Understand the Eligibility Criteria for Home Loans in Noida

Noida development work is under the New Okhla Industrial Development Authority (thus the name NOIDA). It is said to be one of the known civic development organization in the country and is also considered to be the country’s most green city, is very famous for its roads along with the trees through the way.

The city is awarded as one of the best cities in Uttar Pradesh, and second best in the real estate developed cities. Also, Noida has many Multi National and IT Companies, in domains such as banking, insurance pharmacy, auto, financial services, manufacturing etc. With a location that has so much to offer, buying a dream house in Noida can be a great decision.

Financial institutes and lenders offer Home Loans for various purposes which include:

• Constructing a house

• Buying a housing property

• Buying a residential plot

• Finance for repair/renovation of a home

Thus banks offer end to end solutions for all your housing needs.

A mortgage loan is one wherein the loan is taken against a property you already own. Such loans are usually known as a loan against property. In NOIDA a bank usually finances 85% of the market value of the property in the city.

You can apply for a Home Loan in Noida online and get a quote from the bank or other financial institutions.

Each bank can have a documentation process of their own, as specified on their website, with loan approval depending on various financial criteria. Here is the documents checklist to apply for a Home Loan:

Employment Details

Employment record, salary slips, work experience details, and TDS certificate are some of the things a bank looks into in order to assess if a person is eligible for the loan. Proof of business address may be required for non-salaried individuals.

The minimum salary required to apply for a Home Loan in Noida is around INR 30,000 with the minimum value of the property as INR 30 Lakhs (This amount varies for different banks).

So, before applying for a Home Loan you should know each and everything about it.

Bank Account Statements

Some banks may require the loan applicant’s bank account statement for the last 6 months or more.

Identity/ Address Proof

Documents required would include one or more of the following: Voter's ID card / Driving license / Aadhaar card / PAN card.

Finding a home of your dreams is very much possible due to so many construction projects being underway in Noida. Also, an easy commute to commercial hubs in Delhi or Gurgaon becomes very convenient for work. Many banks and housing finance companies will offer you various offers that can be availed to finance your property with the best interest rates on Home Loan in Noida and hassle free procedures. So decide on going for a Home Loan, after getting a complete understanding of all the terms being offered.