HOME LOAN

Home Loan Eligibility

The basic home loan eligibility criteria are as follows:

Age: 

• You must be above 21 years of age at the time of the commencing of your loan, and up to 65 years or less at loan maturity

• Salaried Person - 21 years to 58 years

• Self-Employed Person - 25 years to 65 years

Income

• Salaried Person - Minimum Rs. 10,000 per month

• Self-Employed Person - Minimum Rs. 2,00,000 per year

Employment

• Salaried Person - Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company

• Self-Employed Person - Minimum 3 years of Experience in the current field

Credit Score

• A credit score of 750 is considered a good score for approval.

Documentation for Home Loan

 Income Proof Documents

 1. Salaried Individuals

• Form 16

• Employee Identity Card

• 3 Months Salary Slip

• 6 Month Bank Account Statement

• Duration of Employment Evidence

2. Self-Employed Individuals

• PAN

• Trade License

• Partnership Deed

• Article of Association

• Memorandum of Association

• Import Export Code

• SEBI Registration Certificate

• ROC Registration Certificate

• Financial Statement Audited by CA

• Profit & Loss Account Statement

• Balance Sheet

• 6 Months Bank Account Statement

• Professional Practice License for Doctors, Consultants, etc

• Registration Certificate of Establishment for Shops, Factories, and Other Establishments

• Business Address Proof

3. Documents Required from all Non-Resident Indians (NRIs) Applicants

• Income Proof Documents for NRI

• Property Papers

• Property Documents

• Sale Deed

• Stamped Agreement of Sale

• Allotment Letter

• No Objection Certificate or NOC

• Housing Society

• Builder

• Possession Certificate

• Land Tax Receipt

• Construction Cost Estimate

• Bank Account Statement of Payment Made to Seller or Builder

• Payment Receipt of Payment Made to Seller or Builder

• Incase of resale property share certificate is required

• Occupancy Certificate

EMI Calculator for Home Loan

The monthly part-payment that you make to repay your Home Loan is known as an Equated Monthly Instalment (EMI). This monthly payment includes repayment of the principal amount of your loan divided over the period of the loan, with the agreed interest amount on the outstanding amount of your home loan.

UCFIN online Home Loan EMI Calculator is essential to make an up-to-date decision to execute your Home Loan Plan at optimum levels. This EMI calculator online aids you to perform complex computing functions to calculate your Home Loan Equated Monthly Instalment accurately in an instant.

Fees and Charges for Home Loan

The fees and charges of home loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to home loans:

Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.