What is Home Loan?
Home Loan is a Secured Loan. Home Finance
is offered against the security of a house / property which is funded
by the bank's loan, the property could be a personal property or belonging
to a firm. In this type of loan the borrower gives the banker a conditional
ownership over the property i.e. if the borrower fails to pay back the
loan, the banker can retrieve the lent money by selling the property.
Who is eligible for Home Loan?
A person with stable monthly income is eligible for Home loan
- Salaried person.
- Business Person with stable income & business.
- A partnership or a Pvt. Ltd. company.
- Professionals with stable income & business.
Home Loan Eligibility Criteria
A) - Salaried Individuals
B) - Professionals
C) - Self Employed Individuals
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Any individual filing income tax returns can apply
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Applicants should be above 24 years of age at the time of loan commencement and up to 65 years or less at the time of loan maturity