Opting for home loans has never been more convenient than at present - all thanks to the increased affordability aided by steady annual wage inflation, and PMAY subsidized rates of interest. It has been followed by an increasing nuclearisation of families, lower mortgage penetration, and rapid urbanization that led to increased demand for housing advances.
With such leverages in action, all that potential homeowners need to do is choose a suitable lender to avail their home loans, calculate eligibility for a housing loan, furnish the required documents, and follow up on the application procedure. This way, they can bridge their financial requirements to purchase a house and possess a property sans straining their budget.
Guide to avail a home loan
Step 1 – Check the housing loan eligibility
With reputed lenders, the eligibility criteria on home loans would be a bare minimum –
- He/she should be an Indian resident.
- Applicant should be in the age bracket of 23 to 62 years (salaried) or 25 to 70 years (self-employed).
- Salaried applicants should have a minimum of 3 years of experience, and self-employed should have a business vintage of at least 5 years in their current business.
Step 2- Keep the essential documents handy
To ensure a hassle-free application procedure, it is crucial to keep the required documents sorted out and ready with its photocopies –
- ID proof.
- KYC documents.
- Photograph.
- Address proof.
- Salary slip or Form 16.
- Proof of business.
- Bank account statement for the last 6 months.
- Mortgage property documents.
Considering that you are thorough with the eligibility criteria for a housing loan and required documents, what follows is a hassle-free application procedure to avail of home loans.
However, remember to check in with your chosen lender about the aspects involving top-up loans, balance transfer facilities, etc. to ensure that you make the most out of your availed advance.
