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Salaried or self employed? Learn more to check your Home Loan eligibility

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Salaried or self employed? Learn more to check your Home Loan eligibility

Home Loan Eligibility Criteria

Home Loan eligibility for Salaried individuals

  • Identity, address, and age proof
  • Last 2 months’ salary slip
  • Form 16/Income Tax Return
  • Last 3 months’ bank statements

Home Loan eligibility for Self Employed individuals

  • Identity, resident, and age proof
  • Last 2 years’ income tax returns and computation of income
  • Last 2 years’ balance sheets, profit and loss(P&L) account statements and capital account statements certified by CA.
  • An audit report of the last 2 years

Factors that decide housing loan eligibility

Here’re the factors that determine your home loan eligibility:

  • Age
  • Income and expenditure pattern
  • Employment status
  • Credit score
  • Property type
  • Loan amount

FAQs (Frequently asked questions)

What is Sanction Letter for Home Loan?

A sanction letter is a written document provided by the bank or financial institution to the home loan applicant. This letter confirms that the home loan has been approved successfully.

What is the Processing Fee for Home Loan?

The home loan processing fee is one-time fee that must be paid by the home loan borrower to the bank or financial institution. It’s a non-refundable charge payable as a part of loan application process.

What is a Top-Up Loan?

A top-loan loan is an additional loan that can be availed over and above your home loan. It allows you to borrow a certain amount of money on top of your existing loan at nominal interest rate for a long tenor.

What is a Home Loan Balance Transfer?

A home loan balance transfer is the process that allows you to move your outstanding loan to another bank very easily and at a lower interest rate.

Reasons for Home Loan Rejection?

Listed below are some common reasons for home loan rejection –

  1. Bad credit score
  2. Loan eligibility criteria
  3. Unstable job
  4. Multiple loans or high-level debt
  5. Property issues
  6. False information or documentation

Difference between Home Loan and Mortgage Loan

A home loan is money borrowed by the applicant from a bank or financial institution for the purchase of property. A mortgage loan, on the other hand, is a loan against property where borrowers can keep an asset as collateral to the lender to avail the loan for personal needs.

How to Transfer My Home Loan?

Here’s how you can transfer your home loan:

  1. Inform your bank – To transfer your home loan, it is important to submit an application form to your bank.
  2. Get the consent letter – Once you have submitted your application, your lender will get back to you with a consent letter or no-objection certificate.
  3. Submit documents – After receiving your no-objection certificate, submit the important documents such as the statements of your loan balance, interest statements, etc.
  4. Get confirmation on the closure of your loan account – Once you’ve completed all these steps, you will get a confirmation from your old bank regarding the closure of your loan account.

Now, you can choose the lender of your choice to carry out the home loan transfer.

CIBIL Score and Its Impact on Ho Loan?

CIBIL Score plays an important role in determining your home loan eligibility. When you submit your home loan application, the bank will first check your CIBIL score. If you have a good credit score, your loan application will get approved easily. But, if your credit score is low, your loan application will most likely get rejected. So, check your CIBIL score before applying for a home loan.

What is Home Loan Foreclosure?

Home loan foreclosure is the facility that allows you to repay your housing loan in one single payment rather than paying in EMIs.

What is the ideal Home Loan Tenure?

There’s no such thing as ideal home loan tenure as the tenure of your loan depends upon your capability or affordability to repay the loan amount. However, it is better to keep the tenure as short as possible. In a long-term tenure, the interest cost is too high. Thus, it is better to go for the shortest tenure that you can afford to repay the loan amount. But please note, the home loan EMI amount will be larger if you choose shorter tenure.

How Can You Change or remove Your Co-Applicant’s Name on Your Home Loan?

It’s a simple and quick process. To change or remove your co-applicant’s name on the home loan, you need to ask for a novation. If your bank permits this, then you need to provide your bank with the relevant documents that show why you want to change or remove your co-applicant’s name from the home loan and you’re done.

How to claim Joint Home Loan Tax Exemption?

To be able to claim a tax deduction on a joint home loan, keep the following conditions in mind –

  1. You need to be the co-owner of the property
  2. You need to be registered as the co-borrower of the loan
  3. The property construction must be completed

How to Claim Home Loan Tax Exemption?

You can claim a tax exemption on home loans under section 80C, section 24, and section 80EEA of the Income Tax Act. As per section 80C, you can claim a deduction on the repayment of the principal amount of a home loan. As per section 24, you can claim a maximum deduction of up to Rs. 2 Lakh on interest paid on the housing loan.

Step by Step Procedure to get a Home Loan from Standard Chartered Bank?

Here’s the step-by-step home loan process –

  1. Make an application for Home Loan
  2. Submit all documents as per the checklist
  3. A loan is sanctioned detailing the ROI and other terms
  4. Submit all disbursement related documents
  5. Avail disbursement
  6. Deposit the post disbursal documents required for a home loan, if any

How to Prepay a Home Loan? What are the Prepayment Charges at Standard Chartered?

Customers can request a foreclosure statement through any of the following:

  1. Call at the Phone Banking Number
  2. Make a request for the same in an SCB branch
  3. Seek the services of the assigned Relationship Manager (For Existing bank customers in a specific category)
  4. Email the request from the email id registered with the bank to the customer care email id.

What is the Maximum Age for Home Loan from Standard Chartered Bank?

Age Criteria is as below:

Minimum Age:
Salaried & Self Employed – 23 years
Maximum Age:
For Salaried – 60 years or age of retirement (Whichever is earlier)
For Self Employed – 70 years