Choosing the best housing loan is really difficult especially when you are new to this world of financing. However, when there is a requirement, you have to pick one lender. The selection can is generally done on the basis of interest rate, maximum loan amount and whether or not the lender approves the property location.
On the basis of these two, any lender would give you a home loan. So, before you apply for home loan in hurry, you should check at least the property location and try to buy a property in good location so that getting an approval is easier.
Interest rates on a home loan are also given on the basis of your income, age and credit history. At present, the home loan interest rates start from 8.65% per annum.
What is the eligibility required to apply for home loans?
For Salaried:
- Your age must be between 18-70 years
- Your net annual income should be at least ₹1,80,000
- You can get loan amount up to ₹5 lakhs to ₹1 crore
- The minimum work experience required is 2 years
For Self-employed:
- Your age must be between 21-70 years
- Your net annual income should be at least ₹2,00,000
- You can get loan amount up to ₹5 lakhs to ₹2 crores
- The minimum work experience required is 3 years
What are the documents required for home loans?
Almost all the documents are same for salaried as well as self-employed professionals. So, look at the listed documents below:
For Salaried:
- Duly filled loan application
- 3 recent passport size photographs
- Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
- Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
- Proof of business address for non-salaried individuals
- Bank statement/Pass Book of last three month
- Signature identification from present bankers
- Personal Assets and liabilities statements
- Original salary certificate from employer
- TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT department
For Self-employed:
- Duly filled loan application
- 3 recent passport size photographs
- Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)
- Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)
- Proof of business address for non-salaried individuals
- Bank statement/Pass Book of last three month
- Signature identification from present bankers
- Personal Assets and liabilities statements
- Acknowledged copies of three years IT return/Assessment orders
- Photocopies of challans evidencing payment of Advance Income Tax
HDFC Housing Loan EMI Calculator
In a HDFC home loan EMI calculator, you have to mention the following details.
- Loan amount
- Tenure
- Annual Interest rate
Let us take an example with the loan amount ₹20 lakhs for 15 years and interest rate of 8.70% per annum. On the basis of these results, you can see whether the combination is within your budget or not.
EMI: ₹19,930
Total interest outgo: ₹15,87,393
Total amount: ₹35,87,393
