Home Loan

Home Loan

A home loan is an amount of money that an individual borrows from a bank or money lending company at a certain rate of interest to be paid with the EMI every month. The property is taken as a security by the money lending company for the Home Loan. IT is a secured loan and when the borrower cannot pay the dues, the lender will possess all the legal rights to recover the outstanding loan amount by sale of the property in question

Who can apply for Home Loan?

• Age Limits for Salaried individuals 21 to 65yrs
• Age Limits for self employed is also same as salaried
• Maximum Loan term 30yrs
• Minimum Business Income Rs. 2 Lakh p.a.
• Minimum Salary 10,000 p.m.

Rate of Interest

Rate of Interest for Home Loan Ranges from 8.30 To 18.00%

Documents Required for Home Loan

• Applicant Form with one passport size photo
• Photo Identity Proof: Passport / Driving License / Voter ID / PAN
• Residence Address Proof: License / Registered Rent Agreement / Utility Bill
• Residence Ownership Proof: Sale deed or rental agreement
• Income Proof: Salary slip, Bank statement and Form 16
• Job Continuity Proof: Appointment letter at employment and validation letter from HR
• Bank Statement: Past 6 months’ document
• Property Documents: Sale deed, transfer of ownership.
• Advance Processing Cheque: A Cancelled Cheque for validation of bank account.
• ITR for last 3 Years