Housing Loan
Know your documents
Document submission and verification is the initial process before even you start thinking about a housing loan. Whether you are profession, non professional, salaried, self employed, the list of documents to be submitted differ with banks, but the basic requirement remains the same.
(i) For salaried professionals:
Application form with photograph, duly signed
Identity, residence and age proof
Last 6 months bank statements
Last 3 months Salary-slips
Processing fee cheque
Form 16 / Income Tax Returns
(ii) For Self Employed Professionals :
Application form with photograph duly signed
Identity, residence and age proof
Last 6 months bank statements
Last 3 months Salary-slips
Processing fee cheque
Form 16 / Income Tax Returns
Education qualification certificate and proof of business existence
Last 3 years Income Tax Returns with computation of Income
Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
(iii) For Self Employed Non Professionals :
Both, the documents are required in case of salaried professionals and self employed professionals.
Your Eligibility of Loan
Now based on your capability/ repayment, which depends on the source of income, an eligibility is arrived to sanction the loan. And this eligibility again differs from bank to bank along with other criterias as well. Depending on the eligibility, calculate the monthly EMI cost and regularize the repayment along with other expenditures that you may have to incur every month.
Down Payment
Though you may be eligible for a loan from the bank based on your income, every bank would expect you to put in a down payment which again depends on the amount of loan avail or based on your salary. This may vary from 15% to 30% depending on the bank that you avail the loan. However, go for a down payment with lower margin, as it might be help you for any other expenses.
There are various other factors, regarding housing loan. However, document submission and verification is something that reduces the burden to very large extent, especially for a person who is new to availing loans.
