Home loan

[Rishabh]

I need a house loan of 15 lakh for 20 years. What are the eligibility criteria for taking a house loan?

[Reema]

There are some criteria set by banks, that you need to fulfill before applying for a home loan:

1. Good credit score more than 750.
2. Regular income proof (salary slips, ITR).
3. Age criteria, which is 21-65 years.
4. Your Debt-to-Income Ratio should not exceed 40-50% (including the new loan EMI).
5. Clear legal property documents are essential.

These are the documents that you need to provide to the bank while applying for a loan. Different banks may ask for more proof, but these are the main documents that are essential.