Types of Home Loan

  • House Purchase loan

  • Construction Loan

  • Flat Purchase

  • Home Renovation & Extension Loan

  • Balance Transfer of Home loan

Home Loan Eligibility Criteria:

Home Loan eligibility depends upon various factors. A few of them are listed here –

Income – Your income determines the amount of home loan you are eligible for. Banks generally keep the EMI to income ratio at 0.45 to 0.60.

Tenure – The longer tenure you opt for, the more is your home loan eligibility and the lesser is your EMI. (Max tenure 30 yrs)

Age – Your age will determine your home loan tenure and hence your eligibility.( Min age 23 yrs, max age 65 yrs)

Interest Rate offered – Banks offer Fixed and Floating Rates of Interest. If your interest rates are on a lower side, then the loan eligibility will be higher..

CIBIL Score – Your credit report tells the bank about your repayment capacity and hence determines if you’re eligible for a loan.


Documents Required for Home Loan

  1. Photo

  2. Pan Card

  3. Aadhar Card (Current Address Proof)

  4. Bank Statement of last 6 or 12 Months

  5. Income Proof ( example : Salary slip/ITR return)

  6. Form 16/ Joining Letter/appointment letter/ Business Registration (Any one )

  7. Qualification proof ( If you have any professional Degree)

  8. Property Paper Chains

  9. Map & estimate (For Construction/renovation/extension loans) / Agreement to sale (for Purchase of house loan)

Some time Banks or finance institution may ask for Electricity bill/ House tax bills etc. It depends upon institution to institution.