Loan can be availed for the purchase of Plot on which the property is to be constructed.

Factors affecting Home Loan Eligibility

Your Eligibility for Home Loan depends on the following factors-

  • Monthly or Annual Income.
  • Source of Income.
  • Savings and Credit History.
  • Qualification.
  • Work Experience.
  • Age of the borrower.
  • Number of Dependents.
  • Employment Stability.

Top Banks offering Housing Loan/Home Loan in India – Interest Rate, Loan Tenure, Processing Fee

Home Loan
Banks Interest Rate Loan Tenure Processing Fee
Axis Bank 8.50% – 8.75% Upto 30 Years Upto 1% of the Loan Amount.
HDFC Bank 8.50%-8.70% Upto 30 Years. 0.50%- 1.50% of the Loam Amount.
ICICI Bank 8.55%-8.80% Upto 30 Years 0.5%-1.00% of the Loan Amount.
Kotak Mahindra Bank 8.65% onwards Upto 20 Years. Upto 1.25% of the Loan Amount.
Yes Bank 9.35%-10.50% Upto 25 Years. 0.5% of the Loan Amount.
Bank of Baroda 1-Year MCLR (8.50%)+1.00% Upto 30 Years. 0.50% of the Loan Amount.
Central Bank of India MCLR (8.50%)+0% Upto 30 Years. 0.50% of the Loan Amount.
Punjab National Bank 1-Yr MCLR(8.45%)+0.20% – 1-Yr MCLR(8.45%)+0.30% Upto 30 Years. 0.50% of the Loan Amount.
State Bank of India 8.45%-9.00% Upto 30 Years. 0.35% of the Loan Amount.
Canara Bank 8.55%-9.25% Upto 30 Years. 0.50% of the Loan Amount.

List of Documents Required for Home Loan

  •  Duly filled application form.
  •  Recent Passport-size photograph.
  •  Identity Proof.
  •  Residence Proof.
  •  Last 6 months Bank Statement.
  •  Processing Fee Cheque.
  •  Income Proof: Latest Salary Slip, Form 16 (Salaried Individual) and Latest 3 years Income Tax Returns, Last 3 years Profit and Loss Account Statement / Balance Sheet.
  •  Business Existence Proof (Self-Employed Individual).
  •  Sale Deed.
  •  Agreement for Sale.
  •  Copy of Approved Plan for the purpose of construction/addition/extension.

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