The borrower’s eligibility of getting a housing loan depend upon his/her repayment capacity & the banks establish this repayment capacity by considering various factors such income, spouse's income, age, number of dependants qualifications , assets, liabilities, stability and continuity of occupation and savings history. Eligibility Factors in Housing loan Your Home Loan eligibility is determined by your repayment capacity and the value of the Property
- Spouse's income
- No. of dependants
- Stability and continuity of occupation
- Savings history.
The most important concern of banks in determining your loan eligibility is that whether or not you are contentedly able to pay off the amount you borrow.
The Second factor is the value of the Property
Banks are okay to fund 75-85% of property value but with the condition that you have income capacity that you can pay its Emi each month.
Documents required in Home Loan
Generally the documents required to processing your loan application are almost similar across all the banks; however they may differ with various banks depending upon specific requirement etc. Following documents are required by financial institutions to process the loan application:
- Age Proof
- Address Proof
- Income Proof of the applicant & co-applicant
- Last 6 months bank A/C statement
- Passport size photograph of the applicant & co-applicant
|In case of Salaried
||In case of Self-employed
|Employment certificate from the employer,
||Copy of audited financial statements for the last 2 years
|Copies of pay slips for last few months and TDS certificate
||Copy of partnership deed if it is a partnership firm or copy of memorandum of association and articles of association if it is a company
|Latest Form 16 issued by employer Bank statements
||Profit and loss account for the last few years
|Income tax assessment order