Home Loans in Pune or elsewhere in India have more or less the same procedure when it comes to loan application, approval, sanctioning and disbursal. The key differences that arise with different locations of applying for the loan are related to the eligibility criteria.
If you are applying for a Home Loan in Pune, you should follow the guidelines given as under for easy fulfillment of the eligibility criteria of the bank or NBFC you are applying to:
CIBIL Score Considerations
Before applying for the loan, make sure that your credit/CIBIL score is above the minimum benchmark set by lending institutions for granting loans, which is 750.
Down Payment
Lenders in India only grant Home Loans up to 80% of the property’s value. The remaining amount is to be arranged for and paid by the loan applicant.
Stable Source of Income
A stable source of income which could be a business or a job is deemed necessary by loan providers. Individuals with a job will have to provide salary slips of the last 3 months and self-employed individuals will have to provide income tax returns of the past 3 years to the bank/NBFC in Pune.
Minimum Income Condition
Lenders in Pune require the Home Loan applicant to have an income of around Rs 40,000 per month. This minimum value helps in making the loan affordable and in ensuring that the EMIs will be paid in time.
Additional Read:
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