Home Loan Eligibility:
Anyone with a repayment capability and a dream to buy a home is eligible to get a home loan. Some of the important eligibility criteria are as follows:

• Salaried individual or Self employed individual or Self employed professional like doctor, lawyer, etc.
• NRI or resident Indians
• Aged between 21 years and 65 years
• Have a good CIBIL credit score
• Good repayment capacity with fixed & stable income source
• Employment at a stable company
• Try our home loan eligibility calculator to check how much loan amount you are eligible for.

How is your home loan eligibility determined?
Based on the following aspects financial institutes will determine your loan eligibility:

• Your monthly income
• Property cost (you can get 80% of the property value if the loan amount is less than 20 lakhs and 85% of the property value if the loan amount is more than 20 lakhs. )
• Other EMI’s which you are paying for any other loan

Fill the form above to check your actual home loan amount eligibility.

Home Loan documentation: For a speedy Home Loan approval you will need genuine documents which will help banks to give quick approvals. Here is a standard list of options for each document required.
Identity proof:

• Driving license
• Voters ID
• Passport
• PAN card
• Ration card
• Employee ID
• Bank passbook
• Letter from a recognized public authority or public servant verifying your photograph
• Confirmation letter from your employer or another bank verifying your photograph

Address Proof:

• Driving license
• Voters ID
• Passport
• Ration card
• Bank passbook or Bank account statement
• LIC policy/ receipt
• Utility Bill – telephone, electricity, water, gas (less than 2 months old)
• Letter from any recognized public authority verifying residence address of the customer
• Letter from your employer

Age Proof:

• Driving license
• Passport
• Bank passbook
• PAN Card
• Birth certificate
• 10th standard mark sheet

Income Proof: The following set of documents that detail your credit profile varies according to whether you are a salaried individual or a self-employed individual.
Self Employed/Entrepreneurs:

• A brief introduction of Business/Profession
• Balance Sheet, profit and loss account statement of income, proof of income tax returns for the last 3 years certified by a CA
• Photographs
• Receipts of advance tax payments if any made
• A photocopy of Registration Certificate of establishment under Shops and Establishments Act/Factories Act
• Registration Certificate for deduction of Profession Tax
• Certificate of Practice
• Receipts of Bank loans
• Proof of investments (FD Certificates, Shares, any other fixed asset)

Salaried Individuals:

• Income Proof ( you just need to provide one of the options listed for income proof)
• Latest Pay slip
• Form 16
• Increment/Promotion letters
• Appointment letter
• Pay slip (Last 2 months) with salary account bank statement
• Certified letter from Employer
• IT returns ( for three years )
• Investment proof (FD certificates, shares, any fixed asset etc.)
• Documents supporting the financial background of the borrower (his liability and assets if any)
• Photographs

What are the documents required for obtaining NRI Home Loans?
NRIs are required to submit a few documents more than is required for a resident Indian:

• A copy of the passport
• A copy of the works contract (also sometimes referred to as the contract card/labor card)
• The power of attorney (POA). The POA is required because the borrower is not based in India and in such a scenario; the HFC would need a representative ‘in lieu of’ the NRI to deal with as required. Although not compulsory, the POA is usually drawn on the NRI’s parents, wife or children

I am purchasing a flat from the builder, what supporting documents I will need to submit to the bank?

• Original copy of your agreement with the builder
• 7/12 extract – This is issued by the concerned land authorities giving details such as the survey numbers, area, date from which current owner is registered as owner etc.
• Property register card, which is obtained from the City Survey Department
• N.A. permission for the land from the collector, if its agricultural - If the land is agricultural and is being utilised for residential/ commercial/industrial use, then such agricultural land has to be converted to non-agricultural land and a Non-Agriculture Order has to be obtained from the Collector of the district where the property is located.
• Search Report and Title Certificate – A search report and title certificate can be obtained from an advocate who will conduct a survey of the title of the property by visiting the office of registrar. A legal opinion can avoid any legal hassles later and is mandatory to be filed with the agreement for sale.
• Development agreement between the owner of land and the builder
• Copy of order under the Urban land Ceiling Act
• Copy of building plans sanctioned by the competent authority
• Commencement certificate granted by the Corporation
• Building completion certificate
• Latest receipts for taxes paid towards the land or property or flat to be purchased
• Partnership deed or memorandum of association of the builders firm

I am purchasing the house from a Cooperative Society, what documents I will need to submit to get a home loan?

• Original share certificate of the Society
• Allotment letter from the Society in your name
• Copy of the lease deed, if executed
• Certificate of the registration of the society
• Copy of the byelaw’s of the Society
• No objection certificate from the Society
• 7/12 extract or property register card in the Society’s name
• Copy of N.A permission for the land from the collector
• Search Report and Title Certificate
• Copy of order under the Urban Land Ceiling Act
• Copy of the building plans sanctioned by a competent authority
• Commencement certificate granted by Corporation
• The latest receipts of taxes paid for the property
• Original Agreement to assign / Deed of assignment

What documents I will need, if I am constructing house on my own land?

• Original sale deed of land and extract of Index II
• 7/12 extract or property register card in your name
• Copy of N.A. permission for land from the collector
• Search and title report
• Copy of tax paid under Urban Land Ceiling Act ( obtained from Commissionerate of Urban Land Ceiling and Urban Land Tax )
• Copy of the building plans sanctioned by a competent authority
• Building permission granted by the Corporation
• The latest receipts of taxes paid for your land
• Estimate of the cost of construction certified by the architect

What are the documents that need to submitted for disbursement of a home improvement loan?

• Title deeds for the past of 13 years
• Encumbrance certificate for the past 13 years ‘Khata’ certificate
• Most recent tax receipts for the property
• Approved plan
• License for the extension
• Cost estimate from a qualified engineer
• Cost estimate from the architect