Home loan eligibility criteria on the basis of employment type

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BusinessFinance

Are you looking for a dream home? Do not have enough funds for it? Get all the funds through the home loan. You can go to the home loan eligibility calculator to determine the amount of home loan you will receive for buying the home. Most of the bank and financial websites have these online home loan eligibility calculators. Apart from that, you can check the various home loan providers and their terms. You can definitely access these by comparing them.

What factors affect your home loan eligibility?

The online home loan eligibility calculator will help you determine the factors that affect your overall eligibility. These may include the age of applicant, status of employment, maximum eligibility and credit rating. Apart from that, the minimum income and type of property you will be purchasing will also have an impact on your home loan eligibility.

The home loan eligibility criteria

The home loan eligibility calculator will calculate the requirements and let you know of the best deal.

  • Your age should be between 18 to 70 years.
  • You should receive a minimum salary of Rs 25000.
  • You must be regular at your job place for at least a year and that of your previous employment for two years
  • The maximum loan amount you will be applying for should be around 90% of the property value you will be getting.
  • To ensure you get more loan eligibility, you can include joints of the high earning member of 2-6 family members.
  • The type of property you will be purchasing will have an impact on your loan, so make sure to mention about it.

What are the documents you need to produce?

Sometimes the online home loan eligibility calculator requires you to insert your documents for better results. These may include identity and address proofs. For the identity proof you need to produce Aadhar card, PAN card, Voter Id card, Driving license. However, for the address proof, you need to provide driving license, ration card, lease arrangement, electricity or gas bill (the latest) and passport.

What is the income proof?

Your home loan eligibility depends on the income proof. Thus, you should be careful about it. If you are a salaried person, you need to provide the following.

Evidence of your salary in the form of salary slip.

The tax returns information from your bank of the previous two years.

A certificate confirmation from the head of your organization about your employment.

If you are a self-employed person, you need to provide the following:

  • Total information about the income of the firm.
  • Tax return file information from the previous two years
  • If you have any partner in the business, you need to offer the deal of the partnership proof.
  • You should provide the audit documents of the previous two years including balance sheet and profit and loss sheet.
  • You should submit a copy regarding your CA registration, medical council registration, and bar council.

You should provide all the information correctly if you want your loan to be approved soon. The eligibility criteria may usually vary depending on the employment you have.

Additional Reading:- How EMI’s Principle & Interest Splits in a Home Loan

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