Home Loans

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Looking to buy a home? Explore our home loan option which ensures a fast and easy way to home buying. Whatever home loan need you to have, we have a perfect product for you.

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Home Loans

 

Eligibility & Documentation


With My Mudra Fincorp, achieving your goal of owning a dream home is simple. Accessing funds is easier than ever thanks to our lax home loan eligibility requirements and minimum documentation requirements. We took a great effort to make it easier for people to acquire housing finance, and we optimized the experience to match the needs of different types of borrowers.

 

 

 

 

 

 

My Mudra Home Loan Eligibility Criteria

 

 

Salaried Individuals

Self-Employed Individuals

Business / Company

Entitled Borrowers

Government / Semi government / PSU / Private/MNCs/ Proprietorship/Partnership businesses

Proprietor / Partners / Directors

Partnership or Private Limited firms engaged in Manufacturing, Servicing or Trading

 

 

Self Employed Professionals such as a Chartered Accountant, Company Secretary & Doctors

 

Age

The person should be   21 years old at the time of loan application and his maximum age should be 65 years

Applicant must be a minimum of 21 years of age at the time of application and should be a maximum of 65 years at loan maturity.

Proprietor / Key Partner / Main Director must be a minimum of 25 years at the time of loan application and should be maximum of 65 years at loan maturity.

Income

Net monthly salary should be Rs.20,000

Gross annual income should be of minimum Rs.3 lakh

Annual turnover should be a minimum of Rs.10 lakh

Experience / Vintage

Minimum 1 year of work experience

Minimum 2 years in current business / profession

Business stability / vintage of minimum 3 years in the same business

Citizenship

Individuals with Indian citizenship

Individuals with Indian citizenship

Proprietor / Partners / Directors with Indian citizenship

 

Documents Required To Avail My Mudra’s Home Loan

 

 

Salaried Individuals

Self-Employed Individuals

Firm / Company

Identity Papers

PAN Card

PAN Card

Firm/Company PAN Card

 

Aadhaar Card

Aadhaar Card

GST Registration Certificate (If applicable) and Other Applicable Registration

 

Passport (Valid)

Passport (Valid)

KYC of Partners / Directors PAN Card and Aadhaar Card

 

Driving License with Photo

Driving License with Photo

 

 

Voter’s Identity card issued by the Election Commission of India

Voter’s Identity card issued by the Election Commission of India

 

 

Job Card issued by NREGA duly signed by an officer of the State Government

Job Card issued by NREGA duly signed by an officer of the State Government

 

Address Proof

Aadhaar Card

Aadhaar Card

Electricity bill for owned premises

 

Passport (Valid)

Passport (Valid)

Rent agreement for Rented premises

 

Driving License with Photo

Driving License with Photo

Passport for Partner / Directors

 

Voter’s Identity card issued by the Election Commission of India

Voter’s Identity card issued by the Election Commission of India

 

 

Job Card issued by NREGA duly signed by an officer of the State Government

Job Card issued by NREGA duly signed by an officer of the State Government

 

 

Letter issued by the National Population Register containing details of name and address

Letter issued by the National Population Register containing details of name and address

 

Income Documents

Salary slip for the past 3 months

Income Tax Returns for latest 2 years

Income Tax Returns along with calculation for the last 2 years

 

Form 16

Profit/Loss statement and balance sheet for the past 2 years

Profit/Loss statement and balance sheet for the past 2 years

 

 

 

GST Returns

Bank Account Statement

Latest 6 months’ bank statement showcasing salary deposits.

Operative bank account statement for the latest 6 months.

Running bank account statement for the last 6 months.

 

*The aforementioned list of documents for a home loan is suggestive. Extra documents may be needed at the time of loan processing

 

eligibility

How to improve your Home Loans Eligibility?

Follow these tips to improve your Home Loans Eligibility –

Get Rid of Debts

Maintain a good repayment history by paying off your existing loans and liabilities on time without defaulting

Maintain a good CIBIL Score

Try to build a CIBIL score above 750

Do not apply for multiple loans simultaneously

Apply for a loan that fits your needs, raising multiple loan applications can decrease your credit worthiness

Choose a longer loan tenure

Opt for a longer repayment tenure that will allow you to disburse the overall due amount over a longer time span. This will also help in reducing the EMI amount.

Add Co-applicants

A co-borrower (a spouse, or parent) with a good income and credit score will boost your eligibility for a bigger loan amount.

improve-eligibility

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