Home loan applicants must be aware of all the essential factors regarding a home loan. It is not a big challenge these days to get a home loan from a bank or an NBFC. but one has to know about certain aspects that will determine the approval of the loan.
Here are the three main aspects of home loan.
Eligibility Criteria
Without meeting the set eligibility criteria one not apply for a home loan. Therefore if you are planning to avail a home loan, you must qualify for the eligibility criteria. For instance, home loan provider such as Bajaj Finserv has a certain set of instructions that the applicants must meet before applying. These are as follows:
  • Applicant must be an Indian resident.
  • Age criteria for a salaried person are between 23 to 62 years. If you are a self-employed person the age is between 25 to 70 years.
  • A salaried must show 3 yrs of work experience and self-employed must have 5 years of business continuity.
Documents Required
Basic KYC documents are necessary along with address proof, identity proof and passport size photograph. One has to show income proof such as Form 16 or salary slips and bank statements. The self-employed people need to show proof of their business.
Interest Rates
To avail a home loan applicants need to understand that there are two types of interest rates- fixed and fluctuating. The fixed interest rates remain the same throughout your tenure period. But the fluctuating interest rates keep changing as per the market conditions.
Stay updated about all the information regarding the home loan before you apply.