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Home Loan interest rates are primarily influenced by the applicant’s credit score, income profile, employer category, and the lender’s risk assessment and cost of funds. Choosing the right lender with a lower interest rate can significantly reduce your total loan repayment burden.
To get the best rates, applicants should start by checking offers from their existing banks or financial institutions where they hold accounts or credit cards. Additionally, comparing interest rates across banks and NBFCs on trusted financial platforms can help you find the most affordable loan options.
Home Loan eligibility differs across lenders based on their credit risk policies, applicant type, and loan variant. However, most financial institutions follow some common parameters to assess a borrower's creditworthiness and repayment capacity.
Below are the general Home Loan eligibility criteria applicable for both salaried and self-employed individuals in India:
Lenders require these documents to assess your identity, income, and repayment capacity. Below is a general list of documents required by most banks and NBFCs.
| Requirement | Salaried Individuals | Self-employed Professionals/Non-Professionals |
|---|---|---|
| Proof of Identity | Passport, Voter ID, Driving License, Aadhaar Card, PAN Card | Passport, Voter ID, Driving License, Aadhaar Card, PAN Card |
| Proof of Residence | Aadhaar Card, Voter ID, Passport, Utility Bills | Aadhaar Card, Voter ID, Passport, Utility Bills |
| Proof of Income | Salary Slips, Bank Statements, Form 16 | ITR (Previous Years), Profit & Loss Statement, Balance Sheet, Bank Statements |
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