Home Loan of up to Rs.2.5 Crore

Eligibility Criteria for a Home Loan of up to Rs.2.5 Crore

Our Home Loan eligibility criteria are simple and easy to meet. These are our Home Loan eligibility criteria for salaried and self-employed professionals:

Home Loan Eligibility Criteria for Salaried Professionals

• The applicant can be a residing citizen of India or an NRI.
• They should be between 23 and 67 years** of age at the time of loan maturity.
• They should be able to show at least 3 years of work experience.

Home Loan Eligibility Criteria for Self-Employed Professionals

• The applicant should be an Indian resident.
• They should be between 23 and 70 years** of age at the time of loan maturity.
• They should be able to show at least 3 years of business vintage.

**The upper age limit is considered as age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.

Documents Required for a Home Loan of up to Rs.2.5 Crore

Please keep the following documents ready for a hassle-free loan application process:

• Mandatory documents such as PAN Card or Form 60
• KYC documents
• Passport-size photographs
• Latest salary slips (for salaried applicants)/ITR document, and P&L statements (for self-employed applicants)
• Bank account statements of the previous 6 months
• In the case of self-employed professionals, documents that establish at least 3 years of business vintage.

Please note that this is only an indicative list. Our representatives may ask you for additional documents. However, all document-related requirements will be communicated to you well in advance by our team members.

What You Should Know Before Availing of a Home Loan of Rs.2.5 Crore?

Availing of a Home Loan involves evaluating several critical factors that directly impact your finances. Understanding these key aspects can make your homeownership hassle-free:

• Check your loan eligibility: Know the eligibility criteria that you need to meet beforehand, as it determines the loan amount you can qualify for. Typically, it includes factors such as your income, credit score, employment status, and existing liabilities.
• Know your credit score: A good CIBIL score improves your chances of approval and may help you secure a lower interest rate. Consider improving your score before applying if needed.
• Evaluate fees and charges: Don’t just focus on the interest rate. Consider processing fees, legal charges, stamp duty and registration charges, and processing fees as well.
• Keep documentation ready: Ensure you have identity proof, income statements, employment details, property documents, and bank statements in order to avoid delays.
• Review the amortisation schedule: This breakdown shows how each EMI is divided between interest and principal and is useful for tracking loan progress.