Buying a home will be one of the biggest purchases that you will make in life. For this purchase, you may require financial aid. Such aid is provided by banks and NBFCs in the form of home loan. Home finance is provided to applicants who are eager to purchase a property.
The price of real-estate is on an all-time high and so is the demand for home loans. It is practically impossible for a regular salaried person to gather such a humongous amount to buy their dream house. In such situations, home loans come extremely handy.
There are different types of home loans, whose repayment procedures, terms, and interest rates will vary. Depending on the type of loan you plan to avail, the eligibility criteria and clauses will change. Moreover, eligibility is also based on the principal amount of loan, the tenure for which the loan is availed, expected interest rate, and the repayment procedure selected.
To understand the eligibility criteria, you will require help of loan officer. Still, to give you an intimation of the document mandates, we have shared the following housing finance eligibility criteria sanctioned by leading banks and NBFCs for most of their offerings.
Individuals who are eligible
Any Individual or Proprietor, Partner or Partnership Entity, or any other Corporate-entity is eligible to apply for a housing loan.
Individuals who develop Residential projects/ Townships.
- All the borrowers should have valid KYC documents under their name.
- Proof of continuous income with assurance of stability
- The banking and loan payment history should be clear
- Technical and legal clearance for the property to be held as collateral
- Checks and references should be positive
Segments that are eligible
- Individuals who are manufacturers
- Individuals who provide service
- Traders & Retailers
- Professionals who are self-employed