VAYUSTRATEGY

HOME LOAN

Home Loan Benefits

Home Construction Loan
Home Extension Loan
Home Improvement Loan

Eligibility Criteria

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.
Must be a Resident Citizen of India

Documents Required

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

Frequently Asked Questions

What is a home loan?

A home loan is a loan used to buy a home. It is repaid over 15 to 30 years and is secured by the property being purchased. If the borrower fails to repay, the lender can take possession of the property.

What is the maximum home loan that I can get?

The maximum home loan that you can get is not capped by any amount but it is given on the basis of the agreement value and also the borrorwers income eligibilty and credit history. generally banks provide 90-95% of the agreement value.

Can I prepay my home loan?

Yes, you can usually prepay your home loan in two ways such as full prepayment and part prepayment. If you have the remaining principle amount availabe with then you can fully pay the amount and close the loan or the payment also can be made in parts and the principle will be reduced by the same amount.

Can I apply for a home loan jointly with a friend or family member?

Yes, you can apply for a home loan jointly with a friend or family member. Lenders generally allow spouses, parents, siblings, or any other close relatives to be joint applicants for a home loan. Some lenders may also allow unrelated individuals to apply together, provided they meet the lender's eligibility criteria. However, it's important to note that all co-owners of the property must also be co-applicants for the loan.

Who can be joint borrowers in a Home Loan?

Joint borrowers for a home loan can include family members, spouses, or any two individuals willing to take joint responsibility for repaying the loan. Lenders typically require all co-owners of the property to be co-borrowers on the loan. Having a joint borrower can help increase the loan eligibility, as the income and creditworthiness of both borrowers are considered. It's important for joint borrowers to understand that they are equally responsible for repaying the loan, and any default can affect both borrowers' credit scores.