The housing market in India has bloomed drastically in the past decade. Given this boom, the home loan industry has become the most popular form of loan for a middle class buyer.
The Basic requirements:
Banks and other financial institutions have various rules concerning this factor. These rules may differ from institution. However, the very basic requirements are as follows:
- Have a fixed, dependable source of income (employed/ self-employed).
- An acceptable financial record extending to at least 6 months of active banking
- The age limit of 21-60 years of age if employed, or 21-65 years of age if self employed.
|Document||Salaried Person||Self Employed Professional||Self Employed Non Professional|
|Application form with photograph duly signed||✔||✔||✔|
|Identity, residence and age proof (KYC)||✔||✔||✔|
|Last 6 months bank statements||✔||✔||✔|
|Last 3 months Salary-slips||✔||-||-|
|Processing fee cheque||✔||✔||✔|
|Form 16 / Income Tax Returns||✔||-||-|
|Proof of business existence (Trade License etc.)||-||-||✔|
|Education qualification certificate||-||✔||✔|
|Last 3 years Income Tax Returns with
computation of Income
|Last 3 years CA Certified / Audited Balance
Sheet and Profit & Loss Account