Eligibility Criteria for Salaried

Eligibility Criteria	Requirement
Age	Minimum Age: 18 yearsMaximum Age: 65 years
Resident Type	The applicant must be (any one):Resident Indian Non-Resident Indian (NRI)
Employment	The applicant must be salaried and working under the current employer for atleast 1 year
Residence	The applicant must be having (any one): permanent residence or a rental residence where he/she resides for at least 1 year before applying for loan
Credit score	A good credit report with a score of at least 750 or more obtained from a recognised credit bureau

Eligibility Criteria for Self-Employed

Eligibility Criteria	Requirement
Age	Minimum Age: 18 yrs Maximum Age: 65 yrs
Resident Type	The applicant must be (any one):Resident Individual Non-Resident Individual (NRI)
Employment	The applicant must be (any one):Self-Employed Professional (SEP) Self-Employed Non-Professional (SENP)
Residence	The applicant must have (any one): permanent residence or a rented residence where the individual has resided for at least 12 months before applying for loan
Credit score	A good credit report with a score of at least 750 or more obtained from a recognised credit agency

Documents Required for Salaried

Proof of Identity (any one)	Aadhaar Card, Valid Passport , Voter ID Card, Valid Driving License &PAN Card.
Proof of Residence (any one)	Valid Passport, Voter ID Card, Aadhaar Card, Employer ID Card & Utility Bill.
Proof of Income	Income Tax Return, latest Form 16, Salary account statement of last 6 months, Salary slips or salary certificate of last 3 months
Property Related Documents	Encumbrance Certificate Title Deeds of the Plot Estimate for construction assessed by a Civil Engineer/ an Architect Photocopy of the plan sanctioned by Local Authorities
Other Documents	Own Contribution Proof Appointment letter/employment contract If the current employment period is less than 12 months Bank account statements indicating repayments made towards other ongoing loans if any Processing fee cheque in favour of the lending institution Duly filled loan application form affixed with passport size photographs of all the applicants/co-applicants.

Documents Required for Self-Employed

Proof of Identity (any one)	Voter ID Card, Valid Driving License, PAN Card, Valid Passport & Aadhaar Card
Proof of Residence (any one)	Aadhaar Card Utility Bills, Valid Passport, Voter ID Card &Employer ID Card
Proof of Income	Income Tax Returns coupled with the computation of income of both the applicant and the business entity (attested by a certified CA) for the last 3 assessment year Balance Sheet and P & L A/c statements with Annexures /Schedules of both the business entity and the applicant (attest by a certified CA) the last 3 years Savings account statements of the applicant and the current account statements of the business entity for the last 6 months
Property Related Documents	Title Deeds of the Plot Estimate for construction assessed by a Civil Engineer/ an Architect Encumbrance Certificate Photocopy of the plan sanctioned by Local Authorities
Other Documents	Own Contribution Proof Latest Form 26 AS Business Profile Memorandum and Articles of Association of the Company Partnership deeds if the business entity is established as a partnership firm List of Shareholders and Directors with their respective shareholdings if the business entity is established as a company (certified by a CA)Bank account statements of both the individual and the business entity indicating details of ongoing loans if any Processing fee cheque favouring the bank/financial institution Duly filled application form affixed with passport size photographs of all the applicants/co-applicants and signed across.

FAQs

Are home loans different from construction loans?

Home loans are offered for the purchase of a property while construction loans are offered to build a property on a piece of land.

How is a plot loan different from a construction loan?

A plot loan is used for buying a piece of land which can be developed later for residential purposes. A construction loan on the other hand is offered to build a property on a piece of land.

Can I get tax benefits on plot loans?

Plot loans do not have tax benefits like home loans.