HOUSING LOAN / HOME LOAN
Building an own house is dream for every middle class people. but most of the people not aware about housing loan and government subsidy etc.
Here we will see How to apply for a housing loan and housing loan eligibility.
- Types of Home Loans
- Apply for a Home Loan
- Home Loan Eligibility
- Government Subsidy for Home Loan
TYPES OF HOME LOANS
Apply Loan to build a New House: Home loans mainly used for build or construct a new home. you can apply for a loan if you have passed with eligible criteria. You should have a land with DTCP approval to apply for Home Loan.
Apply Loan for House Renovation: Home Loan used to renovate your old house with same interest rate. You should already have a house or property with proper documents to renovate the building.
Apply Loan to Buy a Home / Apartment: you can also buy a house / villa / apartment / builder floor towards applying housing loan.
HOW TO APPLY FOR A HOME LOAN
As per Government Norms to apply for home loan, you must be 18 years old. But the banker will not give loan if you are just 18 years old, Bank needs to verify your Financial position, Income sources, property value, project value and your credit score.
WHAT ARE THE PROOFS THAT REQUIRED TO APPLY FOR HOME LOAN
ID Proof: You can give any 2 of these ID proofs to apply for Housing Loan – Adhar, Pan, Voter ID, Driving License. If you are Government employee than you can use your work ID proof also.
Address Proof: There are two types of address prof required. if you are staying in your own address than permanent address is enough to apply. instead you are staying in some other places you need to provide both permanent and current address proofs. Address proof can be Adhar, Voters Id, Driving Licence, Property tax receipt, EB receipt, Gass bill, Rent agreement deed,
If you are salaried person, you need to give salary slip, bank statement and Income tax return for last 3 years. and if you are a business people you