Are you planning to buy a home and apply for a home loan? Are you confused about which documents are required for ahome loan in 2022 and the home loan eligibility criteria for a salaried person?

Being a proud homeowner is surely one of the biggest milestones in the life of every person.  It is an investment for a lifetime for most, and only savings can’t accomplish the goals, especially in today’s market.  Availing home loans can be a great option to turn your dream of buying your own house into reality If you are also planning to buy a home and want to get as much of a loan as possible, then ICICI HFC is here to help you with excellent schemes requiring minimum documents and lesser processing time.  Numerous banks, non-banking finance companies, and housing finance companies offer home loans to salaried people, however, ICICI HFC offers equally suitable schemes for cash-salaried individuals who don’t file ITR.   Furthermore, all applicants having a CIBIL score of 650 or below are eligible to apply for a loan with ICICI HFC.

ICICI HFC provides home loans to individuals working in the informal sector of the economy and local businesses.  Most of them are cash salaried persons and don’t file ITR.  However, that doesn’t stop them from availing of the loan.  Every ICICI HFC branch offers loans to all applicants within a radius of 50 KM.  The loan sanction process takes around 3 to 5 business days.

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Eligibility Criteria & Documents Required for A Home Loan

Documents Required for Home Loan in 2022 – Verification of documents is an important step in the approval of a home loan.  As a home loan is a secured loan, all the documents, including your identity proofs, property papers, and other documents, play a key role.  Though the documents required may vary from lender to lender, the documents required to process your application include KYC documents(identity and residence proof), income documents, property documents, etc. 

So, the Documents required include- 

1.       Completed and signed home loan application form

2.       KYC Documents for Home Loan Application - These are mandatory requirements for all applicants.

  • Identity Proof (Any one of the below)
  • Passport
  • PAN Card
  • Voter’s ID Card
  • Aadhaar Card
  • Driving License
  • Address Proof  - Bank Statements/Property Registration documents/Property Tax Receipt/Voter ID

3.  Passport size photographs - An applicant needs to submit their latest passport size photos; 4 to 5 photos would be needed.

4.  Proof of Income –

  •  ITR is not mandatory to avail of the loan

5.  Property documents required for a home loan -

  • In the case of a new house, receipts of payments done to the developer
  • A copy of the sale agreement (if already executed)
  • Buyer Agreement/ Allotment Letter
  • In case of house resale, title Deeds, including the chain of previous property documents (in case of house resale)
  • In the case of constructing a house, the Title Deeds of the plot
  • Receipt of preliminary payment made to the house seller
  • A copy of the plans, approved by the Local Authorities

Understanding home loan eligibility for salaried person

ICICI HFC has several different loan schemes for salaried people who can be employed on permanent/ contract/temporary basis.  We have specially designed loan schemes for different segment profiles ranging from Cas, doctors, and architects to carpenters, electricians, plumbers, painters, and so on.  ICICI HFC is preferred for its all-inclusive schemes that offer a helping hand to build a dream home.

Several factors play a key role in home loan eligibility -

  • Credit profile and score – An excellent credit score increases home loan eligibility. If you pay your dues on time and avoid EMI defaults, then it will surely reflect on your credit score. 
  •  Debt Obligation - If an applicant has a higher debt obligation, then lower are the chances of being eligible for home loans.  So, it is crucial to avoid EMI defaults.
  • Employment status/stability – for salaried people, a stable source of income increases eligibility.  However, ICICI HFC ensures that every working professional finds a suitable home loan scheme through its offerings and thus fulfills the most cherished dream of owning a home.

Conclusion

Understanding the documents required for a home loan and home loan eligibility for a salaried person will help improve and increase your chances of qualifying for a home loan.  A few specific documents and eligibility requirements may vary depending on the type of loan type, lender, credit profile, etc.  Getting a home loan is easier with ICICI HFC as it features flexible eligibility norms and minimal document requirements.  With the right helping hand like ICICI HFC, getting a home loan is certainly a fast, easy and worthwhile experience.  

With ICICI HFC, getting a home loan is easier with benefits such as quick disbursal, easy eligibility norms, and home loans from INR 3 lakhs to INR 5 crores.  It’s time to ascertain that you get the maximum loan amount, and the key factor is to understand home loan eligibility and the required documents for a home loan.  Start the quest with ICICI HFC for the best deal on your home loan, all essential eligibility criteria, and documents required for Home Loan in 2022.