Salaried applicants should generally be 21 to 58 years of age; self-employed applicants should generally be 25 to 65 years of age.
Minimum income is usually Rs. 10,000 per month for salaried applicants and Rs. 2,00,000 per year for self-employed applicants.
Salaried applicants should normally have 2 to 3 years of stable work experience with an MNC, private limited, or public limited company.
Self-employed applicants should generally have at least 3 years of experience in the current business or profession.
A credit score of 750 or above is usually considered strong for home loan approval.
Final eligibility depends on income, repayment capacity, property value, legal and technical checks, and lender policy.
Documents Required
Salaried income proof: Form 16, employee ID card, latest 3 months salary slips, latest 6 months bank statement, and employment continuity proof.
Self-employed income proof: PAN, trade license, partnership deed, MOA/AOA, audited financial statements, profit and loss statement, balance sheet, and latest 6 months bank statement.
Professional/business proof: professional practice license, shop or establishment registration, business address proof, ROC/SEBI/IEC registration where applicable.
Property documents: sale deed, stamped agreement for sale, allotment letter, NOC, possession certificate, land tax receipt, construction estimate, and payment receipts.
Resale property documents: share certificate, occupancy certificate, society/builder NOC, and bank statement showing payments made to the seller or builder.
NRI applicants: NRI income proof, property papers, identity and address documents, and additional lender-required documents.
Home Loan FAQs
Can I prepay my home loan?
Yes. Most lenders allow full or part prepayment of a home loan. A full prepayment closes the loan, while a part prepayment reduces the outstanding principal and may reduce either EMI or tenure depending on lender policy.
Can I get 100% funding for a home loan?
Usually no. Banks and housing finance companies typically fund up to 90% to 95% of the eligible agreement or property value, subject to loan amount, property type, and lender policy. The borrower generally needs to arrange the margin contribution.
What documents do salaried professionals need for a home loan?
Salaried applicants generally need identity proof, address proof, income proof, employment proof, bank statements, income tax documents, and complete property documents. Lenders may ask for additional documents based on the profile and property.
Can I apply jointly with a family member or friend?
Yes. Home loans can usually be applied jointly with a spouse, parent, sibling, or close family member. Some lenders may consider unrelated co-applicants if they meet eligibility criteria. All co-owners of the property are usually required to be co-applicants.
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