Home Loan
You can now make your dream home a reality, with home loans in India. All top financial organizations provide their customers with the facility of borrowing home loans.
So, what is home loan? A home loan or housing loan, also known as home finance or housing finance is a secured type of loan borrowed for property purchase. The purchased property itself is provided as the housing loan collateral. Home buyers apply for home loan to mainly ease their financial burden.
Home Loan Eligibility Criteria
Home Loan Eligibility Criteria for an Individual Age:
- Home Loan Eligibility for Salaried persons is between 18 and 60 years.
- Home Loan Eligibility for Self-employed persons is between 18 and 65 years.
Home Loan Eligibility Criteria for a Partnership Firm/ LLP/ Indian Company
- The firm/organization should have been existing for a minimum of three years.
- The partnership firm/LLP/Indian Company should have a minimum net income of:
- 2,40,000 per annum for companies/firms/LLPs in Delhi, Mumbai, Bangalore, Pune, and Chennai.
- 1,80,000 per annum for companies/firms/LLPs in other cities.
Indian Resident with a Gross Income of:
- Minimum Income of Rs. 20,000 per month for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai.
- Minimum Income of Rs. 15,000 per month for the residents of other cities.
Minimum Qualifications:
- If the applicant works with a private limited company or a partnership firm, the minimum educational qualification required is a Bachelor’s degree.
- If the applicant is employed with either a public limited company or MNC or Government or public sector company, no minimum qualification is required.
- 2,40,000 per annum for companies/firms/LLPs in Delhi, Mumbai, Bangalore, Pune, and Chennai.
- 1,80,000 per annum for companies/firms/LLPs in other cities.