Planning to buy a home? Get home loan up to Rs 3.5 Crore; here is how

Lenders evaluate parameters like your monthly income, debt-to-income ratio, loan tenor and additional sources of income before settling on a loan amount.

Opulent properties with generous floor plans, posh interiors, state-of-the-art amenities, and technology-aided systems come at high price points, often running into Crore. While financing such a home may not be easy, you can get all the assistance you require by getting a high-value Home Loan. Obtaining such a loan is not difficult. All you need to do is prove that you have the personal and financial characteristics to get entitled to this loan. Here’s what you need to do to get a loan of up to Rs.3.5 Crore.

Check Lender Policies to Know You Much You can Avail

In general, lenders evaluate parameters like your monthly income, debt-to-income ratio, loan tenor and additional sources of income before settling on a loan amount. As you apply for a high value Home Loan, it can make good sense to peruse through your lender’s policies and lending terms so that you do not come back with an unsuccessful loan application. To make things easy for you, lenders offer home loan eligibility calculator that helps you determine the maximum loan amount you can obtain.

For example, the calculator reveals that if your monthly income from all sources is Rs.4,50,000, you opt for a 20-year tenor and your existing EMIs are limited to Rs.32,000 then you can obtain a loan of around Rs.5 Crore from your NBFCs.

Meet Your Lender’s Home Loan Eligibility Criteria

Each lender has its own set of eligibility criteria that you must meet before securing a home loan. However, as a rule, these centre around your personal and financial profile. They are normally basic and not very hard to meet. To illustrate, here are the eligibility terms you need to adhere to in order to avail of a Home Loan.

If you are a salaried individual:

• You should be a resident citizen of India.
• You should fall within the 23 to 62 year age bracket.
• You should possess work experience of 3 years or more.
• You should meet the minimum salary requirements for the high-value loan.

In case you are a self-employed professional like a CA, a doctor or an engineer:

• You should be a resident Indian.
• Your age should be between 25 to 70 years.
• You should possess at least 5 years of continuous experience at your current business.

Support Your Application with the Right Documents

In order to prove your eligibility claims, every lender will ask you to produce a set of personal and financial documents. Here are the documents needed to support your application:

• KYC documents
• Address proof
• Identity proof
• Photograph
• Form 16/ latest salary slips
• Bank account statements of the previous 6 months
• Proof of business (for self-employed)
• Any additional documents

Few NBFCs  not only offers loans running up to Rs.5 Crore, but also lets you benefit from some of the lowest home loan interest rate the country has to offer. To make way for economical high-value financing, They also offer you straightforward top-up loan and easy balance transfer facilities.

To know the monthly cost of your loan all you need to do is use the home loan EMI calculator. Even so, repaying your loan here is simple with tenors stretching up to 20 years and the option to make on prepayments and foreclose your loan at zero additional charges.

While you cross off boxes from the eligibility criteria checklist and get the necessary documents in place, check your home loan offer from Bajaj Finserv that comes pre-approved. This happens to be the best way to expedite your loan application and bring down the eligibility terms. After sharing a few basic details, you will get instant approval and a chance to apply for your home loan via a customised deal.