Posted on Monday October 14th, 2019

Having your own house might have been the biggest dream for which you have been working for all these years, and now, with the updated system and the government helping the people to get on their feet and achieve their dreams, getting home loans has become easier than ever. There are a few basic rules and norms that you have to follow to apply for a home loan and be eligible to get it. Here is some necessary information that you need to know and guidelines that you have to follow to get a home loan.

How to apply: As everything has become much more comfortable these days, you can apply for home loans online through websites or offline. Here are mentioned some steps that you need to follow to apply for a home loan.

Fill the online form that you get on the website, to get a home loan for yourself.
The loan giver will assign a representative to you who will get in touch with you in the aforementioned time to carry forward the process.
After going to the documents that you have submitted, the representative will take it to the higher authorities and get them approved, after which you will be granted home loan eligibility.
Once you become eligible to get a home loan, you have to submit the documents that will be asked for to your representatives, and he will take care of the for the process from thereon.

Who can apply: Anyone who has a fixed job from where he owns a certain amount of fixed money per month and matches the age criteria can apply for home loans. Any regular citizen of the country, irrespective of their gender, caste, Creed religion, can apply for home loans. You can even Apply Online For a Home Loan. Much more detailed information about this topic is provided in the section below. Read the below paragraph to know more about this.

Eligibility: Few primary eligibility factors determine whether you can apply for a home loan or not, and the government itself sets these eligibility factors, and all the loan givers, banks, and other third party officials have to abide by it. These main factors are mentioned here below:

If you are an applicant, then your age has to be between 18 years to 70 years.
To be eligible, you have to have a minimum salary of rupees 25000 per month.
You need to have a paid work experience of more than three years.
If you are a self-employed applicant or have a business of your own, then there will be scrutiny based upon your business stability for five years and above.
You have to have a minimum CIBIL score of 650.

These are some essential factors that you need to know and keep in mind while applying online for a home loan or offline, and if these criteria get fulfilled by your application, then you will be granted Home Loan Eligibility.