Applying for a home loan
is actually a pretty simple process. You can either visit a branch or apply online. In either case, here are the steps to follow.

1. Meet the eligibility criteria – this is important!

Home loans in India are generally offered to salaried and self-employed individuals between 21 and 65 years of age, with some variation. Some financial companies offer home loans to partnerships and private limited firms too. Apart from the age criteria, the income of the applicant is also considered.

A salaried person should have a take-home salary of at least Rs.20,000 and must have work experience of at least one year. A self-employed individual usually needs to have a gross annual income of minimum Rs.3 lakh with at least 2 years of business vintage. To make things simpler, you can use a loan eligibility calculator online to find out if you qualify for a particular home loan offering. The income criteria mentioned above could vary from lender to lender.

2. Keep the needed documents ready

Lenders usually require the following documents when processing a loan application:

Identity proof documents such as PAN card, Aadhaar card, passport, driving license, or voter’s ID
Proof of address including passport, utility bills, and driving license
Salary slips of the past 3 months and Form-16 for salaried, ITR
Financial statements of the past 2 years for self-employed
Bank statement of the past 6 months
All the necessary property documents
3. Fill the application form and negotiate for better terms

With all the groundwork in place, you can proceed to fill the application form. This is quite simple with several companies offering the loan online with few simple steps. In most cases, you need to only fill an easy form, enter the loan amount you need, and upload the required documents. Alternatively, you can visit a branch and get assistance in person.

After you’ve submitted the form, expect a call or some form of communication from the lender about the same. If approved, the representative will inform you about the particulars, the fees chargeable, and the interest rate applicable. At this stage, you should be prepared to negotiate, provided you have a good CIBIL score and finances to back your demands.

Applying for a home loan is easy, and online provisions like the one from Poonawalla Fincorp, make the process a lot simpler, quicker, and effortless.