The rate of interest on home loans has taken a nosedive since the Reserve Bank of India slashed its repo rates to restore the economy that has been affected due to the crisis in 2020. In May 2020, the RBI reduced the repo rate to 4% and reverse repo rate to 3.35%.
A hike or drop of repo rate influences both existing and future home loan borrowers by way of a decrease in interest rates. Customers can enjoy this reduction of rate on home loans offered by different financial institutions. In this respect, one can opt for a housing loan from Bajaj Housing Finance Limited against attractive terms to finance the purchase of a house.
Nonetheless, it should be noted that every borrower needs to meet a few requisite home loan eligibility criteria to qualify for this. Following is a look at the eligibility requirements set by this lender.
What is home loan eligibility?
Home loan eligibility is described as a set of standards which allows financial institutions to evaluate a borrower’s creditworthiness to avail and repay the loan amount. Home loan eligibility relies on the criteria such as a borrower’s credit history, financial stability, age, FOIR, etc.
If an individual fails to meet the eligibility criteria, it may lead to rejection of loan application, leaving a negative mark on the credit profile.
However, Bajaj Housing Finance sets easy eligibility requirements that can make the home loan more accessible. Below listed is the set parameters of home loan eligibility criteria that one needs to fulfil.
Home loan eligibility criteria
For salaried individuals – The below listed pointers will explain the eligibility parameters that borrowers need to substantiate by submitting the documents needed for salaried individuals
- Age should be between 23 to 62 years.
- A borrower should be a resident of India.
- An individual should be a salaried employee with a work experience of 3 years and more.
- Salary- A minimum of Rs.25,000 per month.
Furthermore, if borrowers have decided to avail the advance, it is extremely important to know everything about a home construction loan. A home loan eligibility calculator comes in handy for prospective borrowers and helps them to gauge the amount they will be eligible to avail.
Along with a duly filled application form, lenders also require a few essential documents to verify the home loan eligibility criteria.
- KYC documents
- Address proof
- Bank account statement of the previous 6 months
- Identity proof
- Minimum 5 years of business document proof
In this regard, individuals should also look for pre-approved offers that can help to expedite the loan application process. These offers are available on financial products like home loan, loan against property and more. One can check his/her pre-approved offer by entering the name and contact details.
With the above information in consideration, individuals can ensure that their loan application process is smooth and enjoy benefits like swift approval and disbursal