The minimum age for a salaried person to avail a home loan is 21 years and the maximum age at loan closure is 60 years. For a self employed individual the minimum age is 21-23 years and the maximum age at loan closure is 65 years.
Banks sanction a home loan up to 60 times one’s net monthly income based on age and tenure of the loan. A home loan can be sanctioned even up to 1 crore and in some cases 5 crores.
Documents required to avail the loan are the proof of age, a residence proof or an identity proof such as a passport, pan card, ration card , voter’s card, water or an electricity bill.
Income proof is a six months bank statement or a salary slip of the past three months or the form 16.
Banks check for the flat booking allotment letter.
For a self employed /businessman individual IT returns of the last 2 years, Profit and loss account and the audited balance sheet of the past 2 years is a must.
One needs to have at least a work experience of 2 years or is in the current job for at least 2 years.
One has to make a down payment of 10-20% depending on the cost of the house. The remaining amounts mainly a loan to value ratio of 75-90% is sanctioned for the home loan for a house ranging from 25-75 Lakhs.