Step-By-Step Guide to Prepare Yourself for a Home Loan

Home Loan

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Wondering home loan kaisemiltahai? The process is simple and involves some steps. You need to visit the nearest branch of the chosen lending bank. There you will get a loan application form that you must fill out and sign. Then you need to submit the required documents.

Once the documents are verified and the experts check certain factors like your credit report and history, you may get the loan if you are proven creditworthy. The sanctioned amount would be credited to your account as per the stage of construction of the chosen property.

But how should you prepare yourself for a home loan? Here’s a look.

Go Through the Benefits Offered with the Home Loan

See whether the chosen lender offers a range of loan benefits that include:

  • Home loans offered from ₹3,00,000 to ₹5,00,00,000
  • Loan disbursal in just 72 hours
  • Option to add a co-applicant like your immediate family member or spouse to improve your eligibility

Check Whether You and Your Chosen Property Qualify for the Home Loan

To ensure that you qualify for the loan, check the eligibility criteria. The common criterion is to be a resident Indian or Non-Resident Indian.

Criteria for salaried applicants, in particular, may include:

  • Age: 25-60 years (for an NRI), 23-60 years (for a resident Indian)
  • Job profile: Working in a partnership, proprietorship, a public/private sector firm, an LLP company or an MNC

Criteria for specifically self-employed applicants may include:

  • Age: 28-70 years (Select a loan term that ends before you retire or you turn 70, whichever happens earlier. Then you can possibly pay off the EMIs before your retirement.)

Now see whether the loan is available to buy the chosen property. Home loans offered by a reputed bank are available for:

  • Builder, under-construction or ready-for-possession property
  • Resale or new property
  • Property from state housing boards like Development Authorities Settlements, MHADA, existing Co-operative Housing Society, Apartment Owners’ Association, DDA and homes by private developers
  • Property in a city or regularised colony or a gram panchayat property
  • Multi-unit or self-constructed property
  • Refinancing of residential property
  • Plot allotted by a Development Authority
  • A house constructed on a plot of land
  • A house built on a leasehold or freehold plot

Prepare All the Necessary Documents to Apply for the Home Loan

This is a crucial step when you consider home loan kaise milta hai. These usually include:

Common Documents

  • A filled out loan application form with your signature
  • Property documents (if you have finalised a property)

Additional Documents for Salaried Individuals

  • Identity and address proof like Aadhaar card, PAN card, Voter ID card and your job card issued by NREGA .
  • Income proof like the last 2 months’ salary slips, the last 3 months’ bank statements or the latest Form 16

Additional Documents for Self-Employed Individuals

  • Address and identity proofs like Aadhaar, PAN card and Voter ID card
  • Income proof like the last 6 months’ bank statements and the last 2 years’ B/S (with schedules) and P&L accounts and the latest 2 income returns

Additional Documents for Self-Employed Non-Individuals

  • Identity proof like a copy of GST registration, MOA or AOA of the company and PAN card
  • Income proof, for instance, the bank statements of the last 6 months and B/S (with schedules) and P&L accounts of the last 2 years.

Now that you know home loan kaisemiltahai, go ahead and apply for the loan. After buying the chosen property, you can use it for residential or business purposes. Moreover, you can also use it as an asset to take a loan against property. This can be quite helpful when you require funds.

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