Home Informations How to Apply for Home Loans in Kerala – Requirements and Eligibility

How to Apply for Home Loans in Kerala – Requirements and Eligibility

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How to Apply for Home Loans in Kerala – Requirements and Eligibility

Home loan is a loan acquired from a financial institution to built or purchase a home. Home loan money can be used for any purpose like construction of a new house, renovation, purchasing a new or used house. There are some eligibility criteria to check before applying loan in banks. The most important thing is applicants Employment Stability. Its more important that the person applying for loan should be Salaried Employees or Self Employed/Professionals.

Eligibility for salaried employs to get the loan are,

  • Age limit between 24-60
  • Income should be above 1,80,000
  • Bank account holders preferred
  • Co-applicant should be family member(Not mandatory )
  • Full time job with at least 2 years of experience
  • CIBIL score required is 750 and above

Documents required:- 

 – Bank Account Statement

– Latest Telephone Bill

– Latest Credit Card Bill

– Latest Electricity Bill

– Employers letter certifying current mailing address

– Passport(Valid)- provided the passport address is present address mentioned in application form

– Latest Salary-slips for 3 months

– Government I-card with photo

– Education Qualifications – Latest Degree

–  Existing Registered House Lease

– Form 16 for last 2 years

Eligibility For Self Employed/Professionals,

  • Age limit between 24-65
  • Income should be above 1,50,000
  • Current or saving account with the bank from where loan is applied is preferred.
  • Co-applicant should be family member(Not mandatory )
  • At least 45 years of experience with good turnover
  • CIBIL score required is 750 and above

Documents required,

– Bank Account Statement

– Latest Telephone Bill

– Latest Electricity Bill

– Latest Credit Card Bill

– Passport(Valid)

– Education Qualifications – Latest Degree (for professionals)

– Certificate & Proof of business existence along with Business Profile

– Employers letter certifying current mailing address

– Last 3 years Income Tax returns (self and business) with Profit & Loss Account & Balance Sheets duly certified/audited by a Chartered Accountant

Documents Required for Guarantor:

  • Assets and liabilities Statement
  • 2 passport-size photographs
  • Identity Proof (Voter ID Card/Passport/Driving License/Pan Card)
  • Address Proof (Telephone Bill/Electricity Bill/Property Tax Receipt/Passport/Voter ID Card)
  • Signature Identification from present banker

The top 4 banks that offer home loan in India are SBI, HDFC, ICICI and Axis. Loan eligibility criteria for each of these providers slightly differ according to various factors.

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