A home is a financial achievement for individuals with a wish to own a dream home. It is one of the best investments done in the lifetime by individuals. Home is a reflection of the self, and it needs to be a priority. The cost of a home cab exceeds crores and it often takes up a huge amount of funds from income. It is not possible for many to arrange the entire property cost out of income. A home loan is the only best way to arrange a huge amount of money within a short span of time. Since the home loan involves a huge sum of money, it is considered to be the most valuable form of loan as considered by any home buyer.

Therefore, the approval of a home loan rests upon the eligibility criteria and definitely the credit background of individuals. There are various ways by which an individual can prove the credit presence and financial stability to handle the huge financial burden caused by a home loan for more than 20 years of tenure. If you are an aspiring home buyer, you need to meet certain eligibility criteria so that it is easy for you to get a dream home within a short period of time. Find out the eligibility in terms of credit, age, and documentation process for a house repair loan.

Documentation of home loan

  • PAN Card
  • Passport
  • Aadhaar Card
  • Voter’s ID Card
  • Driving License
  • Birth Certificate
  • 10th Class Mark sheet
  • Bank Passbook
  • Driving License
  • Bank Passbook
  • Voter’s ID
  • Ration Card
  • Passport
  • Utility bills
  • LIC Policy Receipt
  • Investment portfolio like
  • Income Tax Returns
  • Balance Sheet and Profit & Loss Account
  • NOC form Society/Builder
  • Certified letter from Employer
  • Payslip of last 2 months
  • Increment or Promotion letter
  • IT returns of past 3 years

Eligibility criteria of a home loan

Credit score:

A credit score is one of the most important aspects that considers the credit background and financial stability of an individual. The three-digit number talks a lot about financial health and how well an individual would be able to handle new credit. There are various things that result in a score that decides the fate of a credit application.

Components like credit mix, credit utilization, payment, credit account, and overdue outstanding help in determining the credit score. If you maintain a good track record and keep a good record of all the credit payments and activities, you get a good score. A home buyer with a good score is always trusted by the loan provider and offered easy approval and a low rate of interest.


A home loan is a huge investment. It takes up a huge amount of money on a monthly basis. Individuals with a high income can only commit a huge amount of EMI regularly from their income. Income plays a huge role in considering a burdensome loan like a home loan.


A good property keeps you one step ahead for a good borrowing experience. Since a home loan is secured, the property type matters in terms of recovery. A loan provider will always prefer a property with a reputed builder and a good location. If you choose the right builder and a sophisticated location, you can easily convince your loan provider to approve the home loan.


Job stability is very important as that will directly impact the loan repayment. If you are employed in a permanent position and there is stability, there will not be any issue related to income. Income should be smooth, only then can a home buyer afford to pay the EMI every month. It is important to have good employment prospects before you decide to take up a financial commitment for years.


The type of employers do matter at the time of home loan application. Employees with a government employer or a multinational company can easily attain stability and growth. There is no fear of losing out on jobs. The loan providers are very particular about the type of employers. If you are working with a startup company, you need to make sure that your other factors are in the right place

Finishing up

Did you know that Clix Capital offers both house repair loans and home renovation loans? Yes, with Clix Capital you will get a digitally enabled borrowing platform for all your financing needs at the time of home renovation. Home renovation loans have always been more economical than buying a new home.

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