Applying for a home loan involves several steps, and you’ll need to meet specific eligibility criteria and provide the right documents. Here’s a complete guide:
Steps to Apply for a Home Loan:
Check Your Eligibility
Use a bank’s Home Loan Eligibility Calculator online.
Factors: income, age, employment status, credit score, existing EMIs, etc.
Compare Loan Offers
Compare interest rates, processing fees, tenure, and EMI from different banks/NBFCs.
Common lenders: SBI, HDFC, ICICI Bank, Axis Bank, LIC Housing Finance, etc.
Choose a Property
Identify a flat/plot/house (ready-to-move or under-construction).
Ensure property has clear legal title and is approved by the bank.
Submit Application Form
Fill in the home loan application form (online or offline).
Pay a nominal processing fee.
Submit Required Documents (See below)
Credit & Document Verification
The lender checks your CIBIL score, employment, and documents.
Field verification of your home and office may be done.
Loan Sanction
You’ll receive a Sanction Letter with the approved loan amount, tenure, and interest rate.
Legal & Technical Property Check
The bank conducts a legal check on the property documents.
Technical valuation of the property is also done.
Loan Disbursement
Upon successful verification, the loan amount is disbursed to the builder/seller as per agreement.
Basic Eligibility Criteria:
| Criteria | Requirements |
|---|---|
| Age | 21 to 60 years (salaried), up to 65 (self-employed) |
| Income | ₹25,000/month minimum (may vary by city/lender) |
| Credit Score | 700+ (ideally 750+) |
| Employment Type | Salaried or Self-employed |
| Work Experience | 2-3 years minimum |
| Co-applicant (optional) | Spouse/parents can improve eligibility |
Documents Required for Home Loan:
For Salaried Applicants:
ID proof: Aadhaar, PAN, Passport, Voter ID
Address proof: Aadhaar, utility bill, passport
Income proof:
Last 3–6 months salary slips
Last 6 months’ bank statements
Form 16 / ITRs for last 2 years
Employment proof: Employment letter / company ID
Property documents: Sale agreement, allotment letter, title deed, etc.
Photographs (passport size)
For Self-employed:
All ID/address documents above
Business proof: GST registration, business license
Income Tax Returns (ITR) – last 3 years
Bank statements – last 6–12 months
CA-certified financial statements
Tips:
Improve your CIBIL score before applying.
Take a pre-approved loan offer if eligible—it’s faster.
Add a co-applicant to increase your eligibility.
Choose floating interest rate if expecting rate cuts.
If you tell me:
Your salary or business income
City you’re buying in
Property type (flat, plot, house)
…I can help suggest the best banks or offers.