What are the typical requirements for a first-time homebuyer loan?

Answer

A:

If you're planning to buy your first home in India and are considering taking a home loan, there are certain eligibility criteria and documents you must fulfill and submit. Here's a complete breakdown:

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 1. Eligibility Criteria for First-Time Homebuyer Loan 

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 2. Documents Required

 Identity Proof (any one)

• Aadhaar Card

• PAN Card

• Passport

• Voter ID

 Address Proof

• Utility bill

• Aadhaar Card

• Passport

• Rental agreement

 Income Proof

• Salaried: Salary slips (last 3–6 months), Form 16, bank statements

• Self-employed: ITRs (last 2–3 years), business proof, bank statements

 Property Documents

• Agreement to sell

• Allotment letter

• Title deed

• NOC from builder/society

 Other

• PAN Card (mandatory for all applicants)

• Passport-size photographs

• Employment proof (offer letter or ID card for salaried individuals)

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 Special Benefits for First-Time Homebuyers

Under PMAY (Pradhan Mantri Awas Yojana), first-time buyers may get:

• Interest subsidy up to ₹2.67 lakh

• Must not own a pucca house in India under your or your family’s name

• Property should be in a statutory town

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 Pro Tips to Boost Approval Chances:

• Maintain a good credit score (750+)

• Choose a joint loan with spouse or parent to increase eligibility

• Opt for longer tenure to reduce EMI burden

• Minimize existing debt before applying

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 Need Legal Support for Property Documentation?

Talk to Advocate B.K. Singh and his legal team for:

• Title checks

• Property verification

• Loan agreement review

 Call: +91 9625961599
 Visit: www.legals365.com

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Would you like a home loan EMI calculator or help with PMAY eligibility check?

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