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Home Loan
To be eligible for a home loan, the applicant must
Be at least 21 years of age
Have a regular salaried income or income under business and profession.
Possesses income statement of preceding 6 months
The loan must be repaid-On or before the applicant turning 65 years of age.
Loan Amount
The loan amount depends on various factors like age, income, number of dependents, qualifications, assets and liabilities, income stability, business, profits, etc. However, there are ways in which the eligibility to obtain loan and the loan amount can be increased. If a spouse or fiancée is earning, applying together as co-applicants,it can boast the chances of a larger loan amount. In such cases, proof of marriage must be submitted. On the contrary, if there are any co-owners, they must mandatorily be co-applicants. Providing additional security like bonds, fixed deposits and LIC policies may help in enhancing the eligibility to obtain loan.. However, the most important factor in sanctioning loans is the ability to repay. The total cost includes registration charges, transfer charges and stamp duties.
Documents
Documents required for self-employed persons
Updated pass book or photocopy copy of the applicant's statement of accounts for the past 6 months
A photocopy copy of the applicant's ration card
A profile of the applicant's business mentioning the nature of business, client list, suppliers, employee strength, geographical spread, etc.
In case of a business partnership
Updated pass book or photocopy copy of the applicant's statement of accounts for the past 6 months
A photocopy copy of the applicant's ration card
A profile of the applicant's business mentioning the nature of business, client list, suppliers, employee strength, geographical spread, etc.
In the case of a proprietor or professional
3 years Profit & Loss a/c
Balance Sheet
Income Computation certified by a Practicing Chartered Accountant
Income Tax Return file statement for 3 years is required
If the company applying for a loan is a Private Limited Company
A remuneration certificate, the board resolution for fixing remuneration
Annual report of the company
Assessee's income tax returns of preceding 3 financial year
