| Bank Name | Min Interest Rate | Processing Fee | Max Loan (Lacs) | Max Tenure (Month) | Chances of Loan Approval | |
|---|---|---|---|---|---|---|
YES Bank Ltd.
|
8.90% | Up to 0.25% | 1000 | 240 |
|
|
HDFC Bank Ltd
|
8.40% | Up to 0.25% | 1000 | 360 |
|
|
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ICICI Bank Ltd.
|
8.90% | Up to 0.25% | 1000 | 240 |
|
|
Axis Bank Ltd.
|
9.70% | Up to 0.25% | 1000 | 240 |
|
|
LIC Housing Finance
|
8.90% | Up to 0.25% | 1000 | 240 |
|
|
IDBI Bank
|
9.20% | Up to 0.25% | 1000 | 360 |
|
|
Bank of Baroda
|
10.00% | Up to 0.25% | 1000 | 360 |
|
|
Canara Bank
|
9.90% | Up to 0.25% | 1000 | 360 |
|
|
Central Bank of India
|
9.85% | Up to 0.25% | 1000 | 360 |
|
|
Bank of India
|
8.70% | Up to 0.25% | 1500 | 360 |
|
|
Punjab National Bank
|
8.70% | Up to 0.25% | 1000 | 360 |
|
|
Bank of Maharashtra
|
9.05% | Rs. 10,000 | 1500 | 240 |
|
|
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Union Bank of India
|
9.80% | 0% - 0.35% | 1000 | 360 |
|
|
Kotak Mahindra Bank
|
9.65% | 0.50% | 1000 | 360 |
|
|
Indian Overseas Bank
|
10.00% | 0.50% | 1000 | 360 |
|
|
UCO Bank
|
10.00% | 0.15% (Rs. 1,500 - Rs. 15,000) | 1000 | 240 |
|
|
HSBC Bank
|
9.45% | 1% (Rs. 10,000) | 1000 | 360 |
|
|
United Bank of India
|
10.10% | 0.59% (Rs. 1,180 - Rs. 11,800) | 1000 | 240 |
|
|
IDFC First Bank
|
10.00% | Rs.5,000 | 1000 | 240 |
|
|
Federal Bank Ltd.
|
9.90% | Rs. 3,000 - Rs. 7,500 | 1500 | 360 |
|
|
Tata Capital Financial Services Limited
|
9.50% | 2% | 1000 | 240 |
|
|
IIFL
|
8.70% | 1.25% | 1000 | 360 |
|
|
Bandhan Bank Ltd.
|
8.75% | 1% | 1000 | 240 |
|
|
PNB Housing
|
9.35% | Up to 0.25% | 1000 | 360 |
|
|
Standard Chartered Bank
|
9.90% | Upto 1.00% | 1500 | 360 |
|
|
State Bank of India
|
9.70% | 0% - 0.35% | 1000 | 360 |
|
|
Aditya Birla Finance Limited
|
9.00% | upto 1% | 1000 | 360 |
|
|
Indiabulls
|
8.99% | Upto 2% | 1000 | 360 |
|
|
Before applying for Home Loan, you need to ensure that you meet specific eligibility criteria to qualify Home Loan. Every lenders want to know your repayment capacity to determine that you are capable of repaying loan amount within given time period. Therefore, meeting basic criteria is must while applying for loan.
Home Loan Eligibility CriteriaGenerally, Home Loan Eligibility Criteria depends on various factors like age of individual, monthly salary or business income, total work experience & CIBIL Score ..etc.
Home Loan Eligibility Criteria for Salaried Individuals
Note: - Maximum Loan Amount of Salaried Individual can avail up to 3.5 Crore & for Self- Employed Individual can avail up to 5 Crore.
What are the factors generally affecting Home Loan Eligibility Criteria?There are few factors that generally affects Home Loan Eligibility Criteria as given below: -
CIBIL Score: - Firstly, Lenders check your CIBIL Score to know your past financial & transaction history to evaluate how capable you are at repaying loan or managing transaction. If your CIBIL Score is below 750, then it's likely that you are not eligible to apply for a Home Loan, but if its above 750 you can easily apply & get a Home Loan at competitive rates.
Applicant Age: - Thirdly, Lenders see’s your age to calculate the tenure period. Generally, a longer tenure period will save your money on EMI, this results in non- default in repayment.
Monthly Income: - Secondly, Lenders want to know you Monthly Income, if you are a Salaried Individual your minimum income per must be 25000/- or if you are a Self-Employed your business minimum annual turnover must be 15 lakhs.
What are the ways to increase Home Loan eligibility?To increase Home Loan eligibility, you need to consider few points as given below, this will aid you in increasing your eligibility level.
Improve CIBIL Score: - To improve CIBIL Score you don’t need to practice any mathematical theory you just need to be aware of timely paying payments, it might be Card dues, EMI, transaction which are taking place doesn’t to be delay in payment, try to avoid applying for multiple credit cards. Follow this points to increase home loan eligibility, remember CIBIL score above 750 will be offered home loan at lowest interest rates.
Joint Home Loan: - This facility allows you to add your spouse or family members to be earning co-applicant, therefore it led to increase chances of your eligibility.
Clearing Existing Loans: - Once you have decided to apply for home loan you, if you have any on-going existing loans then must try to clear existing loans dues. This will increase home loan eligibility when lenders check your debt-to-income ratio.
PHOTOGRAPHS 2
PAN CARD COPY
AADHAR CARD + PASSPORT
ADDRESS PROOF IF RENTED ALSO REQUIRED PERMANENT ADDRESS PROOF
LAST 3 YEARS FORM -16, ITR WITH COMPUTATION OF INCOME IF FILE
LAST 1 YEAR BANK STATEMENT - SALARY ACCOUNT
LOAN SCHEDULE & SANCTION LETTER (IF RUNNING)
COMPLETE PROPERTY PAPERS WITH CHAIN & MAP +ATS
PROCESSING FEE CHEQUE IN FAVOUR OF BANK
LAST 3 MONTHS SALARY SLIP + APPOINTMENT LETTER
PHOTOGRAPH BOTH
PAN CARD CLEAR COPY PROPRIETOR
ADDRESS PROOF (PASS PORT, VOTER ID CARD) PROPRIETOR
OFFICE ADDRESS PROOF LATEST (ELECTRICITY BILL, TELEPHONE BILL)
FIRM REGISTRATION CERTIFICATES & GST REGISTRATION COPY
LAST 1 YEAR GST RETURN COPY
FIRM 3 YEARS ITR COMPUTATION, PROFIT LOSS A/C, BALANCE-SHEET, TAX AUDIT REPORT, ALL SCHEDULED & ANNEXURE
PROVISIONAL FINANCIAL AY 2019-20
BANK ACCOUNTS (CURRENT ACCOUNT, CC ACCOUNT, OD ACCOUNT LAST 1 YEAR UPDATED)
6 MONTH SAVING ACCOUNT STATEMENT UPDATED (PROPRIETOR
IF RUNNING ANY LOAN PLEASE PROVIDE SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS WITH CHAIN SANCTION MAP
PARTNERSHIP DEED COPY
GST CERTIFICATE
GST RETURN LAST 1 YEARS
3 YEAR COMPANY ITR COI P/L A/C BALANCESHEET + AUDIT REPORT 3CB 3CD, ALL ANNEXXURS, SCHEDULED WITH C.A.CERTIFIED
PROVISIONAL FINANCIAL AY 2019-20
3 YEAR ALL PARTNER INDIVIDUALS ITR + COMPUTATION
FIRM ALL A/C BANK STATEMENT 1 YEAR UPDATED
ALL PARTNER SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER + TRACK RECORDS OR REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH MAP
ALL DIRECTORS PHOTOGRAPH
CLEAR PAN CARD - COMPANY AND ALL DIRECTORS
ADDRESS PROOF – COMPANY AND DIRECTORS
LIST OF DIRECTOR & SHARE HOLDER WITH CA CERTIFIED AS ON DATE
MEMORANDOM ORDER IN HAND AND COMPLETE COPY (IF APPLICABLE)
GST, SALE, VAT AND SSI REGISTRATION CERTIFICATE
1 YEAR GST RETURNS
ALL DIRECTORS INDIVIDUALS ITR & COMPUTATION LAST 3 YEARS
LAST 3 YEARS COMPLETE FINANCIAL WITH TAX AUDIT REPORT AND ANNEXURE
PROVISIONAL FINANCIAL FY 2019-20 OR MONTH WISE SALE FIGURE LAST 1 YEAR
COMPANY ALL BANK ACCOUNT STATEMENT 1 YEAR UPDATED
ALL DIRECTORS SAVING A/C STATEMENT 6 MONTH
IF RUNNING ANY LOAN – LATEST SANCTION LETTER AND REPAYMENT SCHEDULED
AGREEMENT TO SELL COPY
PROPERTY PAPERS COMPLETE CHAIN WITH SANCTION MAP
Frequently asked questions (FAQ) pages are Q&A-style pages that most brands build to answer queries that slip through the cracks. FAQs are targeted to give a complete sense of query satisfaction to the client.
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This type of facility offered by various Banks & NBFC’s & it's mostly preferred by the borrower who are looking to purchase or build property, with floating & fixed Interest Rates it gives the option to choose their convenient way to pay EMI & repay principal amount.
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You can avail through online or offline both available, just you required to fill the application form with attaching mandatory documents like identity proof, address proof, latest 3 months bank statement & property details.
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RBI has not set any compulsory rules & regulations to get property insurance policy while apply for a Home Loan. It's totally up to your choice whether you want or not.
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Under PMAY (Pradhan Mantri Awas Yojana) one can avail the interest subsidy benefit but make sure you meet the eligibility criteria as the scheme aims to boost economically weaker section.
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Calculating Home Loan EMI is easy you need to enter required loan amount following with Interest Rates & lastly the tenure period to repay the loan amount to calculate your monthly EMI.
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Top up loans can be availed against your existing Home Loan in terms of additional amount requirement, most Banks & NBFC’s offer credit to borrower who have good credit history & repayment capacity.
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If you feel you are paying higher EMI as compared to other lender offering, then you can easy transfer your existing loan from one bank to another just by contacting or visiting the preferred bank.
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Lenders provide 75% - 90% of property value as a maximum loan amount wherein you are required to make an down payment of 15% -20% of total property value.
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If you are a self-employed you are needed to file ITR for your business at least 1 year as a latest.
CA Vikas Jain - Our Mentor
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