Everyone dreams to have a house of their own. But the surging prices of real estate are making this dream far fetched for a person belonging to middle income group. One can opt for a home loan and live in the house they always wanted to, without having to pay the entire money at once.

What is Home Loan?

A home loan is a taken to buy a ready-to-move-in house or a house that is under construction. It can be availed from any bank, private or public, or any other money lending organization at a certain interest rate. Like you can get a home loan from HDFC, SBI, Canara Bank, Bajaj Finserv, etc. Home Loan is a type of secured loan in which usually, the concerned property is taken as a security by the lender. Home loan repayments are done through EMI or equated monthly installments which is fixed based on the interest rates.


Eligibility for Home Loan

Multiple factors play a crucial role in determining one’s eligibility to get a home loan sanctioned. These factors are mainly considered by the home loan provider to ensure that the borrower is capable of repaying the loan. The factors that affect eligibility for home loan generally are –

Financial Stability: Having a stable source of income is the basic criterion of availing a home loan.
Age of Applicant : The lesser the age of the applicant, the higher are the chances of getting a home loan for a longer tenure.
Less Financial Obligation : Having a debt to pay may reduce your eligibility for a high home loan amount.
Credit Score : A CIBIL Score of 650 and above is generally considered for home loan.

Documents Required for Home Loan Application

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When to Opt for a Balance Transfer on your Home Loan?

Time really matters when it comes to the application for a home loan balance transfer. The transfer yields maximum benefits when done at the right time. The more time you have left for repayment the better it is. The ideal time for home loan balance transfer is within 10-12 years of repayment. Avoid transferring the loan at the far end of the tenure. In case you do it after paying EMIs for 15 years or so, the savings will not be much due to less time.


What are the documents required for Balance Transfer?

The process of home loan transfer requires the following documents:

- Balance transfer form
- Proof of the house ownership
- Bank statement of Last 6 months
- Salary slip of last 2 years in the case of salaried individuals
- Copy of your IT Returns of last 2 years
- Form 16


Benefits of Home Loan Balance Transfer

1. Lower Interest Rates and EMI
2. Reduction in Overall Tenure of Home Loan
3. Top Up Loan
4. Hassle Free Documentation Process
5. Increase of Credit Score
6. Reduction in tenure period

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