FINANCE
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.) | - | - | ✔ |
| Business profile | - | - | ✔ |
| 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 |
- | ✔ | ✔ |
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