Jaipur has one of the best communication systems in India owing to its location on the Golden Quadrilateral. Jaipur is set to turn into a mega-city with a population crossing 10 million by 2025. Its real estate sector is estimated to touch $2 billion by then. One of the emerging IT destinations, the cost of establishment in Jaipur is also comparatively low.
All of these factors have led to potential homebuyers flocking to Jaipur to invest in its booming real estate sector. However, you must be aware of the agreement terms before applying for a home loan in Jaipur.
Eligibility Criteria for Home Loans
Considering the nation’s booming lending market, leading financial institutions and NBFCs provides their customers with a plethora of options available to choose from. However, the determining factor for availing such credit facility is the eligibility criteria of lenders.
Here are the essential requirements for home loans in Jaipur that you need to consider –
A) Credit Score
A healthy CIBIL score of 750 or above is essential to get your home loan approved. It reflects your creditworthiness along with a clean repayment track record shows your capacity of timely repayments. It instils a sense of confidence among lenders. This leads to hassle-free loan approval. Besides, a very high credit score can also get your loan sanctioned with lower home loan interest rate.
However, if you hold a less stellar credit rating but possess a healthy income source – you can opt for lenders who offer less stringent eligibility criteria. You can consider availing housing loans from one of the available NBFCs who relaxed eligibility requirements and minimal documentation.
B) Employment Stability
To qualify for a home loan in Jaipur, the applicant must have a steady income source and impressive net monthly income. This improves the credibility of the borrowers. Furthermore, employed at high turnover MNCs is an additional benefit in the part of borrowers. It proves your capacity to repay the loan amount on time without straining your finances.
However, you can apply with a co-borrower with a high credit score and better income to increase your chances of loan eligibility. This is because, in the case of joint applications, financial institutes take both incomes into consideration. It not only increases your chance of getting the home loan in Jaipur sanctioned but also procuring a substantial amount. However, you must be aware of how to calculate home loan eligibility before applying for one.
C) Age Criteria
As home loan tenure is relatively longer than unsecured advances, younger applicants hold more probability of getting their housing loan sanctioned. For salaried professionals, the applicants need to between 23 to 62 years of age. In the case of self-employed individuals, the age bracket is kept within 25 to 65 years.
You need to produce this list of documents to avail the best home loan offers –
- KYC documents like Aadhaar card, Voter Card, PAN card, etc.
- Identity proof
- Proof of address
- Latest salary slips or Form 16 for salaried professionals
- Bank account statements of the last 6 months
- Income tax returns of the past 1 year
- Proof of business (minimum 3 years vintage) along with profit and loss balance sheet for the past 1 year audited by a CA
- Recent passport-sized photograph
Keeping these tips will help you to apply for home loans in Jaipur conveniently. Plus, if your current lender is not offering the best home loan offers, you can always opt for a balance transfer to a new lender offering more benefits.
Author Bio: Gaurav Mittal is a Content writer and he loves to write about Health, Finance & Insurance Articles.