Every family desires to own a house someday. Lack of funds acts as an obstacle in fulfilling this dream of many families. But there’s an easy solution to this problem – home loans! The following information will help you understand “Home Loan Eligibility“ details.

Eligibility criteria for salaried individuals:

Salaried individuals are those individuals who work under a private sector company, public Sector Company, state, central or local bodies.

1. Age – An individual’s age plays a huge role in determining his/her eligibility for a home loan. The minimum age of the applicant should be 18 or 21 years and the maximum age should be 60-65 years.
2. Individuals must be employed for a minimum of 2 years and must have a stable source of income.
3. The individual’s annual salary also plays a role in determining the loan amount of an individual. The minimum salary requirement for most banks is Rs 25,000 per month.
4. Income eligibility should be based on the latest salary slip or Form 16.

Eligibility criteria for self employed individuals:

1. The minimum age of the applicant in this case should be 21 years and a Maximum of 75 years at the age of maturity.
2. An individual should be employed for a minimum of 5 years in the same line of Business.
3. The minimum annual net business income of the applicants should fall under the minimum criteria as prescribed by the bank.

The following list will acquaint you with the documents that are required to apply for a home loan and get “Instant Home Loan Approval“!

1. Proof of Identity – This could include any one the following: Aadhar Card, Passport, PAN Card, Voters ID Card, and driving license.
2. Proof of address – This could include any of the following: Aadhar Card, Ration Card, Driving License, Voters ID Card, Passport Copy, Telephone Bill, Electricity Bill, Life Insurance Policy, bank statement of the previous 6 months etc.
3. Couple of passport size photographs.
4. Application form – completely filled and duly signed.
5. Income proof- This could include latest salary slip and Form 16, latest
6. Income Tax Returns (ITR), etc.
7. Signature proof – This could include any of the following: Passport, PAN Card, Banker’s verification, Notarized affidavit with ID & Address proof.
8. Date of birth proof – This could include any of the following: Passport, PAN Card, Aadhaar Card with DOB, Driving License, Birth Certificate, and SSC Marksheet.
9. PAN card is mandatory.

Different banks offer varied home loans interest rates. The interest rates can be as low as 8.90% per annum for some banks and can also go up to a rate of 12% per annum. The tenure range usually lasts from 5 to 25 years depending on the bank. Home Loans are now easily available for new as well as for second houses with affordable monthly EMIs so that the absence of a home does not restrict you from living your life to the fullest!