Must Know The Eligibility Criteria To Apply For A Ca Home Loan
A home loan for CA (chartered accountant) is a financial instrument that helps a financial executive get a considerable loan principal to buy their dream house. Furthermore, individuals have the option to repay the loan amount for an extended time frame.
However, before applying for home loans, individuals must be well versed with the eligibility criteria to receive instant approval for the loan amount.
Eligibility criteria to apply for a home loan for CA
Chartered accountants availing of a home loan must meet the following set of eligibility standards:
- The applicant must be from India and fall in the age group of 25 to 70 years.
- Individuals should have a certificate of practice, active for at least three years.
- The financial executive opting for a home loan must own a property or office in a place where the preferred lending institution extends its service.
Furthermore, borrowers must keep a decent CIBIL score. The desired CIBIL score for home loan is 750 and above. Home loan eligibility depends on multiple factors like borrower’s profile, credit score, retirement age, etc.
In this respect, chartered accountants can use the home loan eligibility calculator and determine their eligibility before applying for the loan. Borrowers need to enter the loan amount, repayment tenor, home loan interest rate and Gross income on the calculator and compute their eligibility.
Documents required for availing A Ca Home Loan
Apart from meeting the eligibility criteria, borrowers will have to keep the following documents handy to proceed with the home loan application process:
- KYC papers
- Proof of residence
- Income proof
- Qualification and registration proof (certificate of practice)
- Property documents
- Income tax returns
- Balance sheet, profit and loss statement
However, the list of documentation stated here is suggestive; lenders may ask for additional documents from the borrower, which will be informed when processing the loan application.
Home loan for CA: Features and benefits
Chartered accountants applying for a home loan are bestowed with multiple benefits:
- Substantial loan amount: One of the major reasons why maximum people opt for a home loan is the availability of a considerable loan at a reasonable home loan interest rate. Furthermore, a home loan is a secured borrowing option; hence the risk factor for the lender is less.
- Extended repayment tenor: Borrowers have the option to opt for a longer repayment tenor per their repayment capabilities. A longer tenor reduces the EMI burden; on the other hand, a shorter tenor reduces the overall interest outgo.
- Home loan balance transfer: Another standout benefit of availing a home loan is that borrowers can opt for a home loan balance transfer facility. They can shift their loan amounts to another lender offering a lower interest rate than their current lenders.
- Affordable interest rate: Borrowers can avail a nominal interest rate under a home loan. Interest rates have a significant impact on EMI payments. Hence, borrowers should research the varying interest rates and settle for an affordable one.
- 24X7 account management: With the availability of an online customer portal, applicants can easily track their loan application status and accordingly plan repayments.
Furthermore, borrowers can check their pre-approved offers extended by leading financial companies on products like home loans, loans against property, etc. These offers streamline the application process and minimise loan expenditure. Intending borrowers can check the pre-approved offers by entering their names and contact details.
To sum up, a home loan for CA takes individuals near to the dream of owning their residential space. However, borrowers need to fulfil the eligibility criteria to avail the loan amount and reap its maximum benefits.