Trivandrum, presently known as Thiruvananthapuram, is one of the ancient Indian cities. Residents are proud of the rich cultural heritage associated with it. In fact, Mahatma Gandhi called it the “Evergreen city of India” for its picturesque natural beauty. Apart from this, Trivandrum is also a famous educational and business hub of southern India, making the cost of living relatively high. So, several lending institutions provide a home loan in Trivandrum so that residents can meet the basic need of having their own houses.
The application process for a home loan
Before applying for a home loan, intending borrowers must decide which lending agencies would be more favourable for them. They can determine this by corresponding several lending parameters like maximum amount, tenor and interest rate on the home loan.
Here are the stepwise approaches to home loan application:
Step 1: After choosing one lender, individuals have to visit its website.
Step 2: They need to find the application form for a home loan from that website. One can find this easily from the product page or website menu bar listing all the financial products.
Step 3: Firstly, applicants must read the form carefully. Fill it appropriately with every personal, professional and residential detail as required. Furthermore, borrowers also need to provide the necessary documents requested by their lenders.
Step 4: Lending institutions carefully examine all the documents and application forms for validation. After authenticating, they approve the loan requests of prospects and give sanction letters to them. Borrowers can find details about their loans like tenor, interest rate, type of interest, loan amount, etc., from this record.
Step 5: Candidates need to sign this sanction letter and send its copy to respective lenders. Furthermore, they also have to pay the home loan processing charge.
Step 6: Representatives from the lenders visit the construction site for assessment. Inspectors will examine the house’s age, maintenance, title deeds, etc.
Step 7: Post verification, the lending institutions will disburse the amount in builders’ favour. They also send their customers the schedule of loan repayment.
Apart from these steps, individuals need to know their home loan eligibility to avoid lenders’ rejection.
Eligibility criteria for a home loan in Trivandrum
Candidates must meet all the basic eligibility requirements of a housing loan as mentioned below:
- Nationality: Applicants should be residing Indians.
- Employment status: Both self-employed (minimum 5 years of business vintage) and salaried individuals (minimum 3 years of work experience) can apply for a home loan in India.
- Age: Salaried person should be in the age group of 23 to 62 whereas; the age limit for a self-employed individual is 25-70.
- CIBIL score: The minimum CIBIL score for a home loan is 750.
Further, borrowers should keep all necessary documents handy. This way, they can produce them quickly when lenders demand.
Documents required for a home loan
Following is a list of all documents that lending institutions generally ask for:
- Income Proof (Salary slip, papers of income tax returns etc.)
- Last 6 months bank account statement
- Passport size photographs
- KYC documents
- Residential proof (Passports, Voter Id, Electricity bills, etc.)
Apart from this, borrowers can reap the benefits of pre-approved offers extended by leading lending institutions in India on products, such as loans against property and home loans. Such offers provide an effective way to expedite the application process. Borrowers will have to enter their names and contact details to check their pre-approved offers online.
This way, borrowers can manifest their dream to have their own houses by getting a lump sum through a home loan in Trivandrum. For this, they need to follow the application procedures and co-operate with the lenders thoroughly during processing. However, individuals should be cautious about maintaining the required CIBIL score. It will help them get this loan at a considerably lower interest rate.