Home Loan

Joint Home Loan with Spouse

Home Loan Balance Transfer

Loan Against Property

Q. What are the eligibility criteria for getting a Home Loan from SBI?

Ans. The eligibility criteria are as follows:

• Age of Applicant : SBI offers home loan to someone as young as an 18 year old in case of salaried applicant. The minimum age for self employed applicant is 21 years. The upper age limit for both is 70 years.
• Minimum Work Experience : At least 2 years for salaried and 3 years for self employed.
• Minimum Annual Income : For salaried the minimum annual salary should be Rs. 1,20,000 p.a and for a self employed person the annual turnover should be more than or equal to Rs. 2,00,000.

Q. What are the eligibility criteria for getting a Home Loan from HDFC Bank?

Ans. The eligibility criteria are as follows:

• Age of Applicant : Between 24-60 years for salaried individuals and between 24-65 years for self employed individuals.
• Minimum Work Experience : At least 2 years for salaried and 4 years for self employed.
• Credit Score : CIBIL score requirement in case of HDFC is quite high, around 750.

Q. How long it takes to get a home loan sanctioned?

Ans. It usually 21 days to a month’s time to get a home loan sanctioned. However, for a quick sanction of home loan the applicant must keep in mind all the following info:

• Get a pre-approval of your home loan from the concerned lender.
• Have all income related documents ready and up to date.
• Have the property documents ready.

Q. What is Loan Against Property?

Ans. Loan Against Property is basically a mortgage loan. You can avail this loan by keeping your I self-owned commercial/residential property as a collateral. You need to handover the property documents to the lender until the time you repay the loan.

Q. What are the Benefits of Taking a Joint Home Loan with Your Spouse?

Ans. The benefits of taking a Joint Home loan with your spouse are Discounted Interest Rates, Greater loan Amount, Increased Chance of Getting the Loan Sanctioned, Taxation Benefit, Low Risk of Defaulting on Loan Repayment, Reduction in Stamp Duty & Easier Succession Process.

Q. What are the Benefits of Home Loan Balance Transfer?

Ans. The Benefits of Home Loan Balance Transfer are Lower Rate of Interest, Lower EMI, Easy Top Up Loan, Reduction of Loan Tenure.

Q. Which Banks & NBFCs offer Home Loan Balance Transfer?

Ans. Almost all the Banks & some NBFCs offer Home Loan Balance Transfer. Some of them are HDFC Bank, ICICI Bank, Axis Bank, Kotak Mahindra Bank, Yes Bank, Standard Chartered Bank, Deutsche Bank, IndusInd Bank, Tata Capital, Indiabulls, PNB Housing Finance (PNBHFL), LIC Housing Finance (LIC HFL), Aditya Birla Group.

Q. What are the documents required for Home Loan Balance Transfer?

Ans. Documents which are required for Home Loan Balance Transfer are Balance transfer form, Proof of the house ownership, Bank statement of Last 6 months, Salary slip of last 2 years in the case of salaried individuals, Copy of your IT Returns of last 2 years & Form 16