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What documents will you need for buying a home in 2021?

By Srikanth VarmaPublished 3 years ago 6 min read
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Buying a Home, for most people, is more than a dream. It is a goal towards which they work for, or rather save for, for years. It takes a significant part of your life towards saving up for buying a home. However, the process may be tricky for some, especially if you are a first time home buyer. In this article, you’ll see some of these documents required for getting a home loan.

The sales deed: This is one of the most home loan documents which you’ll need for Buying a Home. It is evidence of the sale and legal transfer from the seller to the buyer, which is you. It happens that sometimes people sell off the home at a higher price after buying it. For such times, a sales deed is essential. It is mostly executed before the agreement of sale and after the terms and conditions are complied with, as agreed by both parties.

The mother deed: This too is important for it traces the property’s ownership. This document is typically asked for by banks when you ask for loans against the property. To create this document, you can approach local authorities.

Sale and purchase agreement: This document has the terms and conditions to which both parties have to agree to. An example would be the property’s price negotiation. This document or agreement will have the amount which both parties have agreed on.

The building approval plan: Before construction starts, you as the property’s buyer have to get the required sanctions stated under Building Bylaws provisions, and on the Local Body Acts and the Master Plan. This includes two factors, namely the Building Plan, and the Layout Plan. Sometimes, first time home buyers make the mistake of not making sure that the building of the property is meeting all the Terms and Conditions of the Building Plan and Layout Approval prior to buying the property. If the buyer does not ensure this, and if the problem persists, there can be problems in case local authorities come in to check. Such checks are common for new properties.

The possession letter: This is one of the home loan documents that is made by the property’s builder. It shows the date on which the property is bought, has the builder’s name, and other details. This document does not prove your ownership. For that, you’ll need an Occupancy Certificate.

The Completion Certificate: This document says that your property is not inspected after its completion under all municipal laws or under the laws of your local development authority. This document is essential to get electricity, water and drainage on the property. First time home buyers should certainly get this document. Without it, you can be evicted.

The Khata Certificate: To take a home loan, you need this document. The Khata is a revenue document that has details of the concerned property, which is essential for paying property taxes. It also helps in getting utilities like water and electricity.

The Allotment Letter: If you want a home loan for an under-construction building, you’ll need this type of home loan document. It has all details regarding payment of the property along with extra fees payable for additional facilities.

As you have seen, these are the 8 documents required for home loan, and when getting home loans. We shall now see how much home loan you can get and apply for.

How much home loan can I get?

Criteria for home loan eligibility is generally common across most banks and NBFCs (Non-Banking Financial Corporations.) However, criteria can also differ from one lender to another. It is important to understand the qualification criteria if you want to be eligible for a home loan. This ensures that the whole process is smooth and easy.

Home loan eligibility criteria

  • Age
  • 18 to 70 years
  • Minimum income
  • Rs. 25000
  • Credit score
  • More than 750
  • Employment status
  • Both salaried and non-salaried
  • Work experience
  • 2 years
  • Amount of loan
  • Depends on the lender
  • Type of residence
  • NRI or Indian citizen
  • LTV ratio
  • More than 60%

Type of property

Fully completed, under construction, land, plot, for building on own land, to buy a land and to build a home

Minimum home loan eligibility factors from top Indian banks in 2021

Banks

Their home loan eligibility requirements in 2021

HDFC

  • Age: 18-70
  • Maximum loan tenure: Till 30 years
  • Loan amount: Till 10 crore
  • SBI
  • Age: 18-70
  • Maximum loan tenure: Till 30 years
  • Loan amount: Depends on the lender

Axis Bank

  • Age: 21-60
  • Maximum loan tenure: Till 30 years
  • Loan amount: Till 3 crore

ICICI Bank

  • Age: 21-60
  • Maximum loan tenure: Till 30 years
  • Loan amount: Till 10 crore

LIC HFL

  • Age: 21-60
  • Maximum loan tenure: Till 30 years
  • Loan amount: From Rs. 1 lakh onwards

Bank of Baroda

  • Age: 21-60
  • Maximum loan tenure: Till 30 years
  • Loan amount: Till 10 crore

Punjab National Bank

  • Age: 18-70
  • Maximum loan tenure: Till 30 years
  • Loan amount: Till 90% of the property’s market value

DHFL

Age: 18-70

Maximum loan tenure: Till 30 years

Loan amount: Till 90% of the property’s market value

Age: 18-70

Maximum loan tenure: Till 30 years

Loan amount: Till 90% of the property’s market value

Canara Bank

Age: 21-55

Maximum loan tenure: Till 30 years

Loan amount: Till 10 crore

IDBI Bank

Age: 22-70

Maximum loan tenure: Till 30 years

Loan amount: Till 10 crore

These tables above will tell you how much home loan you can expect to get from various banks in 2021. After studying these tables, your question of “how much home loan can i get” will be answered to a good extent.

However, how can you be sure of knowing “how much home loan can i get?” These tables are factual but may not ensure you of getting the loan. You need to be as sure as possible about being eligible for a home loan. And that brings us to…

How to check your home loan eligibility with mymoneykarma?

You can use our home loan emi calculator to check your eligibility so easily. You can get the information you want with just a few inputs from your side. Here is what you need to know for using our home loan emi calculator. Don’t worry, we shall ask only for basic information.

  • Enter the loan amount.
  • Enter the city where you are taking the loan or where you are buying the property, and etc.
  • Give the property’s price.
  • Give how much down payment you are giving, or can give.
  • State the rate of interest.
  • State the loan term.

Click on “Help me buy my house.”

You will get a loan emi amortization table and chart which shall tell you when and how much EMI to pay. This is by the month, so you know beforehand how much you’ll have to pay per month after taking the loan.

As you can see, our home loan emi calculator is very easy to use. It is also fast and safe for you. This tool lets you find how to calculate home loan emi. Based on this information, you can now decide whether to go forward and get the home loan or not. Is it in your budget? Even if it is, remember not to give all your monthly income towards meeting your EMIs. Funds for meeting EMIs should comprise of just 20% or 30% of your monthly income.

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