How Important Is Your Documentation For A Home Loan?

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documentation for a home loan

Apart from briefing the checklist that is necessary to avail a home loan, there are two documents that serve as mandatory to enhance your credibility. When you have your right documents handy the approval takes on longer than 15 minutes.

Aadhaar Card Is Essential For A Home Loan, Here’s Why!

There is no place like home. It is essential to keep your home in a way that comforts you and calms you. Home improvement loans are to make your home a better place. Housing loans are not that difficult to secure, especially at Buddy Loans.

Buddy Loan offers home finances without too many pre-requisites or a long list of eligibility criteria. Further, the documents required for housing loans are also minimal.

Eligibility Criteria

The eligibility criteria to apply for a home loan are as follows:

  • The age of the applicant must be at least 21 years and must not exceed 65 years.
  • The applicant can be a salaried employee or can pursue self-employment.
  • The residence of the applicant must be within India.

Documents Required

The documents that are required to be submitted by an applicant for home finance are as follows:

  • Any proof of identities such as Aadhar Card, PAN Card, Passport, Driving License, or Voter’s ID can be submitted. Aadhar Card is not a must to be submitted in any of the other documents are submitted.
  • Any proof of residences such as Leave and License Agreement, Utility bill of 3 months, or Passport.
  • Any proof of income such as bank statement of at least three months to the account in which the income or salary has been credited along with income tax statements or Form 16.

Online Home Loan

Applying online home loan is more comfortable as the applicant need not go and apply for a loan in any branch physically. The process of applying online at Buddy Loan is also simple and convenient.

Home loans can be applied online also from anywhere with internet access and at the time as Buddy Loan focuses on the convenience and comfort of its borrowers.

The steps to apply for a home loan online in Buddy Loan are:

  • Fill in all the details relating to areas of personal, employment, further information relating to the home, and other financial details.
  • Submit the required documents like proof of identity, proof of residence, and proof of income.
  • Analyse the amount of loan that is required, and the tenure for the repayment of a loan that would be comfortable to you, and choose it.
  • If the loan application is approved, then the loan amount would be credited to your bank account within 48 hours.

Also Read: PAN Card for Home Improvement Loan!

Form 16 Is Required For A Home Improvement Loan!

The fascinating thing about home is that it feels good to leave, and it feels great to come back. Buddy Loan disburses home improvement loans at lower interest rates depending on your credit history.

Home improvement loans are to redecorate your house, and for making it look and feel better. Home improvement loans are easier to be obtained, especially in Buddy Loan. Apply for home loan at Buddy Loan for making your home a better place to live in.

Eligibility Criteria For Applying For A Home Loan

The home loan eligibility criteria expected from the applicant would vary from one financial institution to another. However, in Buddy Loan, fewer pre-requisites are making it easier to obtain your home loan. The eligibility criteria include:

  • Age: The applicant must be at least 21 years and should not exceed 65 years.
  • Profession: The applicant can either be a salaried employee or can be self-employed.
  • Residence: The applicant must be an Indian resident.

Various documents are required to be submitted while applying for a home improvement loan. They include:

  • Identity proof: The proof of identity needs to be provided, and any of the following may be submitted in this regard- Aadhar card, Passport, Driving License, Voter’s ID, or PAN Card.
  • Address Proof: Proof of residence is also necessary to be submitted. For proof of residence, Leave and License Agreement or Utility Bill of at least three months, or Passport.
  • Income Proof: Any of the documents such as bank statement of the account where salary or income was credited for the past three months can be submitted, or Form 16.

Online Home Loan Finance

Online home loan finance is offered by Buddy Loan to make it simpler for the applicant of the loan to be able to apply for the loan at his/her convenient place and time. Home loan finance can be applied online by following the steps given below:

  • Fill out the details that have been asked for, such as personal details, employment details, financial details, details relating to home, etc.
  • Submit all the documents such as Identity proof, address, and income proof along with the application for the loan.
  • Fill in the loan amount and the term of repayment that you need.
  • The approval may then be made after considering the details filled and documents submitted.
  • If the home finance is approved, then the loan amount will be transferred to your account within two days.

The Uses Of A Home Improvement Loan!

There are innumerable uses of a home improvement loan. A home is one’s sanctuary. Limitless opportunities exist to improve living spaces. Select your dream home with a way better home loan, opt for Buddy Loan aggregator. Be repainting the premises, retiling the roof, purchasing wall paintings, buying new furniture – the options are vast and varied.

A home is no more just a roof over one’s head or a place of shelter. It is a place to celebrate, love, foster bonds, live, grow, invest in oneself, relax, and use it as an extension of one’s personality.

Talking about a home being an extension of one’s pride, more the comfort and aesthetic appeal, more is one’s fulfilment levels appeased. The ambience of a home makes a huge impact not only on the inmates but also on the guests and visitors.

So, What Are The Uses Of A Home Refurbishment Loan?

  • Renovation: Home beautification activities such as repainting the home, re-roofing, re-panelling indoor spaces, extending windows, installing new home utilities.
  • Safety: Installing iron grills at indoor/outdoor entries/exits. Positioning fences, railing on terraces.
  • Extension: Building another room, patio, extending the verandah, making the car parking more functional, extending the garage.
  • Cleaning: Sanitizing the home, making doorways, pathways, public-ways clean.
  • Layout: improving the layout of the home, reshaping the garden, planting new plants/saplings, using a small portion of the garden for a nursery.

What Are The Benefits Of A Home Improvement Loan?

Low-interest rates: Being a hybrid between a personal loan and a home loan, home renovation loans from Buddy Loan enjoy lower rates of interest compared to other personal loan products.
Tax exemption: Under Section 24 of the Income Tax Act, up to Rs. 30,000 per year can be claimed as home renovation expenses, and the same amount can be exempt from tax. To avail tax benefit, details of loan taken, bank name, house details, etc. have to be provided.
Minimum documents required: All that is required is an identity proof, income proof, address proof, bank statement. Post-which an online application form has to be filled. A verification call is made by the bank. Relevant documents need to be uploaded. The bank takes a maximum of 3 working days to disburse the amount.

Some Other Points

  • No housing loan eligibility check. Only the credit score is checked.
  • The latest housing loan interest rates also apply for home improvement finance as both are related to each other but not the same.
  • A home improvement loan cannot be merged into a housing loan.
  • Online home loan providers, and personal home loan banks – all of them provide home renovation loans.