Know your Eligibility and Documentation required for a Home Loan

If you go for take home loan, you need to submit so many documents for prove you are eligibility to taken the loan. Below are the list of few banks document requirements.

Home Loan Eligibility

Home loans are allowed by the bank consider so many fact.

Age:

Minimum age at the time of loan application and maximum age when the loan period ends. This varies as per the bank rules.

Income and Expenditure:

It consider with monthly income of the applicant can service a new loan or not. Also consider for this the existing EMI burden (if any).

Employment Status:

It depends on the working company and the applicant. How long the applicant has been working with that company. How much their salary etc.

Some important documents for Home Loan:

if you go for home loan you want to submit so many documents for prove Residence Address and Ownership etc. it is mainly use for Residence proof or Identity like Ration card,  Passport, Driving licence, Property Documents, Electricity Bill etc. Then you have to submit Income and Job Continuity Proof like Latest 3 Months Salary Slips or Bank statements, Current Employment Certificate or Current Job Appointment letter (if it is more than 2 years). At last we need to submit Property documents on the purchase of your home like Copy of agreement executed / Sales Deed, Share Certificate etc. and keep in mind that today most of the bank deals must have aadhar card and pan card.

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