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Home Loan

A home loan is usually taken to purchase a house or a plot of land for construction of a house or renovation of an existing house.

Eligibility of a home loan
The first thing before applying for a home loan is to determine your total eligibility for the said loan which is mostly based on the repaying capacity of the borrower. Your repaying capacity depends on your monthly disposable income. Before giving a loan, the bank wants to make sure that you’ll be able to repay the loan back in time. The higher the disposable income, the better is your eligibility and you’ll be able to procure a higher amount of loan. The bank assumes that 50% of your disposable income can be used for repayment.

What is the maximum amount that can be borrowed?
Lenders usually ask for 10-20% of the home’s purchase price as a down payment, the rest is financed by the lender. Mostly, it’s recommended to give a higher amount as a down payment and less of the loan so that the interest is minimal.

What are the documents required for a home loan application?

Passport size photograph.
Photo Identity Proof: Passport / Driving License / Voter ID / PAN
Residence Address Proof: License / Registered Rent Agreement / Utility Bill
Residence Ownership Proof: Sale deed or rental agreement
Income Proof: salary slip and Form 16
Bank Statement: Past 6 months’
Property Documents
Advance Processing Cheque: A cancelled cheque for validation of bank account.
Financial Documents:
a. For Salaried Individual: 3 month salary slip, Form 16 and bank statement
b. For Self-Employed Individual: IT returns for last 2 years along with computation of income tax for past 2 years
c. For Self-Employed Non- Professionals: IT returns for last 3 years along with computation of income tax for past 2 years

The following are the type of home loans available are:
1. Land purchase loan: Purchase land for your new home
2. Home construction loan: Build a new home
3. Home loan balance transfer: Transfer the balance of your existing home loan at a lower interest rate
4. Top up loan: Can be used to renovate an existing home or have the latest interiors for your new home

Connect Soul can help you obtain a Home loan. You just need to give us all the required information and documents and we’ll help you to start an application.