*Home Loan Overview*
A home loan is a type of loan provided by financial institutions to individuals for purchasing or constructing a residential property. Here's an overview of its features, eligibility criteria, and required documents:
*Features*
1. *Loan Amount*: The loan amount varies based on income, credit score, and property value.
2. *Interest Rates*: Interest rates can be fixed or floating, depending on the lender and loan terms.
3. *Repayment Tenure*: Repayment tenure typically ranges from 10 to 30 years.
4. *EMI*: Equated Monthly Installments (EMIs) include principal and interest components.
*Eligibility Criteria*
1. *Age*: Typically, 21-60 years.
2. *Income*: Stable income, with a minimum income requirement varying by lender.
3. *Credit Score*: A good credit score (usually 650+).
4. *Employment*: Stable employment or business.
5. *Property*: The property should be a residential unit.
*Documents Required*
1. *Identity Proof*: PAN card, Aadhaar card, passport, etc.
2. *Address Proof*: Aadhaar card, passport, utility bills, etc.
3. *Income Proof*: Salary slips, Form 16, income tax returns, etc.
4. *Employment Proof*: Employment letter, business registration documents, etc.
5. *Property Documents*: Property title deed, sale agreement, etc.
6. *Bank Statements*: Recent bank statements.
Rate of Interest 3% Tenure 20 Years
