For most people, having a home is a personal goal. For these aspiring homeowners, getting a home loan is the first step toward realizing their dreams. However, many people are unaware of the home loan process and inquire about home loan Kaise le. This is especially true for self-employed individuals.
If you’re thinking about becoming a homeowner and aren’t sure where to begin, you’ve come to the perfect spot. This article will go through the fundamentals, eligibility, and documentation needs for a house loan.
Home Loan For All
The majority of Indians buy their homes by availing of a house loan. Simply put, if you can’t buy a house out of your savings, you’ll need a loan. Moreover, various financial institutions can assist you with the home loan process.
Whether you are a salaried employee of a reputable MNC/ Government service or a self-employed professional, you can easily access the funds. However, you will not obtain the loan without documents. Every financial institution has its own set of eligibility requirements for home loan applicants, some of which are listed below.
Home Loan Eligibility
Check out the general eligibility criteria if you’re also wondering about home loan Kaise le.
| Salaried | Self-Employed (Professionals) | Self-Employed (Traders) | |
| Nationality | Indian | Indian | Indian |
| Age Limit | 23 to 60 years | 28 to 70 years | 28 to 70 years |
| Professional Details | Permanent Job | Professional Qualification and Work details | ITR returns |
Regardless of the nature of your job, the primary requirement for home loan approval is a high credit score and a good earnings potential. Decent monthly earnings reflect your loan repayment capacity, whereas a high score indicates financial discipline and a willingness to repay the loan amount to a prospective lender.
However, loan approval without documents is not feasible. The following are the primary papers required by financial institutions for loan processing.
Documents Required For Salaried Individuals
- Fully filled loan application along with last two months’ salary slip
- Previous six months bank statements and latest Form 16.
- Identity and Residence proof – Aadhar card, PAN, Voter ID.
- Property related documents
Documents Required For Self-Employed
- Fully filled loan application
- Identity and Residence Proof – Aadhar card, PAN, Voter ID.
- Income details include – the latest 2 ITR returns, P&L account for the last two years, Balance-sheet information, and last six-month bank statement.
- Property related documents
How to Apply for a Home Loan?
The steps to apply for a home loan are described below.
Step 1: Fill out the application form and submit it with the required documentation.
Step 2: Pay the KYC verification fees as well as the loan application processing fee.
Step 3: Once your loan application and the documents provided are verified, the loan amount is sanctioned, usually within 72 hours.
Factors to Consider Before Applying for a Home Loan
Some of the key points to remember before applying for a home loan are listed below.
- Loan Tenure
A loan can typically be obtained for a maximum of 25 years. Therefore, it is critical to consider your income, interest rate, age, EMI, and other charges when choosing a repayment schedule.
- Loan Amount
The loan amount granted to an applicant is determined by a variety of factors such as age, income, repayment capacity, property value, and more.
- Different Types of Loans
There are various types of loans available to approved applicants. This comprises loans for affordable housing (PMAY), housing loans for construction, and loans for other sorts of properties, among other things.
- Interest Rates
There are two types of interest rate options available to loan applicants. This includes fixed home loan rates and floating home loan rates.
A home loan is a long-term commitment that must be fully understood before applying. The article above will answer your questions about home loan Kaise le and will assist you in effectively obtaining the funds for your dream home.
