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WHAT YOU NEED TO GET HOME LOAN AT EARLY AGE?

Posted on Tuesday October 12th, 2021

Owning your dream house is a big deal for any individual for which he/she has to work hard and has to seek the financial assistance from any financial assistance to make their dream come true. Most of the population in our country starts earning at their early age and their dream of having their own home starts building up soon.

As all knows buying a home surely is a biggest investment as it has many charges included in it such as down payment, property taxes, registration charges, stamp duty etc. However, in your 20’s it is not an easy job to Apply For Home Loan. In this article, we have mentioned some of the hurdles and ways to tackle them to get your home before you turn 30.

Age: It is the basic criteria for any loan to be of age 25 years and if you are in early 20’s and want to avail a home loan, lenders may not be interested to process your loan. To your surprise, you can add your parents as co-applicant to assure the lender about repayments or you can produce proof of employment if you are working for more than a year to get a loan.

Steady income: At such early age, some youngsters just have completed their studies and have started their employment. Either they are self-employed or salaried individuals, it becomes difficult to secure a home loan.

If you are salaried, you can provide the lender with Form 16 for 2 years or salary certificate with copy of ITR whereas self-employed can submit the challans proving the paid advance income tax, assessment orders for 3 years, business proof and audited statements from last one year. If lender asks you to wait for said time then you can save funds for the down payment of your house.

Credit score: In your 20’s, it is difficult to have a strong credit score. One needs to have a good credit history, savings, balanced credit card payments, earlier repayment history etc. to build a strong credit history. It’s too much to expect these things from someone as young as in his/her early age. One should have prior knowledge about CIBIL score before they Apply For Home Loan Online or offline and start building the store from the very start of their employment.

Documents: One needs to have very specific documents in hand to avail a home loan. Before applying, you should start planning and get all the documents one by one in hand to avoid any rejection in the processing of a home loan. These documents may include your Aadhar card, PAN card, copy of approved plan for the construction of home, cost estimation from the bank’s panel, NOC of the society, other property papers etc.

Well, the requirement of documents and eligibility criteria for loan differs from lender to lender but the above mentioned list is basic one. Now when you know all about the hurdles and ways to get a home loan in early age, start planning from right now.