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Know About Home Loan Eligibility Criteria

· home loan

Purchasing a home is a dream of many. But this dream needs sufficient funds to turn to reality. Experienced NBFCs understand this major concern of home buyers and thus offer lucrative Home Loan deals so they can fulfill this dream.

However, it must be noted that to keep the process secure and to eliminate chances of fraud there are certain Home Loan eligibility terms followed by lending institutions. In a way, they are not so strict too. But they help the qualifying applicants acquire the loan amount they deserve in a secure, fast and easy manner. Let’s know more about the Home Loan eligibility.

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Requirements for the Loan -

If you have a healthy credit score of 750+ or more and a stable source of income you can apply for the loan. Where, a good credit score is a measure of your credit worthiness. While, stable income is an assurity to the lender that you can pay off the loan easily without defaults.

 

Eligibility Criteria -

As this is an unsecured loan you do not have to pledge any collateral to avail it. You can apply for the loan if you are between 23-62 years of age and have a minimum work experience of at least three years.

 

It will be good if you do not have any other financial obligations on your income such as some other loan so you can acquire the loan easily. As lenders usually take into consideration other financial obligations on your total income to calculate the loan amount. whereas , you can obtain up to 60-70% of the value of the property as loan.

Documentation -

Having proper documentation for the loan will also help you avail instant approval and quick disbursement. The process can be applied for online with basic paperwork such as -

  • KYC documents

  • Address proof

  • Identity proof

  • Photograph

  • Form 16 or latest salary slips

  • Bank account statements of last six months.