Decoding the Eligibility Criteria of Applying for a Home Loan
The eligibility criteria for applying home loan depends on the various factors to verifying your identity and repayment ability. Without submitting proper documents. https://www.bajajfinserv.in/finance/home-loan/home-loan-eligibility-calculator.aspx
The eligibility criteria for applying home loan depends on the various factors to verifying your identity and repayment ability. Without submitting proper documents. https://www.bajajfinserv.in/finance/home-loan/home-loan-eligibility-calculator.aspx
You also want an ePaper? Increase the reach of your titles
YUMPU automatically turns print PDFs into web optimized ePapers that Google loves.
<strong>Decoding</strong> <strong>the</strong> eligibility criteria <strong>of</strong><br />
applying <strong>for</strong> a home loan<br />
The eligibility criteria <strong>of</strong> applying <strong>for</strong> a home loan takes into<br />
account various factors to verify your identity and repayment<br />
ability. Without submitting proper documents, your application<br />
could be rejected. Hence you should have a checklist <strong>of</strong><br />
documents <strong>for</strong> home loans and make sure you don’t miss<br />
out on any <strong>of</strong> <strong>the</strong>m. Read on to understand why each<br />
document is necessary <strong>for</strong> your eligibility.
For legal reasons<br />
- Lenders have to follow legal rules be<strong>for</strong>e<br />
approving a home loan application.<br />
- The following documents are needed <strong>for</strong> legal<br />
reasons:<br />
Pro<strong>of</strong> that you are a resident <strong>of</strong> India<br />
Pro<strong>of</strong> that you are above <strong>the</strong> age <strong>of</strong> 25
For identity verification<br />
- Lenders need to confirm your identity be<strong>for</strong>e<br />
sanctioning a home loan.<br />
- The following documents verify your identity:<br />
ID pro<strong>of</strong><br />
Residence pro<strong>of</strong><br />
Educational qualification pro<strong>of</strong><br />
Attested photograph along with <strong>the</strong> loan<br />
application <strong>for</strong>m
For confirming your financial<br />
strength<br />
- Lenders need to confirm your identity be<strong>for</strong>e<br />
sanctioning a home loan.<br />
- The following documents confirm your financial<br />
standing:<br />
Income pro<strong>of</strong><br />
Bank statement <strong>of</strong> 3 to 6 months<br />
Income tax returns<br />
Pro<strong>of</strong> that you are an employed or salaried with a<br />
minimum work experience <strong>of</strong> 3 years
For checking your financial<br />
behavior in <strong>the</strong> past<br />
- Lenders need to know if you have been financially<br />
responsible in <strong>the</strong> past.<br />
- They do this by checking your CIBIL score to see if:<br />
You have paid <strong>of</strong>f your previous loans on time<br />
You have any unpaid credit card debt
What happens if your<br />
documentation is incomplete?<br />
The chances <strong>of</strong> your home loan being approved<br />
decrease if you do not fall within <strong>the</strong> eligibility<br />
criteria or do not submit proper documentation and<br />
paperwork. Your loan rejection will <strong>the</strong>n be included<br />
in your CIBIL report, which hurts your chances<br />
getting future loans.
Apply <strong>for</strong> a <strong>Home</strong> <strong>Loan</strong><br />
from Bajaj Finserv<br />
A <strong>Home</strong> <strong>Loan</strong> from Bajaj Finserv gives you benefits like part<br />
prepayment and zero <strong>for</strong>eclosure charges. You can also get<br />
customized home loans based on your requirement -<br />
whe<strong>the</strong>r it is <strong>for</strong> a ready-to-move-in home or a land<br />
purchase.<br />
Click here to calculate your <strong>Home</strong> <strong>Loan</strong> eligibility online<br />
Terms & conditions apply
Change language