How to Get A Home Loan to Build your Own Home?

To get approved for a home loan you need to follow a few necessary steps and meet a set of eligibility criteria as discussed below. However, you need to be very careful while applying for a home loan and in financial management of it. 

How to get a home loan online?

The steps are as follows:

Step 1: Visit your respective lending organisation’s website to apply online.

Step 2: Input all the necessary details.

Step 3: After authentication, choose the borrowing amount and tenor.

Step 4: Provide important financial documents.

Step 5: Follow the instruction for further proceeding.

What are the types of home loans one can get?

This is also essential to know along with how to get home loan. Home loans help to make your aspiration of getting your own house come true. If you are wondering how to get home loan, read on to get a clear idea.

The types are as follows:

1. Land purchase loan: Exclusively for buying a plot

2. Home-construction loan: For constructing a house on a pre-owned land

3. Home-purchase loan: It is for purchasing a residential property

4. Home-extension loan: This is for expanding a house

5. Home-improvement loan: This is for renovating a house

Home loan eligibility

1.The eligibility criteria for getting a home loan are as follows:Salaried individuals from the age of 28 to 58 and self-employed people from the age of 25 to 70 are eligible for home loan.

2.Three years of work experience for a salaried individual and 5 years for self-employed people is crucial

3. CIBIL score needs to be 750 or higher

Hope you have got a comprehensive idea of how to get home loan and its related criteria. Further, you need to be ready with the necessary documents and the additional ones for getting your home loan approved without any hassle.