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OVERVIEW
Home Loan
Home loans, also known as mortgages, are loans provided by financial institutions to help individuals or families purchase a house or property. These loans typically cover a significant portion of the property’s purchase price, allowing buyers to spread the cost over a longer period while paying back the loan in installments.
Home loans play a pivotal role in helping individuals and families achieve the dream of homeownership. By providing access to financing and flexible repayment options, home loans empower aspiring homeowners to embark on the journey towards building a place they can call their own.
Home loans play a pivotal role in helping individuals and families achieve the dream of homeownership. By providing access to financing and flexible repayment options, home loans empower aspiring homeowners to embark on the journey towards building a place they can call their own.
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Types of Home Loans:
- Fixed-Rate Loans: With a fixed-rate loan, the interest rate remains constant throughout the loan term, providing stability and predictability in monthly payments.
- Adjustable-Rate Loans: Adjustable-rate loans have interest rates that can fluctuate over time, often starting with a lower rate that adjusts periodically based on market conditions.
- FHA Loans: Backed by the Federal Housing Administration, FHA loans are designed to help first-time homebuyers and those with less-than-perfect credit qualify for a mortgage with lower down payment requirements and more flexible eligibility criteria.
- VA Loans: VA loans are available to eligible veterans, active-duty service members, and their spouses, offering favorable terms such as no down payment and competitive interest rates.
- Jumbo Loans: Jumbo loans are used to finance high-value properties that exceed the conforming loan limits set by government-sponsored entities like Fannie Mae and Freddie Mac.
Eligibility Criteria for Home Loan
Home loan eligibility differs across lending institutions and home loan schemes. However, a common set of housing loan eligibility criteria is given below:
- Nationality: Indian Residents, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs)
- Credit Score: Preferably 750 and above
- Minimum Age: 18 years with some lenders setting the minimum age of 21 years
- Maximum Age: Usually 70 years at the time of loan maturity with some lenders extending the tenure till 75 years of age
- Work Experience: At least 2 years (for salaried)
- Business Continuity: At least 3 years (for self-employed)
- Minimum Salary: At least Rs. 25,000 per month (varies across lenders & locations)
- Loan Amount: Up to 90% of property value
Documents Required to Apply for Home Loan
- Proof of Identity: Copy of any one (PAN Card, Passport, Aadhaar Card, Voter’s ID Card, and Driving License)
- Age Proof Documents: Copy of any one (Aadhaar Card, PAN Card, Passport, Birth Certificate, 10th Class Mark-sheet, Bank Passbook, and Driving License)
- Address Proof Documents: Copy of anyone (Bank Passbook, Voter’s ID, Ration Card. Passport, Utility Bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill) and LIC Policy Receipt
- Income Documents for Salaried: Copy of Form 16, IT returns (ITR) of past 3 years, Latest Payslips, Investment Proofs (if any)
- Income Documents for Self Employed: Business License Details, ITR of last 3 years, Proof of Business Address, Balance Sheet and Profit & Loss Account Statement of the Company/Firm
- Property-related Documents: NOC from Society/Builder, detailed estimate of the cost of construction of the house, registered sale deed, allotment letter, and an approved copy of the building plan.