Home Loan

Navigate the Housing Loan Process with Ease: Eligibility and Required Documents


Building a dream house is most frequently found on the bucket list of many. It may be unfulfilled due to insufficient funds. But a home loan can help you build your dream house. This article is centred on a home loan, its eligibility, and the required documents.

What exactly is a Home Loan?

A home loan is a financial instrument that helps you build your dream house. Home Loan is given by lenders like banks and other institutions. In most cases, the lenders will give 75-90% of the amount needed to build your house. You must pay interest till the repayment period. The repayment period for a home loan is usually very long.

What is the eligibility for acquiring a Home Loan?

The eligibility for acquiring a home loan differs from one lender to another. However, the most common eligibility are given below.

Employment Status

This is the most common factor in getting a home loan. Banks and other institutions will often provide loans for an employed person. Trusting an unemployed individual to repay is not healthy. This is because of the inability of the unemployed to repay the loan. So, you should be either a salaried employee or a self-employed person.


The lenders will consider your age for fixing the principal amount for your home loan. This generally ranges from 21 years to 60 years. The age criteria are different for different lenders. The minimum is your age, maximum will be the chance for you to get a home loan.

Credit (CIBIL) Score

CIBIL score is not only important for a home loan but also for other financial activities. CIBIL Score is a three-digit number. It shows your credit history. This scale ranges from 300 to 900. It is always advised to have a minimum score of 700 to avail of a home loan. If you have a low credit score, don’t panic. It is possible to improve your CIBIL score. So it is better to check your credit (CIBIL) score online free of cost before planning for a home loan.

Financial Discipline

The lenders will see your past repayment history for a home loan. This will make your profile low-risk. The timely payment of EMIs and interest will also be considered.

Other Financial Obligations

Other financial obligations include the history of your car loan, personal loan, gold loan, etc. This will also be considered for housing loan eligibility.


Experience is the number of years you have worked for a company or in a particular field. In most cases, the experience should be a minimum of 2 years.

A good relationship with the lender

Transactions or any positive financial record with the lending institution will be of greater help. This will aid lenders to have good trust in your repayment. It sometimes decides the interest rate for the home loan. Because lenders won’t be stringent in this case.

Present market conditions and Government’s steps

Your interest rate is directly decided by the market conditions and the government’s steps. They include inflation, recession, etc. Inflation is the general rise in prices. If there is inflation, you will be charged a high-interest rate. A recession is a period of decline in economical activities. During the recession, the interest rate will be lower.

The reputation of your organisation

If you are a salaried employee, the reputation of your organization matters. If you work in a well-known company, the chances for availing of a home loan will increase.

Criminal History

Though most financial institutions do not consider your criminal history, some of them may take this into account.

What are the documents required for getting a Housing Loan?

Some of the most basic documents that are required for getting a housing loan are

  • Filled out home loan application form.
  • Documents for Identity proof (Aadhaar Card/ Passport/ Driving license/Voter ID card)
  • Documents for ddress proof (Aadhaar Card/ Passport/Driving license/Voter ID card/Electricity Bill/ Ration Card/ Telephone Bill/ Employment Letter)
  • Bank statement for the past 3 months (Passbook of previous 6 months)
  • Latest salary slip/latest salary certificate
  • Passport-size photograph of the applicant.
  • NOC (No objection certificate) from builder/housing group.
  • Signature verification by lenders.

What are the benefits of a Home Loan in Piramal Finance?

Minimum Documentation

For the availing of a home loan, Piramal Finance will ask only for a few documents. This will save you time and reduce your burden.

Principal Amount

The principal amount for a home loan from Piramal Finance starts even from Rs.1 Lakh.

Quick Sanction

We will sanction your loan and disburse the funds as quickly as possible.


The interest rates for a home loan for the first five years will be low. This helps in easy cash management.

Flexible Repayment Period

To pay interest, you can choose the fixed type or floating type, or hybrid type. There is also an option for pre-closure and pre-payments.

Flexible Foreclosure charges

Piramal Finance offers flexibility in foreclosing your home loan.

Special Offers

You will also get some special offers exclusively from Piramal Finance. It includes EMI waivers, balance transfer facilities, etc.

Your Dream Comes True

This is the best benefit one could get from availing of a home loan from Piramal Finance. Your dream of building a house will soon become reality with Piramal Finance with these added benefits.

The Bottom Line

Home loans are becoming more frequent in the financial markets. It may seem easier to get a home loan. But it is always good to approach a trustworthy lender like Piramal Finance. Piramal Finance will be your one-stop solution for your home loan. Piramal Finance provides home loans at lower interest rates. Piramal Finance has a team of financial experts who will guide you through every process. Wishing you a piece of happiness and prosperity for your dream house!