Home Loan

A Person can apply for home loan individually or jointly. All the joint owners of a property have to be co-applicants for the home loan, but all the co-applicants need not be required to be owner of the property.

Normally, all the persons between the age of 21 to 65 years are eligible for home loan, whether they are employed or self-employed.

Home Loan interest rates of banks vary based on the credit score of the applicant, Repayment capacity, Gender, Loan amount, etc.

Affordable Home Loans :

There is a interest subsidy scheme called the Credit Linked Subsidy Scheme (CLSS) under Pradhan Mantri Awas Yojana (URBAN) – Housing for All.

This scheme is available to two income segments : Economical Weaker Section (EWS)/Lower Income Group (LIG) and Middle Income Group (MIG).

Under PMAY, through CLSS, First-time home buyers can get interest subsidy up to Rs.2.67 lakhs on their home loan. The amount of PMAY subsidy under the scheme depends on the income bracket that a customer belongs to and the size of the property unit being financed.

Some of the documents required by the Banks to process Home Loan.

  • Employer Identity Card.                  

  • Loan application with 3 passport size photographs                

Proof of Identity (Any one):                                       

  • PAN/Passport/Driver’s License/Voter ID Card.                  

Proof of Residence/ Address (Any one):                       

  • Recent copy of Telephone Bill/ Electricity Bill/Water Bill/Piped Gas Bill or a copy of Passport/Driving License/Aadhar Card.                                            

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:                       

  • Salary Slip or Salary Certificate of last 3 months.

  • Copy of Form 16 for last 2 years or a copy of IT Returns for last 2 financial years, acknowledged by the IT Department.  

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:                       

  • Business address proof.                      

  • IT returns for last 3 years.                     

  • Balance Sheet & Profit & Loss A/c for last 3 years.                       

  • Business License Details (or equivalent).                       

  • TDS Certificate (Form 16A, if applicable).

  • Certificate of qualification (for C.A./ Doctor and other professionals).