Home Loan

Loan Eligibility

Home Loan Eligibility Criteria

A Home Loan requires a borrower to pledge the property to be purchased as collateral. You may qualify for this type of credit by fulfilling your lender’s set eligibility criteria.

The basic home loan eligibility criteria or mortgage loan eligibility criteria are as follows:

Age

Typically, you must be above 21 years of age at the time of the commencing of your loan, and up to 65 years or less at home loan maturity

Salaried Person – 21 years to 58 years
Self-Employed Person – 25 years to 65 years

Income

Salaried Person – Minimum Rs. 10,000 per month
Self-Employed Person – Minimum Rs. 2,00,000 per year

Employment

Salaried Person – Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company
Self-Employed Person – Minimum 3 years of Experience in the current field

Credit Score

Typically, a credit score of 750 may be considered a good score for approval.

Documentation

Documents Required for Home Loan

Ruloans in collaboration with India’s Leading Banks and NBFCs offers you a range of Home Loans at attractive interest rates, flexible tenures, and easily affordable EMIs so that you can at last acquire a home that you envision without excessive debt burden.

Documents required for a Home Loan application are more or less the same, but may differ based on your Home Loan plan, the purpose of your loan, your individual credit profile, etc.

List of Documents Required for Home Loan

Aadhaar Card
PAN
Voter ID
Passport
Driving License
Age Proof

Any of the above Identity Proof with Permanent Address

• Birth Certificate
• Bank Passbook
• Residence or Address Proof
• Electricity Bill
• Telephone Bill
• Post-Paid Mobile Phone Bill
• Water Tax Receipt
• Property Tax Receipt
• LIC Policy Receipt
• Recognized Public Authority Verification Letter
• Property Documents
• Sale Deed
• Stamped Agreement of Sale
• Allotment Letter
• No Objection Certificate or NOC
• Housing Society
• Builder
• Possession Certificate
• Land Tax Receipt
• Construction Cost Estimate
• Bank Account Statement of Payment Made to Seller or Builder
• Payment Receipt of Payment Made to Seller or Builder
• Incase of resale property share certificate is required
• Occupancy Certificate

Proof of Business

• PAN
• GST Registration Certificate
• Trade License
• Partnership Deed
• Article of Association
• Memorandum of Association
• Import Export Code
• SEBI Registration Certificate
• ROC Registration Certificate
• Financial Statement Audited by CA
• Profit & Loss Account Statement
• Balance Sheet
• 6 Months Bank Account Statement
• 3 years Income Tax Returns
• Professional Practice License for Doctors, Consultants, etc
• Registration Certificate of Establishment for Shops, Factories, and Other Establishments
• Business Address Proof

Balance Transfer & Topup

Home Loan Balance Transfer & Topup
A Home Loan Balance Transfer is a loan transfer process where you transfer your outstanding home loan balance from your existing lending institution to a new lender. It facilitates savings in terms of interest payments when you opt for a lender who offers to charge you a lower rate of interest than what your current lender charges you. This migration known as Home Loan Balance Transfer may also be termed as Refinance, or Balance Transfer.

Your current lender will charge you a foreclosure or prepayment charge predetermined in your Home Loan agreement. In the course of the transfer, your new lender may charge processing fees and stamp duty on your loan agreement, if applicable.

Eligibility
Home Loan Balance Transfer Eligibility
The process of getting the best Home Loan Balance Transfer can be made possible when you know your Home Loan Transfer Eligibility criteria, which is nearly the same for most lenders. Some basic criteria are discussed briefly below.

Nationality
You must be a Resident Indian or Non-Resident India

Age
Salaried Person – 21 to 60 Years of Age

Employment
Self-Employed Person – Up to 65 Years of Age

Salaried Person – 2 years with Current Employer
Self-Employed Person – 3 years Business Vintage

Income
Lender Specific Minimum Income

Credit Score
You require a good Credit Score, which should not dip before transfer

Documents Required
The list of documents for home loan transfer is enumerated below

• Identity Proof
• Nationality and Address Proof
• Existing Home Loan Documents
• 3 months Salary Slips
• 6 months Bank Statements
• 3 years Balance Sheet for Self Employed
• 3 years Profit and Loss Account Statements for Self Employed
• Form 16
• 3 years IT Returns
• Property Documents with OC and CC
• Passport Size Photographs

Process

Home Loan Balance Transfer Process
Your Home Refinance or Home Loan Balance Transfer Process takes place in the following manner in which you will have to participate as follows.

Request and obtain from your current lender, all documents that you will require for your Home Loan Balance Transfer.

Request and obtain a Letter of Consent along with details regarding your outstanding Home Loan Balance from your current lender.

Your new lender will then make arrangements to pay off the outstanding balance of your existing home loan to your old lender.

Consequently, your old Home Loan account will be closed, and all related payments will have to be paid to the new lender.

Your old lender will then hand over all your property related documents to transfer your home loan to the new lender to complete your Home Loan Balance Transfer.