Having a house is a dream that many of us cherish. It's
a matter of self-esteem for the youth to purchase their first home, while
purchasing a larger house is a way to improve their living standards for middle-aged
people. Plenty of housing plans and easy disposal of home loans will help make
this dream come true. A home loan is a tool that helps you buy your dream house
at the right time by giving you access to the necessary funds. It's easy for
everyone to get a housing loan – whether it's salaried, businessmen or
professionals.
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Home Loan Criteria
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Professionals
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Businessmen
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Salaried
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Key
requirement
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Professional
qualification and experience, for example, architects engineers, chartered
accountants, doctors.
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Any
person who regularly files income tax returns
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Permanent
jobs in government or good corporations
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Age
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Up
to 24 years at the start of the loan, up to 60 years at the end of the term
of the loan
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Conditions for a home loan
The general conditions for securing a housing loan
include steady income and a strong credit record, regardless of whether you are
salaried or self-employed. Your income reflects your ability to repay the loan,
while your credit profile shows your willingness to repay loans on time. In
order to determine your ability to avail a home loan, the
lender will ask you to submit certain documents that may vary depending on your
profile. The lender essentially requires these documents to determine the
source, reliability, and income frequency for the loan to be issued. The
important documents needed to process home loans in India are listed below:
Documents to be submitted by salaried persons
In general, salaried are required to submit the
following documents:
Latest salary slips preferably of the last past three
months.
Bank account statements of the past six months, including
salary account details.
The latest filings of income tax returns.
Offer letter of the current employment in case the stint in
the present job is less than a year.
In addition to these documents, all applicants for housing
loans – whether salaried or self-employed – must present KYC documentation
consisting of proof of address and identification, together with
property-related documents, which may vary depending on the type of property
the applicant wishes to buy. Many documents may be needed in the original form,
whereas copies of certain documents may be applicable.
