Home loan checklist for first-time buyers

A smooth home loan comes down to preparation. Use this checklist before you apply.

1. Know your eligibility

Banks typically look at your income, existing EMIs, age, credit score and the property itself. As a rough guide, lenders prefer your total EMIs to stay within about half of your monthly take-home pay. Check your credit report before you apply and fix any errors.

2. Gather your documents

Identity and address

• PAN card
• Aadhaar card or passport

Income (salaried)

• Last three to six months' salary slips
• Last six months' bank statements
• Form 16 or income tax returns for two years

Income (self-employed)

• Income tax returns for two to three years, with computation of income
• Audited financial statements
• Business proof such as GST registration

Property

• Allotment letter or agreement for sale
• Approved plans and RERA registration
• Builder's no-objection certificate, if the bank asks for it

3. Compare more than the interest rate

• Processing fees and other charges
• Fixed or floating rate, and how the floating rate is linked
• Prepayment and foreclosure terms
• Turnaround time for sanction and disbursal

4. Questions to ask your bank

1. Has the project already been approved by the bank? Approved projects are processed faster.
2. How are disbursements linked to construction stages?
3. What insurance, if any, is required?

5. Plan for the costs a loan does not cover

Keep funds for the down payment, stamp duty and registration, legal fees and moving in. Stamp duty rates in Rajasthan can change and may differ for women buyers, so confirm the current rate before you budget.

Our sales team works with leading banks and can help you compare offers. Get in touch to start.