Surat, the diamond city of India, is one of the fastest-growing cities in India. It is also known as the textile capital of India; it is the breeding ground for famous IT companies. Large-scale industries and infrastructural growth attract global investors, subsequently impacting its real estate market.
The city provides plenty of business and employment opportunities, driving a vast population to settle here. Hence, individuals looking to make this diamond city their residence can easily rely on a home loan in Surat.
Eligibility criteria for availing a home loan in Surat
Before availing a home loan, borrowers need to adhere to the set of eligibility criteria mentioned below:
Salaried individual
- Applicants must be residing Indian citizens.
- The age limit for salaried individuals ranges from 23 to 62 years.
- Individuals must have three years of work experience in a renowned firm.
- Applicant must have a CIBIL score of 750 and above. Hence, knowing how to check CIBIL score will help a borrower from last-minute hassles while applying for a home loan.
Self-employed individual
- Intending applicant must be a residing Indian citizen.
- A self-employed individual must fall in the age bracket of 25 to 70 years.
- Applicants must have five or more years of experience in their business.
- The CIBIL score must be 750 or above.
Documents needed to avail a home loan in Surat
Borrowers are required to submit the following documents pertaining to their identity, income, address and property:
- KYC papers
- Income proof
- Address proof
- Bank account statement of previous six months
- Salary slips, Form 16/ Income Tax returns (for salaried applicants)
- Balance sheet or profit and loss statement (for self-employed applicants)
- Property papers (allotment letter, sale agreement, receipts of payments etc.)
However, borrowers need to note that the list of documents provided here is indicative. Borrowers may have to provide additional documents per the lender’s requirements.
Know how to apply for a home loan in Surat
The application procedure for this loan option is simple. Intending borrowers must follow the steps mentioned below to apply for a home loan:
Step 1: Go to the preferred lender’s official website.
Step 2: Choose home loan from the product page and fill up the online application form by entering personal, income and property details and upload the necessary documents.
Step 3: Make the security payment. Now, a representative from the lending institution will contact the borrower and scrutinize all details and documents.
Step 4: After assessing property details and verifying documents, borrowers will receive an e-sanction letter.
Once the borrower states the loan amount and signs the acceptance letter, the sanctioned amount will be disbursed within a stipulated timeframe.
Existing borrowers paying a higher interest rate on their home loans can opt for home loan balance transfer and shift their outstanding loan amounts to a new lender offering low-interest rates and better servicing terms. Furthermore, one can claim tax benefits under a home loan and enjoy tax exemption on the interest rate.
Furthermore, borrowers can check the pre-approved offers extended by leading financial institutions on financial products like home loans, loans against property, etc. These offers expedite the loan application process and reduce the cost of borrowing. One can check the pre-approved offer by entering his/her name and contact details.
To sum up, a home loan helps individuals fulfil their dreams of owning a house without taking a dig in their lifetime savings. Furthermore, it is a big financial commitment; hence, borrowers availing a home loan in Surat must be well informed regarding the application process and opt for an affordable loan option.
