All you Need to Know About Home Loan Documents
A home is a huge investment, and you’d want to be sure that your documents are in order so as to avoid any problems later on. But before you apply for a
Home Loan, you need to know about the basic documents required. Here’s your guide to all the documentation that determines your eligibility criteria.
Are You Eligible for a Home Loan?
Eligibility documents for a Home Loan in India vary across lenders. They also depend upon income levels of individuals in different metropolitan cities. All the lenders ask are for some basic documents and list out criteria that you need to meet. The outcome of the application is determined based on you meeting these requirements. The criteria requires you to be an Indian citizen, of at least 25 years of age at the time of the loan being sanctioned, and you must be a salaried individual with a work experience of three years or more.
So, now that you know if you’re eligible or not, it’s time to look at the documents needed for a Home Loan.
Documents Needed for a Home Loan
Many lenders like Bajaj Finserv list out the standard documents necessary for a Home Loan to be approved. These include:
- A completely filled application form with an attested photograph
- Identity proof
- Address proof
- Signature proof
- Date of birth proof
- Income details
- Business continuity proof (salary slips or appointment letters suggesting you are continuing to work)
- Bank account statements for the previous three months.
These are the basic documents needed to initiate the application for your loan. However, as the loan application progresses, you may need to submit other documents like income tax returns on request.
Know More About Home Loan Interest Rates
Interest rates of Home Loans can vary from lender to lender. The exact interest rates are almost always communicated to you by the lender after you are eligibility has been approved. You need to note that banks determine the Home Loan interest rates depending upon your salary, loan amount, and loan tenure. Several NBFCs like Bajaj Finserv, for instance, offer low interest rates on an online Home Loan across India for salaried individuals with benefits like three EMI-free months.
Apply Online – Quick and Easy
You can apply online for a Home Loan with a guarantee of a speedy approval procedure. Lenders like Bajaj Finserv, for instance, offer Home Loans with instant approvals and nil foreclosure charges.
Opting for a Home Loan is a big responsibility as even minute glitches with regards to documents can leave you stranded. So be sure to know every detail about the eligibility factors that can boost your chances of getting one before you sign off on a Home Loan.