How to Apply for A Home Loan to Build your Home

Applying for a home loan has become relatively easier because there are multiple lenders available these days that are looking to issue home loans to eligible candidates. Using the steps below, you can apply for a home loan:

Step 1: Visit the lender’s website

Step 2: Navigate to the home loan section of the website and click on "Apply Online."

Step 3: Upon being redirected, you will need to enter the details required, such as your name, age, occupation, contact details, address, and any other details required by the lender.

Step 4: Click on Submit Details and an OTP will be sent to your registered mobile number. Enter the OTP in the space provided.

Step 5: Enter the home loan amount you want and the tenor you're comfortable with.

Step 6: Fill in the blanks with additional information about your job, finances, and property.

Step 7: You must attach documents as proof of the information you are providing.

Step 8: Upload the required documents and complete the application form.

Once you have submitted all the details, the lender’s customer representative will get in touch with you for further processing. 

You can receive a home loan quicker if you meet the lender’s home loan eligibility criteria, such as:

1. Age: A salaried individual between the ages of 25 and 60 years will have a higher chance of home loan approval because lenders are looking to issue loans to applicants who are early in their career as they will be capable of paying their monthly instalments throughout the duration of the loan. 

2. Nationality: The applicant must be a resident of India. 

3. Occupation: Both salaried and self-employed individuals can apply for a home loan.

4. Monthly Income: Every lender has different monthly income criteria, and in most cases, this solely depends on the applicant’s city of residence and age.