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Home Loan

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Home Loan

A home loan, also known as a mortgage, is a type of loan provided by banks, non-banking financial companies (NBFCs), or other financial institutions to help individuals or families purchase a residential property, such as a house, apartment, or land for residential construction. The loan is typically repaid over a long period through monthly installments (EMIs) and includes principal and interest components. The property purchased usually serves as collateral for the loan, meaning the lender can seize it if the borrower fails to repay.

 

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HOME-LOAN

Eligibility for a home loan in India

Eligibility criteria for a home loan is as given below:

  • ❏ Age: A salaried candidate should be aged between 18-70 years to get a home loan.
  • ❏ Income: An income of at least Rs. 25,000* is needed for qualifying for a loan. The sum amount can be entirely of the applicant or it can be the sum of the income of the applicant and the co-applicant.
  • ❏ Credit Score: The minimum required credit score online for a home loan application is 750 and above.
  • ❏ Employment: Both the employees who receive a fixed monthly salary and even those individuals who are self-employed can get home loans in India.

Features of Home Loan

Loan Amount

Repayment Alternatives

Loan Tenure

Interest Rates

Prepayment Options

Tax perks

Refinancing Options

Documents Required for Home Loan (Indian Residents)

Eligibility to avail a loan for doctors in India with AVA Loans is simple. Here are the requirements:

❏ You must have a valid higher medical degree, such as MBBS or BDS, registered with the Medical Council of India or concerned authority.
❏ You should be between 22 and 72 years old at loan maturity.
❏ You need to have a minimum of 2 years of post-qualification experience.
❏ You need to earn the minimum annual income amount as specified by the lender (often ₹1 lakh or more).
❏ A CIBIL score of 700 or above is usually needed to obtain the best loan for doctors in India.