When buying a home, the home loan plays an instrumental role in that owning process in most of the cases. Choosing the correct home loan can also make this owning process even more pleasant so we are trying to make the choosing process easier for you.
Do you know that its not necessary to choose the property first and then go for home loan? You can apply a home loan in advance and get it sanctioned in your name its commonly known as Pre Approved Loan (PAL). But before doing that you should have an idea about your preferred project so that you can apply with the bank which is project is also approved.
Now the question comes what process we have to go through, which bank has the lowest interest rates, what will be the EMI, and for how long? Read on to find out more…
- Resident Type: Resident Indian
- Minimum Age: 18 years
- Maximum Age: 70 years
- Loan Tenure: May go up to 30 years (Depends upon the age).
List of papers/ documents applicable to all applicants:
- Employer Identity Card (For Salaried applicants)
- Loan Application: Completed loan application form duly filled in and affixed with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
- Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Salary Slip or Salary Certificate of last 3 months
- Account Statement for last 6 months showing salary credits
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
Income Proof for Non-Salaried Co-applicant/ Guarantor:
- Business address proof
- IT returns for last 3 years
- Balance Sheet & Profit & loss A/c for last 3 years
- Business License Details(or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./ Doctor and other professionals)
- GST Number if available
For EMI calculator please click on this link : Click Here
Current Interest Rates
To know about current prevailing interest rate on home loans : Click Here
*The information is based on the websites of state bank of india (SBI) home loans and HDFC home loans.