Features and Benefits of Our Home Loan
Numerous institutions provide competitive home loan rates, offering affordable EMIs that make homeownership more accessible.
Here are some types of home loans to suit your needs:
- Home Construction Loan: If you own a plot of land but need financial support to build a home, this loan option is perfect for constructing or renovating a significant portion of your home.
- Home Extension Loan: For those who already own a house and wish to expand it, whether adding another floor or building an annex, this loan is designed to meet your extension needs.
- Home Improvement Loan: Upgrade and improve your home with a loan that covers everything from old furniture and faulty fixtures to electrical system repairs.
- NRI Home Loan: If you’re a Non-Resident Indian (NRI) and want to own property in India, this loan caters to your needs. Though the application process may vary slightly, it’s a great option for NRIs looking to invest in real estate back home.
Home Loan Eligibility and Documents
Below are the criteria you need to meet in order to apply for our Home Loan.
Home Loan Eligibility Criteria
The basic eligibility requirements are as follows:
- Age:
- You must be at least 21 years old when the loan begins, and no older than 65 years at the time of loan maturity.
- For salaried individuals, the age range is 21 to 58 years.
- For self-employed individuals, the age range is 25 to 65 years.
- Income:
- Salaried individuals need a minimum income of ₹10,000 per month.
- Self-employed individuals should have a minimum annual income of ₹2,00,000.
- Employment:
- Salaried individuals should have at least 2-3 years of work experience in an MNC, private, or public limited company.
- Self-employed individuals must have a minimum of 3 years of experience in their current field.
- Credit Score:
- A credit score of 750 or higher is considered ideal for loan approval.
Documents Required for Home Loan Application
- Income Proof for Salaried Individuals:
- Form 16
- Employee ID
- Last 3 months’ salary slips
- Last 6 months’ bank statement
- Proof of employment duration
- Income Proof for Self-Employed Individuals:
- PAN card
- Trade license
- Partnership deed
- Memorandum of Association (MOA) and Articles of Association (AOA)
- Import Export Code (IEC)
- SEBI Registration Certificate (if applicable)
- Financial statements audited by a CA
- Profit & Loss account statement
- Balance sheet
- Last 6 months’ bank statement
- Professional practice license for doctors/consultants
- Registration certificate for businesses or establishments
- Business address proof
- Documents Required for Non-Resident Indians (NRIs):
- Income proof documents
- Property-related documents (sale deed, allotment letter, NOC from builder or society, etc.)
- Tax receipt
- Payment receipts to the seller or builder
- For resale property: share certificate
- Occupancy certificate
EMI Calculator for Home Loan
An Equated Monthly Instalment (EMI) is the fixed monthly amount you pay towards your home loan, which includes both the principal and interest.
Ruloans’ online Home Loan EMI Calculator allows you to quickly calculate your EMI, helping you make an informed decision about your home loan. This tool simplifies complex calculations and provides an instant, accurate estimate of your monthly loan repayment.