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What Is The Eligibility For A Home Loan?

Know the exact amount you need to pay for your home loan with the best home loan eligibility calculator. Check out the advantages you will get with our loan calculator. Visit:- https://www.grihashakti.com/home-loan-eligibility-calculator.aspx<br>

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What Is The Eligibility For A Home Loan?

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  1. WHAT IS THE ELIGIBILITY FOR A HOME LOAN?

  2. INTRODUCTION A loan given by any mortgage company, NBFCs or other financial institution for the purchase of a primary or investment residence. The owner of the property transfers the ownership to lender on condition that it will be transferred back to the owner once the payment has been made and other terms of the mortgage have been met.

  3. IDEAL HOME LOAN TENURE: The maximum tenure range for home loan is upto 30 years. Most borrowers prefer to go for a longer tenure rather than the short one. The repayment through EMIs depends on the tenure of the loan and amount. Longer the loan tenure, lower the EMI. Shorter the loan tenure, higher the EMI. Ofcourse, going by the same logic, for shorter loan tenures, the interest amount paid is also less as against the longer tenure loans, where the interest amount increases. In the next slides you will see the eligibility for home loan.

  4. ELIGIBILITY CRITERIA FOR A HOME LOAN: • He/She should be an Indian resident • He/She should be a minimum of 21 years and at the time of loan application and maximum of 65 years at the time of loan maturity • He/She should be salaried or self-employed • He/She must have a minimum CIBIL score of 700 with a good credit history

  5. ELIGIBILITY CRITERIA FOR SALARIED INDIVIDUAL: • Be permanently employed in a company • Be employed in organizations private limited company, closely held or unlisted companies, partnerships or proprietorship firms • Minimum salary should be 25,000 for Metro residents and 20,000 for other Indian Cities

  6. ELIGIBILITY CRITERIA FOR SELF EMPLOYED INDIVIDUAL: • Self-employed businessmen or sole proprietorship • Partnership firms • Private limited companies or closely held/ unlisted companies • Self employed applicants must earn a minimum yearly profit after taxes

  7. TYPES OF HOME LOAN The Home Loans that are available in the market have different criteria to avail. The following is the list of different types of home loans you can avail from the market:- • Home Purchase loans • Home Construction Loans • Home Improvement Loans • Home Extension Loans • Home Conversion Loans

  8. DOCUMENTS REQUIRED FOR HOME LOAN • Income Proof • Age Proof • Identity Proof • Address Proof • Employment Details • Proof of Education Qualification • Details About the Finalized Property • Bank Statements

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