The applicant must be at least 21 years of age to be eligible for a home loan and should have a regular source of income from employment or personal business. The loan must be repaid before or when the applicant turns 65 years of age. Additionally, the applicant must provide proof of income for the last 6 months.
The loan amount depends on factors such as age, income, dependents, qualifications, assets, liabilities, income stability, and business profits. However, there are ways to increase eligibility and the loan amount. If a spouse or fiancée is earning, applying together as co-applicants can help secure a larger loan. In such cases, proof of marriage must be submitted. Co-owners must also be co-applicants. Providing additional security like bonds, fixed deposits, or LIC policies may enhance eligibility. The most important factor is repayment ability. The total loan amount also includes registration charges, transfer charges, and stamp duties.
applThe loan will be sanctioned after the selection of the property and submission of the required legal documents. Some time will be taken to verify the documents for the icant’s safety. The 230 A clearance of the seller and/or 371 clearance from the relevant income tax authorities (if applicable) is also required. Once the necessary documents are submitted and verified, the registration of the conveyance deed and the investment of the applicant’s own contribution will be completed. The loan amount will then be disbursed by the bank, in favor of the builder.
1. Loan Agreement
2. Disbursement Requests
3. Post-dated Cheques
4. Personal Guarantors Document