In India, there are several kinds of home loans that people can scout forEach of these loans requires the seeker to be acquainted with the home loan eligibility criteria and the documents neededHere, we will talk about that.
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What Are Some Of The Different Types Of Home Loans?
1Home Purchase Loan
When you want to purchase a new or pre-owned home, you seek this housing loanSuch a loan can be availed from various banksSo, it would help if you researched the banks that offer such loans.
2Home Expansion Loans
When you want to expand your home, this loan can be availed at your comfortSo, if you wish to add a new room to the home or create a bathroom, home extension loans will help.
3Home Improvement Loans
If you want to get a renovation or massive repair done in your home for its improvement, then taking home renovation loan can helpConstruction of overhead water tanks and electrical renovation fall into this category.
4Land Purchase Loan / Plot Loan
This is usually a flexible idea as most banks offer Plot loan conveniently to peopleThe purchaser may save funds and create a home whenever they have financial stabilitySome banking institutions offers up to 85% of land cost as a loan.
5Home Conversion Loans
If you have already bought a home but wish to move to a new property, you can opt for these home loansAll you need to do is transfer the existing loan to the new houseBy doing this, a borrower can fund the purchase of new house & need not repay the previous home loan But beware, as this loan may be a bit pricier than others.
What Are The Important Eligibility Criteria For The Home Loan?
- A maximum loan term of 30 years is available.
- The age limit for salaried people is between 21 to 65 years.
- For self-employed individuals, the age limit is nearly 21 to 65 years.
- Your minimum salary must be Rs.10,000 per month.
- Your maximum business income must be Rs.2 lakhs per annum.
- Existing Age and The Remaining Working period: Age will play a dominating factor.
- The present and future income both play critical roles.
- Both the past and present credit history and score count.
What Are The Documents Required For The Loan?
Here are the documents required for a home loan:
1Property Document
- NOC from the housing society or builder.
- Detailed calculation of the construction cost.
- Occupancy Certificate
- Possession Certificate and land tax receipt from the land.
- Allotment Letter or stamped agreement of sale.
2Identity Proof
- Voter ID
- Adhaar Card
- PAN Card
- Driving License
- Passport
3Address Proof
- Electric bill
- Phone bill
- Water tax
- Post-paid mobile bill
- Any identity proof document with a permanent address
- Property tax receipt
4Passport Size Photograph
The Bottom Line
Use a home loan EMI calculator if you want additional help in understanding whether you will be able to afford it in the first placeOtherwise, this blog is all set to come to your rescue when you want to know what to do nextSo, why keep waiting? Standard Chartered Bank offer up to Rs 35 Cr Home Loan at attractive interest ratesCheck out the home loan eligibility & apply for the same today!