Applying for a Home Loan? Here’s our go-to Checklist
You’ve finally found a house, that you’d like to call your home and it’s finally the time to apply for a Home Loan. But you are not sure how to start as you don’t know where to begin. If only you had a Home Loan checklist to cross off. Well, don’t worry. Here’s a Home Loan application checklist you can follow on your pursuit to buying your dream house.
Checklist for a Home Loan Application
What is the Basic Eligibility Criteria?
The basic Home Loan eligibility criteria are fairly simple and is pretty much the same throughout all the lending companies across India. To be eligible for a Home Loan you must:
- Be a resident of India
- Attain at least 25 years of age when the loan is sanctioned to you, and
- Be an employed, salaried individual with a work experience of 3 years or more.
How can I Apply for a Home Loan?
Once you’re eligible, you need to know about the procedure on how to apply for a Home Loan. You can apply for one the traditional way by visiting the branch of a bank or lender and fill out the Home Loan application form. Or you can choose a much simpler and convenient option and apply online for a Home Loan. NBFCs like Bajaj Finserv, for instance, provide its customers with India’s first online application-to-approval form.
While choosing a lender you must keep in mind that Home Loan interest rates differ from lender to lender. Be sure to research several banks and their interest rates so that you can apply with a company that suits your liking.
What are the Documents Required?
Documents required for a Home Loan is a constant across all banks and financiers in India. These documents cannot be compromised upon and need to be provided, along with additional documents that may be requested by the lender. They are:
- Loan application form with attested photograph
- Identity and age proof
- Residential Proof
- Educational qualification proof
- Income proof
- Bank statements of the past 3 to 6 months, and
- Income tax returns
When applying online for a Home Loan, Bajaj Finserv gives you the opportunity to open an account to keep track of your loan details.
Now that you have read through this, you know everything you need to in order to get that stamp of approval on your Home Loan application. Choose your lender carefully and keep in mind the essential details and verification documents.