Home Loan Eligibility & Documentation

Home Loan Eligibility

 

Now that you have finally selected your dream home and made up your mind on applying for a home loan, it’s time you check the home loan eligibility criteria. Although eligibility criteria followed by each lender is different, every lending institution considers a few common items in a home loan application.

 

Here’s the home loan eligibility criteria that is specified by Clix Capital. You’re eligible to apply for a home loan from Clix Capital if you meet the following criteria:

 

• • You need to be over 18 years of age to be eligible for a home loan application.
  • you should be under 65 years of age at the end of loan period.
  • You should be a residing citizen of India.
  • You should either be a salaried or a self-employed individual.
  • Your annual combined household income should be equal to or greater than 3 lakhs.

 

 

What are the Documents Required for a Home Loan?

 

Here’s the complete list of documents required to apply for a home loan. These are mandatory documents and a home loan application is deemed incomplete if any of these documents are not submitted.

 

The following documents are required:

 

• • Duly filled and completed home loan application form
  • Passport size photographs
  • Identification proof (any of the below):
    • PAN Card
    • Aadhaar Card
    • Voter ID Card
    • Passport
    • Driving License

   

  • Age Proof (any of the below):
    • PAN Card
    • Aadhaar Card
    • Passport
    • Driving License
    • Birth certificate
    • Class 10^th marksheet
    • Bank passbook

   

  • Residence Proof (any of the below):
    • Bank Passbook
    • Voter’s ID
    • Ration Card
    • Passport
    • Utility bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill)

   

  • Income Proof (for salaried individuals):
    • Form 16
    • Pay slip of last 3 months
    • Last 6 months bank statement showing salary credit

   

  • Income Proof (for self-employed individuals):
    • Business profile
    • Last 6 months’ bank statement
    • Last 2 years’ Income Tax returns & financials (Balance sheet, P&L)

 

 

Home Loan Features

 

• • Easy Home Loan Up to 1 Crore – With a hassle-free home loan from Clix Capital, funds would never be an issue. You can get easy home loan up to INR 1 crore to realize your dream of buying the home you’ve set your eyes on.

 

• • Extended Home Loan Tenor Up to 25 years – Depending on your convenience, we offer the flexibility in repayment with a longer repayment tenor of up to 25 years. You can go for a longer home loan repayment tenor to bring down the EMI cost that aligns with your budget.

 

• • Floating & Dual Interest Rates – You can choose either floating interest rate or fixed interest rate for the first 2-3 years, followed by a floating interest rate. This brings about an economical balance in the interest repayment over the loan tenor.

 

• • Simplified Documentation – We do not want you to get overwhelmed by a long list of documents! At Clix Capital, we believe in keeping it simple and minimal. There is a simplified list of just the necessary documents required to process your home loan application.

 

Factors Affecting Home Loan Eligibility

 

Several factors affect a borrower’s home loan eligibility. They are:

• • Age – If your minimum and maximum age are out of the eligibility, criteria laid by the lender, your application will be rejected.
  • Income – A higher family income increases your home loan eligibility.
  • Credit Score – A credit score of 750 and above is important to have better chances of approval. A lower credit score affects your home loan eligibility negatively.
  • Existing Loan Commitments – If you have existing loan commitments, it affects your eligibility to get approved for a home loan.

How to Improve Your Home Loan Eligibility?

 

There are 3 healthy practices you can adopt to increase your eligibility for a home loan approval. These are:

 

• • Keep Your Credit Score High – As with all other loan applications, your credit score plays a major role in increasing your eligibility for a home loan. Check your credit score ahead of your home loan application and if your score is above 750, you have a good chance of getting approval in one go. A good credit score also entitles you to get low interest rate on home loan. Repaying previous loan payments in a timely and consistent manner will boost your credit score.
  • Increase Your Income – If you generate income from sources apart from your salary or business, like rental income, make sure you declare that in your home loan application as well. This will increase your loan repayment capacity in the eyes of the lender and will make you a good candidate for home loan approval.
  • Add a Co-applicant – Adding an earning family member, like spouse, with a good income and credit score increases your chances of home loan approval. This increases your home loan entitlement amount as well as your EMI affordability increases.

 

 

How Do I Apply for a Home Loan from Clix Capital?

 

Whether you need a home loan for buying a new home, for plot purchase and self-construction, for home renovation/expansion, or investing in a residential property; we’d love to extend you a home loan to help you realize your dream.

 

Apply for a home loan from Clix Capital in a few simple steps below:

 

• • • Click here to access the online home loan application form,
    • Submit the duly filled loan application form with the required documents,
    • Done

If your home loan application meets our eligibility criteria, we’ll take it forward from there and will keep you posted at every step of your loan journey. Let’s live your dream of owning a stunning home for you and your family with a home loan from Clix Housing.

 

Apply Now!

 

For any queries, find us on Facebook, Instagram or Twitter

You can also reach out to us at hello@clix.capital or call us at 124-4740870.