Individuals applying for a home loan in Trivandrum should know the application process, eligibility and documents required to proceed.
How to apply for housing loan in Trivandrum?
Here is a step-by-step guide for residents of Trivandrum to apply for a home loan:
Step 1: Find the application form for home loan from the BHFL website and fill it in with the necessary details.
Step 2: Lending institution will examine the documents and approve home loan requests after authenticating them. Furthermore, they will send a sanction letter to the borrower with loan details.
Step 3: After signing this sanction letter and paying the processing charge, individuals need to send it to the lending institution.
Step 4: A representative will visit the house to be bought or reconstructed to examine its age, title deeds, maintenance, etc.
Step 5: Finally, the loan amount will be disbursed to the borrower’s account.
Borrowers can use home loan EMI calculator to determine the EMI amount before availing a home loan.
Documents required
- Passport size photographs
- Proof of income
- KYC documents
- Bank account statement
- Residential proof and others
Eligibility criteria
Here are the home loan eligibility criteria for applicants in Trivandrum:
- Should be an Indian resident
- 3 years of job experience for salaried employees and 5 years of business establishment for self-employed candidates
- Age group shall be 23 to 62 for salaried individuals and 25-70 for self-employed
- Minimum credit score should be 750
Borrowers can use eligibility calculator to calculate home loan eligibility before applying. It will help them know the amount they can borrow while availing a home loan in Trivandrum.
