India has the majority of the population working as salaried employees in some kind of white collar job. It is a dream for a salaried employee to leave the tenants and get a permanent address. However, it is not a dream because a house is very expensive. It is not an easy or instant buy. A home needs years of planning and saving for the down payment and then taking the burden of a home loan. A home loan is definitely not an easy or short-term loan. It is a huge commitment that goes on for a long tenure. If you are salaried and looking for a home loan, you need to know everything about a home loan. It is a big decision and one needs to apply for a home loan for it after knowing everything in detail.
What is a home loan?
The home loan helps you with a lump-sum advance of funds towards buying your desired property. This amount will be repayable with interest. You need to pay a certain percentage of the property cost, usually up to 20%, out of your funds in the form of a down payment. It comes with a flexible repayment scheme for a tenure of more than 30 years. The rate of interest on an online home loan is high, along with the eligibility criteria. The amount involved in a home loan is huge and there is a lot of risk even though it is a secured loan.
What is the home loan eligibility?
An online home loan eligibility demands a lot of factors. Firstly, the income needs to be stable and good. A high income source needs to be there for a borrower to get a home loan approval. It will make borrowing easy and the repayments will also be done easily without any hesitation. Along with income comes an excellent credit score and the type of property. A loan provider will only invest when the property is good so that the recovery becomes easy in case of default. Determine your home loan eligibility by keeping your credit history strong and there should not be any kind of negative credit activity.
Documentation for home loan
- Employer Identity Card
- Completed loan application form duly filled in and affixed with 3 passport size photographs
- Proof of Identity (Any one): PAN/Passport/Driver’s License/Voter ID card
- Proof of Residence/Address (Any one): Recent copy of Telephone Bill/Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/Driving License/Aadhar Card
- Business address proof.
- IT returns for the last 3 years.
- Balance Sheet & Profit & Loss A/c for the last 3 years.
- Business License Details (or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./Doctors and other professionals)
Where to get a home loan from?
A home loan is very easily available and it is very popular in India. There are banks and non-banking financial institutions that offer home loan deals. It is preferred to go for digital and online loan providers so that you can get a better rate of interest along with quick loan approval. The banks are following an old-fashioned working style and the rates are too high. Go for Clix Capital if you want a smooth and quick home loan within a few days. The documentation will be minimal and it will be easy for you to get the funds within a short time.
Apply for a home loan with Clix Capital. It will help you with an affordable online home loan and instant fund disbursement.
Read More : All About Small Business Loans in India