Salaried applicants need to satisfy the following home loan eligibility criteria.
Home Loan Eligibility Criteria |
Salaried Employees |
Eligible Age (Min-Max) |
The applicant's age should be minimum 24 years and maximum 60 years at the time of applying for a home loan if the applicant is a salaried employee. |
Eligible Income |
Salaried applicants should have a minimum monthly income of ₹25,000 per month in a metro city, and a minimum monthly income of ₹20,000 in other cities. |
Minimum Loan Amount |
The salaried applicants can avail a personal loan starting from ₹100,000, based on their eligibility. |
Maximum Loan Amount |
The salaried applicants can avail a personal loan up to ₹35 Crores, based on their eligibility. |
Eligible City |
180 Cities across India. |
Co-applicant |
Not mandatory, but only immediate family members can apply as a co-applicant. |
Employment |
The salaried employees should have a minimum of 2 years of total work-experience, and at least 6 months in the current company. |
CIBIL |
Required (750-900) |
Self-employed applicants need to satisfy the following home loan eligibility criteria.
Home Loan Eligibility Criteria |
Self-Employed Professionals |
Eligible Age (Min-Max) |
The applicant’s age should be minimum 24 years and maximum 65 years at the time of applying for a home loan if the applicant is a self-employed professional. |
Eligible Income |
Self-employed applicants should have a minimum monthly income of ₹36,000 per month in a metro city, and a minimum monthly income of ₹30,000 in other cities. |
Minimum Loan Amount |
The self-employed applicants can avail a home loan starting from ₹100,000, based on their eligibility. |
Maximum Loan Amount |
The self-employed applicants can avail a home loan up to ₹35 Crores, based on their eligibility. |
Eligible City |
180 Cities across India. |
Co-applicant |
Not mandatory, but only immediate family members can apply as a co-applicant. |
Employment |
The self-employed applicants should have a minimum of 5 years of turnover, before they can apply for a home loan. |
CIBIL |
Required (750-900) |
Every bank that offers loan will look into many criteria prior to sanctioning it. Among the long list of factors, few important ones are:
There is no doubt, at the beginning every bank says it can offer 30 times of your net income, this makes the applicant exciting. But when loan is being processed, things change. The eligible loan amount will fall; too many other criteria will have a call on the loan amount and interest rate decision. It is advisable to be aware of how banks calculate home loan eligibility. Nothing is rocket science, it’s all merely Maths calculation and here it goes. Net income is the total of Basic salary, HRA (House rent allowance), Medical allowance, LTA (Leave travel allowance), Performance bonus, Special allowance, Conveyance allowance, PF, Food coupons, and any other allowance. But only few of these are considered when it comes to home loan net income calculation. This is the first and basic reason things change while loan is getting processed.
Banks exclude LTA and medical allowance while calculating net income. Thus the calculation is Net income minus (LTA+ medical allowances amount) = New net pay. The other expenses to be considered while purchasing a house through loan are the sources of fund for stamp duty and registration charge. It is essential to be mindful that this charge is calculated on the super built up area and not-built up area.
To put this into few simple steps:
Step 1: Bank will look into your salary slips and banks statements to calculate the income level
Step 2: It then calculates the amount that is saved, bank usually assumes 30% of your income as savings, say your income is ₹50,000, and then saving is ₹15,000.
Step 3: If there are existing loans EMIs it will be reduced from the income
Step 4: Banks do a backward calculation to understand how much loan amount can be offered according to the saving amount determined
The top 3 banks that offer home loan in India are SBI, ICICI and Axis. Loan eligibility criteria for each of these providers differ according to various factors. Some of these criteria are listed below:
SBI offers home loan only post thorough scrutiny of the applicant’s request. It has fast approval processes with minimal and easy documentation. The list for the same is here:
Criteria | Salaried | Self employed |
Age | 18 years to 70 years | 21 years to 70 years |
Income | ₹120,000 p.a. | ₹200,000 p.a. |
Loan Amount Offered | ₹500,000 - ₹10,000,000 | ₹500,000 - ₹20,000,000 |
Tenure | 5 years - 30 years | 5 years - 30 years |
Current Experience | 2 years | 3 years |
Documentation | 1) Identity & residence proof | 1) Identity & residence proof |
2) Application form with photograph | 2) Application form with photograph | |
3) Form 16 | 3) Education qualifications certificate & proof of business existence | |
4) Last 3 months salary slip | 4) Business profile | |
5) Processing fee cheque | 5) Last 3 years profit/loss & balance sheet | |
6) Last 6 months bank salaried credit statements | 6) Processing fee cheque | |
7) Last 6 months bank statements |
It is possible to get home loan with just 15-20 days from this bank if you have all necessary documentation and if you meet all criteria. This bank offers competitive pricing and also maintains transparent process.
Documents | Salaried | Self Employed | Self-Employed Non Professional |
Application form with photograph duly signed |
Yes |
Yes |
Yes |
Identity, residence and age proof |
Yes |
Yes |
Yes |
Last 6 months bank statements |
Yes |
Yes |
Yes |
Last 3 months Salary-slips |
Yes |
Yes |
Yes |
Processing fee cheque |
Yes |
Yes |
Yes |
Form 16 / Income Tax Returns |
Yes |
Yes |
Yes |
Proof of business existence |
Yes |
||
Business profile |
Yes |
||
Education qualification certificate and proof of business existence |
Yes |
Yes |
|
Last 3 years Income Tax Returns with computation of Income |
Yes |
Yes |
|
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account |
Yes |
Yes |
If you are looking for a bank that offers fast service with less interest rate, this is the best option. It is very transparent and flexible in its eligibility criteria.
Employment Type | Eligibility Criteria |
Salaried Individuals | Government employees or individuals in reputed companies. Minimum Age: 24 years Maximum Age: 60 years at the time of loan maturity |
Professionals | Professionals - Doctors, Engineers, Dentists, Architects, Chartered Accountants, Cost Accountants, Company Secretary, Management Consultants only Minimum Age: 24 years Maximum Age: 65 years at the time of loan maturity |
Self Employed Individuals | All tax filing individuals Minimum Age: 24 years Maximum Age: 65 years at the time of loan maturity |
Purpose | Salaried | Self Employed |
Proof of Identity and Address | Passport or Voter's ID card or Driving License or Job Card issued by NREGA or Aadhaar Card or PAN card (PAN Card only as identity proof) or any other document as acceptable to the Bank. | Passport or Voter's ID card or Driving License or Job Card issued by NREGA or Aadhaar Card or PAN card (PAN Card only as identity proof) or any other document as acceptable to the Bank. |
Proof of income | Latest 3 Months salary slip showing all deductions and Form 16 | IT returns for the last 2 years and computation of income for the last 2 years certified by a CA |
Bank statement or Pass Book where salary or income is credited | Last 6 months | Last 6 months |
Guarantor form | Optional | Optional |
Citi bank offers the home loan at very competitive interest rate. They have 24*7 customer support for the assistance of home loan. Online application option is also available.
HDFC bank is a global bank with the headquarters in Mumbai. The bank has been ranked in the top 100 Most Valuable Global Brands. HDFC is trusted name amongst the customers. The bank offers variety of home loans like new home loans, resale home loans & loans for constructing the home. HDFC offers the home loan with no hidden charges.
Criteria | Salaried Employees | Self-employed Professionals |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Income Proof |
|
|
The bank is providing affordable home loan & the customer service is commendable. The repayment tenure of Indusland bank is quite wide compare to other banks & financial institutes.
Document Type | Salaried Employees | Self-employed Professionals |
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Education Proof |
NA |
Education certificates |
Income Proof |
|
|
The process of home loan application is easy & hassle free when it comes to Kotak Mahindra bank. Approval of the loan is simple & loan amount can be disburse in 4-5 days. Online application option is also available.
Particulars | Salaried Empldoyees | Self-employed Professionals |
Age |
21 - 60 years |
21 – 65 years |
Income |
₹480,000 per annum |
₹480,000 per annum |
Repayment tenure |
5 - 25 years |
5 - 25 years |
Work experience |
2 years |
3 years |
Document Type |
Salaried Employees |
Self-employed Professionals |
---|---|---|
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Income Proof |
|
|
PNB has the housing finance section that caters to variety of needs when it comes to home loan. The name of the brand itself is a great proof of its expertise in housing finance. PNB has many different types of loan option available when it comes to home loan like home purchase loan, home construction loan, home extension loan, home improvement loan, home loans for NRIs etc.
Document Type | Indian Resident | NRI |
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Income Proof |
|
|
Standard chartered is a global bank with the branches in 70 different countries across the globe. If you are looking forward for low finance home loan with less processing charges than this is one if definitely for you.
Document Type | Salaried Employees | Self-employed Professionals |
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Income Proof |
|
|
TATA capital is known to provide customize home loans to their customers depending upon the need of the customers. They have number of home loans including the home loan, home construction loan, home renovation loan etc. the range of repayment tenure is as wide as 30 years.
Document Type | Salaried Employees | Self-employed Professionals |
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Education Proof |
NA |
Education certificates |
Income Proof |
|
|
Apart from these, having good relationship with the bank manager is an add-on. Every branch manager has discretionary rights to alter loan requirements. Strive to maintain a good financial track record, to enjoy home loan benefits.
Yes, siblings are allowed to take joint loan from any bank for home loan. And with the help of this both can avail tax benefits under Income Tax Act section 80C. However, here are some of the points to be kept in mind while taking a joint loan with a sibling.
The number of people, who are availing the advantages of the home loan, is increasing day by day rapidly. Many home loan borrowers are now preferring to go for a joint home loan options due to various benefits such as the benefit to avail higher loan amount, income tax benefits and many more to name a few. A co borrower is the person that shares the ownership of the home loan in an asset with you or group or individual. The factors such as credit rating and CIBIL scores are being taken in to the consideration as far as home loan joint application is concerned.
However, there are certain eligibility rules and conditions that have to be satisfied that can be mentioned as follows.
Home loan co-borrower and co-applicant is one and the same thing if we take a larger picture in the consideration because the person is sharing equal responsibility as far as the repayment is concerned. Hence, in special cases, the lender may consider to transfer the loan completely to a co-borrower. However, there can be some disadvantage in being a co-borrower in certain cases that can be discussed as follows.
To avoid such cases, It is very essential that the home loan applicants are having separate legal liability agreement that has all the terms and conditions mentioned. The agreement should have stated and classified the liability of each and every party that is involved. The parties involved should execute the same on the legal stamp paper and should notarize it. Banks promote the co-borrowing as the same reduces the risk in terms of repayment of the loan. The bank can also insist in terms of getting the insurance as far as protection of repayment is concerned. It is essential for the borrower and co-borrower that they safeguard the loved ones by properly following terms & conditions as the future is quite uncertain and one should be ready to encounter any situation.
There is no doubt, at the beginning every bank says it can offer 30 times of your net income, this makes the applicant exciting. But when loan is being processed, things change. The eligible loan amount will fall; too many other criteria will have a call on the loan amount and interest rate decision. It is advisable to be aware of how banks calculate home loan eligibility. Nothing is rocket science, it’s all merely Maths calculation and here it goes. Net income is the total of Basic salary, HRA (House rent allowance), Medical allowance, LTA (Leave travel allowance), Performance bonus, Special allowance, Conveyance allowance, PF, Food coupons, and any other allowance. But only few of these are considered when it comes to home loan net income calculation. This is the first and basic reason things change while loan is getting processed.
Banks exclude LTA and medical allowance while calculating net income. Thus the calculation is Net income minus (LTA+ medical allowances amount) = New net pay. The other expenses to be considered while purchasing a house through loan are the sources of fund for stamp duty and registration charge. It is essential to be mindful that this charge is calculated on the super built up area and not-built up area.
To put this into few simple steps:
Step 1: Bank will look into your salary slips and banks statements to calculate the income level
Step 2: It then calculates the amount that is saved, bank usually assumes 30% of your income as savings, say your income is ₹50,000, and then saving is ₹15,000.
Step 3: If there are existing loans EMIs it will be reduced from the income
Step 4: Banks do a backward calculation to understand how much loan amount can be offered according to the saving amount determined
The top 3 banks that offer home loan in India are SBI, ICICI and Axis. Loan eligibility criteria for each of these providers differ according to various factors. Some of these criteria are listed below:
SBI offers home loan only post thorough scrutiny of the applicant’s request. It has fast approval processes with minimal and easy documentation. The list for the same is here:
Criteria | Salaried | Self employed |
Age | 18 years to 70 years | 21 years to 70 years |
Income | ₹120,000 p.a. | ₹200,000 p.a. |
Loan Amount Offered | ₹500,000 - ₹10,000,000 | ₹500,000 - ₹20,000,000 |
Tenure | 5 years - 30 years | 5 years - 30 years |
Current Experience | 2 years | 3 years |
Documentation | 1) Identity & residence proof | 1) Identity & residence proof |
2) Application form with photograph | 2) Application form with photograph | |
3) Form 16 | 3) Education qualifications certificate & proof of business existence | |
4) Last 3 months salary slip | 4) Business profile | |
5) Processing fee cheque | 5) Last 3 years profit/loss & balance sheet | |
6) Last 6 months bank salaried credit statements | 6) Processing fee cheque | |
7) Last 6 months bank statements |
It is possible to get home loan with just 15-20 days from this bank if you have all necessary documentation and if you meet all criteria. This bank offers competitive pricing and also maintains transparent process.
Documents | Salaried | Self Employed | Self-Employed Non Professional |
Application form with photograph duly signed |
Yes |
Yes |
Yes |
Identity, residence and age proof |
Yes |
Yes |
Yes |
Last 6 months bank statements |
Yes |
Yes |
Yes |
Last 3 months Salary-slips |
Yes |
Yes |
Yes |
Processing fee cheque |
Yes |
Yes |
Yes |
Form 16 / Income Tax Returns |
Yes |
Yes |
Yes |
Proof of business existence |
Yes |
||
Business profile |
Yes |
||
Education qualification certificate and proof of business existence |
Yes |
Yes |
|
Last 3 years Income Tax Returns with computation of Income |
Yes |
Yes |
|
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account |
Yes |
Yes |
If you are looking for a bank that offers fast service with less interest rate, this is the best option. It is very transparent and flexible in its eligibility criteria.
Employment Type | Eligibility Criteria |
Salaried Individuals | Government employees or individuals in reputed companies. Minimum Age: 24 years Maximum Age: 60 years at the time of loan maturity |
Professionals | Professionals - Doctors, Engineers, Dentists, Architects, Chartered Accountants, Cost Accountants, Company Secretary, Management Consultants only Minimum Age: 24 years Maximum Age: 65 years at the time of loan maturity |
Self Employed Individuals | All tax filing individuals Minimum Age: 24 years Maximum Age: 65 years at the time of loan maturity |
Purpose | Salaried | Self Employed |
Proof of Identity and Address | Passport or Voter's ID card or Driving License or Job Card issued by NREGA or Aadhaar Card or PAN card (PAN Card only as identity proof) or any other document as acceptable to the Bank. | Passport or Voter's ID card or Driving License or Job Card issued by NREGA or Aadhaar Card or PAN card (PAN Card only as identity proof) or any other document as acceptable to the Bank. |
Proof of income | Latest 3 Months salary slip showing all deductions and Form 16 | IT returns for the last 2 years and computation of income for the last 2 years certified by a CA |
Bank statement or Pass Book where salary or income is credited | Last 6 months | Last 6 months |
Guarantor form | Optional | Optional |
Citi bank offers the home loan at very competitive interest rate. They have 24*7 customer support for the assistance of home loan. Online application option is also available.
HDFC bank is a global bank with the headquarters in Mumbai. The bank has been ranked in the top 100 Most Valuable Global Brands. HDFC is trusted name amongst the customers. The bank offers variety of home loans like new home loans, resale home loans & loans for constructing the home. HDFC offers the home loan with no hidden charges.
Criteria | Salaried Employees | Self-employed Professionals |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Income Proof |
|
|
The bank is providing affordable home loan & the customer service is commendable. The repayment tenure of Indusland bank is quite wide compare to other banks & financial institutes.
Document Type | Salaried Employees | Self-employed Professionals |
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Education Proof |
NA |
Education certificates |
Income Proof |
|
|
The process of home loan application is easy & hassle free when it comes to Kotak Mahindra bank. Approval of the loan is simple & loan amount can be disburse in 4-5 days. Online application option is also available.
Particulars | Salaried Empldoyees | Self-employed Professionals |
Age |
21 - 60 years |
21 – 65 years |
Income |
₹480,000 per annum |
₹480,000 per annum |
Repayment tenure |
5 - 25 years |
5 - 25 years |
Work experience |
2 years |
3 years |
Document Type |
Salaried Employees |
Self-employed Professionals |
---|---|---|
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Income Proof |
|
|
PNB has the housing finance section that caters to variety of needs when it comes to home loan. The name of the brand itself is a great proof of its expertise in housing finance. PNB has many different types of loan option available when it comes to home loan like home purchase loan, home construction loan, home extension loan, home improvement loan, home loans for NRIs etc.
Document Type | Indian Resident | NRI |
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Income Proof |
|
|
Standard chartered is a global bank with the branches in 70 different countries across the globe. If you are looking forward for low finance home loan with less processing charges than this is one if definitely for you.
Document Type | Salaried Employees | Self-employed Professionals |
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Income Proof |
|
|
TATA capital is known to provide customize home loans to their customers depending upon the need of the customers. They have number of home loans including the home loan, home construction loan, home renovation loan etc. the range of repayment tenure is as wide as 30 years.
Document Type | Salaried Employees | Self-employed Professionals |
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Education Proof |
NA |
Education certificates |
Income Proof |
|
|
Apart from these, having good relationship with the bank manager is an add-on. Every branch manager has discretionary rights to alter loan requirements. Strive to maintain a good financial track record, to enjoy home loan benefits.
Yes, siblings are allowed to take joint loan from any bank for home loan. And with the help of this both can avail tax benefits under Income Tax Act section 80C. However, here are some of the points to be kept in mind while taking a joint loan with a sibling.
The number of people, who are availing the advantages of the home loan, is increasing day by day rapidly. Many home loan borrowers are now preferring to go for a joint home loan options due to various benefits such as the benefit to avail higher loan amount, income tax benefits and many more to name a few. A co borrower is the person that shares the ownership of the home loan in an asset with you or group or individual. The factors such as credit rating and CIBIL scores are being taken in to the consideration as far as home loan joint application is concerned.
However, there are certain eligibility rules and conditions that have to be satisfied that can be mentioned as follows.
Home loan co-borrower and co-applicant is one and the same thing if we take a larger picture in the consideration because the person is sharing equal responsibility as far as the repayment is concerned. Hence, in special cases, the lender may consider to transfer the loan completely to a co-borrower. However, there can be some disadvantage in being a co-borrower in certain cases that can be discussed as follows.
To avoid such cases, It is very essential that the home loan applicants are having separate legal liability agreement that has all the terms and conditions mentioned. The agreement should have stated and classified the liability of each and every party that is involved. The parties involved should execute the same on the legal stamp paper and should notarize it. Banks promote the co-borrowing as the same reduces the risk in terms of repayment of the loan. The bank can also insist in terms of getting the insurance as far as protection of repayment is concerned. It is essential for the borrower and co-borrower that they safeguard the loved ones by properly following terms & conditions as the future is quite uncertain and one should be ready to encounter any situation.
If you are looking for a bank that offers fast service with less interest rate, this is the best option. It is very transparent and flexible in its eligibility criteria.
Citi bank offers the home loan at very competitive interest rate. They have 24*7 customer support for the assistance of home loan. Online application option is also available.
HDFC bank is a global bank with the headquarters in Mumbai. The bank has been ranked in the top 100 Most Valuable Global Brands. HDFC is trusted name amongst the customers. The bank offers variety of home loans like new home loans, resale home loans & loans for constructing the home. HDFC offers the home loan with no hidden charges.
Criteria | Salaried Employees | Self-employed Professionals |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Income Proof |
|
|
The bank is providing affordable home loan & the customer service is commendable. The repayment tenure of Indusland bank is quite wide compare to other banks & financial institutes.
Document Type | Salaried Employees | Self-employed Professionals |
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Education Proof |
NA |
Education certificates |
Income Proof |
|
|
The process of home loan application is easy & hassle free when it comes to Kotak Mahindra bank. Approval of the loan is simple & loan amount can be disburse in 4-5 days. Online application option is also available.
Particulars | Salaried Empldoyees | Self-employed Professionals |
Age |
21 - 60 years |
21 – 65 years |
Income |
₹480,000 per annum |
₹480,000 per annum |
Repayment tenure |
5 - 25 years |
5 - 25 years |
Work experience |
2 years |
3 years |
Document Type |
Salaried Employees |
Self-employed Professionals |
---|---|---|
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Income Proof |
|
|
PNB has the housing finance section that caters to variety of needs when it comes to home loan. The name of the brand itself is a great proof of its expertise in housing finance. PNB has many different types of loan option available when it comes to home loan like home purchase loan, home construction loan, home extension loan, home improvement loan, home loans for NRIs etc.
Document Type | Indian Resident | NRI |
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Income Proof |
|
|
Standard chartered is a global bank with the branches in 70 different countries across the globe. If you are looking forward for low finance home loan with less processing charges than this is one if definitely for you.
Document Type | Salaried Employees | Self-employed Professionals |
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Income Proof |
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TATA capital is known to provide customize home loans to their customers depending upon the need of the customers. They have number of home loans including the home loan, home construction loan, home renovation loan etc. the range of repayment tenure is as wide as 30 years.
Document Type | Salaried Employees | Self-employed Professionals |
Application Form |
Filled application form with 2 passport size photographs. |
Filled application form with 2 passport size photographs. |
Identity Proof |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Passport/ Voter’s ID/ Driving License/ PAN Card/ Aadhar Card |
Resident Proof |
Latest Utility Bill/ Ration Card/Passport |
Latest Utility Bill/ Ration Card/Passport |
Education Proof |
NA |
Education certificates |
Income Proof |
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Apart from these, having good relationship with the bank manager is an add-on. Every branch manager has discretionary rights to alter loan requirements. Strive to maintain a good financial track record, to enjoy home loan benefits.
Yes, siblings are allowed to take joint loan from any bank for home loan. And with the help of this both can avail tax benefits under Income Tax Act section 80C. However, here are some of the points to be kept in mind while taking a joint loan with a sibling.
The number of people, who are availing the advantages of the home loan, is increasing day by day rapidly. Many home loan borrowers are now preferring to go for a joint home loan options due to various benefits such as the benefit to avail higher loan amount, income tax benefits and many more to name a few. A co borrower is the person that shares the ownership of the home loan in an asset with you or group or individual. The factors such as credit rating and CIBIL scores are being taken in to the consideration as far as home loan joint application is concerned.
However, there are certain eligibility rules and conditions that have to be satisfied that can be mentioned as follows.
Home loan co-borrower and co-applicant is one and the same thing if we take a larger picture in the consideration because the person is sharing equal responsibility as far as the repayment is concerned. Hence, in special cases, the lender may consider to transfer the loan completely to a co-borrower. However, there can be some disadvantage in being a co-borrower in certain cases that can be discussed as follows.
To avoid such cases, It is very essential that the home loan applicants are having separate legal liability agreement that has all the terms and conditions mentioned. The agreement should have stated and classified the liability of each and every party that is involved. The parties involved should execute the same on the legal stamp paper and should notarize it. Banks promote the co-borrowing as the same reduces the risk in terms of repayment of the loan. The bank can also insist in terms of getting the insurance as far as protection of repayment is concerned. It is essential for the borrower and co-borrower that they safeguard the loved ones by properly following terms & conditions as the future is quite uncertain and one should be ready to encounter any situation.
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