Documents Checklist to Avail Home Loan

Calicut is a town in the coastal state of Kerala and if you are thinking of purchasing your dream nest in the city, congratulations on thinking to cherish the dream! So what if you don’t have the cash or savings to support your home buying regime, modern finances have paved the way for home buyers to rely on a Home Loan in Calicut.

Yes, a Home Loan application could see offering you higher amount between Rs.20 lakh and Rs.10 crore if you are eligible and have relevant Home Loan documents. In the same context, let’s provide some quick yet vital insights on Housing Loan eligibility and documents.

The Importance of Home Loan Eligibility
Unless a prospective Housing Loan applicant does not prove his/her eligibility, he/she is not deemed fit to be qualified to be offered a House Loan.

Some of the vital factors that make up the Home Loan eligibility of a seeker are:

  • Credit Score – 700+ or more will improve the eligibility instantly. The lesser score means you have not managed your debts repayments and hence, you are not fit for a Home Loan in Calicut.
  • Age – A younger candidate can get a Home Loan request approved quickly and also get a longer tenor compared to others. It is because he/she has more working years left.
  • Existing debts – Having many ongoing loans can reduce the eligibility for a higher amount as a lender may not assume repayment swiftly from such people.
  • Income – Having a consistent income and employment history may give lenders the confidence in approving your eligibility for the loan repayment.

Here are some standard Housing Loan eligibility terms that a borrower needs to fulfil such as:
The Home Loan seeker should be a residing citizen of India
His/her age should be under 23-58 years
He/she should be working professional and must have a work experience of at least 3 years
The minimum Home Loan amount offered is Rs.20 lakh and maximum being Rs.10 crore

Documents Required for a Home Loan
Once you are clear on the eligibility factors and standard eligibility conditions, it’s time to collect your vital documents required for Home Loan processing faster such as:
A completely filled Home Loan application form
Identity proof – Aadhaar Card, PAN Card, Voter ID Card
Address proof – Passport, Voter ID Card, Aadhaar Card
Signature proof
Date of birth proof – Class 10 marks sheet/certificate
Income details such as Salary Slips of at least 3 months
Form 16
Last 6 months’ bank account statements
Proof of business vintage of 5 years and ITR document if you are self-employed professional applying for a housing loan
Profit and loss statements for the last 2 years if an entrepreneur is seeking a Home Loan

Home Loan calculators to help you out
Now that you are aware of the Housing Loan eligibility and documents required for a House Loan, you should use some modern-day online calculators to help you.

Home Loan EMI calculator –
It will help you know your Home Loan EMI so that you can know if a loan EMI suits you or not even before applying for a loan. It is available free at a lender’s website.

Home Loan eligibility calculator –
It is also a helpful tool to determine your eligibility even before applying for a Home Loan. It is also available free at a creditor’s website.

The Bottom Line
You must be feeling House Loan confident as you are now aware of the Home Loan eligibility and documents required. You can now assess what you have and what is missing and resolve things quickly and then apply for a Home Loan in Calicut. Good luck!

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