At least Rs.5-6 lakh depending on the type of employment
Residence
The applicant must have (any one):
A permanent residence
A rented residence where he/she has resided for at least a year prior to applying for a loan
Credit score
A good credit score of at least 750 or more obtained from a recognised credit bureau
Home Loan Documents Required
Identity Proof (any one)
Residence Proof (any one)
Other Documents
Driving License
Copy of Electricity Bill/Water Bill/Telephone Bill
Employer Identity Card
PAN
Copy of valid Passport/Aadhar Card/Driving License
Duly filled loan application form affixed with 3 passport size photographs
Voter ID
Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions
Valid Passport
Bank account statements for all the bank accounts owned by the applicant for the last six months
Income Proof Documents
For Self-employed Applicant/Co-applicant:
For Salaried Applicant/Co-applicant:
Income Tax Returns for the last 3 years
Salary Slips for the last three months
Certificate of Qualification (for Doctors/C.A. and other professionals)
Copy of Form 16 or Income Tax Returns for the last two years
Balance Sheet audited by a certified C.A and Profit and Loss account for the previous 3 years
Business License Details
Business address proof
TDS Certificate
Property Papers:
Agreement of Sale (any one):
Registered Agreement of Sale
Stamped Agreement of Sale
Allotment Letter
Occupancy Certificate in case the property is a ready-to-move-in property
Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
Conveyance Deed in case of a new property
Bank account statements indicating all payments made to the seller or builder
Home Loan Fees and Charges
Depending on the type of loan you are applying for, the following charges may be levied:
Processing fees: This is a one-time non-refundable fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.
Prepayment charges: Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure.
Conversion fees: Some banks also charge a conversion fee when you decide to switch to a different loan scheme in order to lower the interest rate associated with your current scheme.
Cheque dishonour charges: The fee is levied when the loan provider find that a cheque issued by the borrower is found to be dishonoured due to reasons such as insufficient funds in the borrower’s account.
Fees on account of external opinion: In some cases, you might want to consult an external expert such as a lawyer or a valuator for his/her opinion on the loan. This fee should be paid directly to the concerned person and not the lending institution.
Home insurance: The premium should be paid directly to the concerned company during the term to ensure that the insurance policy is running during the home loan tenure.
Default charges: Loan providers also charge a penalty on delayed repayments i.e. if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.
Incidental charges: This charge covers for the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
Statutory/regulatory charges: The fee includes all charges associated with Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and stamp duty. You can visit www.cersai.org.in to know more about these charges.
Photocopy of documents: The fee is payable to the bank if you require a photocopy of your home loan documents for any personal needs.
Change in loan term: Some banks also charge a nominal fee if you wish to change the tenure associated with your loan.
