Everything About the Eligibility for Home Loan

Home loans serve as quick fixes for all sorts of home-related financial problems. However, like all the other loans, lenders want you to prove your eligibility before giving you the funds. So, how can go about taking a home loan? The procedure is quite simple. The only thing that you need to do is provide all professional and personal details to the lender. The eligibility criteria that you should meet for availing a home loan successfully are as follows:

Examining Eligibility

Certain criteria need to be fulfilled for convincing the lender, that you are eligible for the credit. Your eligibility criteria for getting a home loan might slightly vary depending on the lender.

  • Valid ID proof like driver’s license, voter identification and passport for proving one’s identity.
  • You must fall within 25 to 70 years of age.
  • The amount of your loan should fall between the maximum and minimum number provided by the lender.
  • Self-employed individuals should submit proof stating that the business is 5 years old.
  • Latest credit report with a credit score of 750 along with the brief history of credit usage and on-time payments.

Documents Needed for Getting the Home Loan Sanctioned

Once you are found eligible for the loan, the lending organisation will need the documented evidence of your financial stability and existence. The papers that you will need to provide include:

  • Identification proof- This can be your passport, driver’s license or voter’s identification
  • Complete application for the home loan along with credentials.
  • Residence proof- This can be your electricity or water bill or your voter’s identification.
  • Business address proof if you are self-employed.
  • Latest passport size photos
  • Bank account statement for the past six months.
  • Personal liabilities and asset declarations in the format provided by the lender.
  • Signature identification
  • The detailed information regarding loans that you might be already paying for. This will also include the details of the securities mortgaged and the lender.

If you are salaried, then you will also have to present additional documents to the lending institution. These documents include:

  • Salary certificate
  • Tax Deducted at Source Certificate

Self-employed individuals need to submit the documents of their income tax returns and receipt copies of advance income tax payments.

Conclusion

Presenting the right documents will help you in getting your application or home loan approved as the documents justify your capacity of repaying the loan. Read more at www.sullyweb.com

Leave a Reply

Your email address will not be published. Required fields are marked *