PRIMEWINGS FINANCE LIMITED

 Personal Loan Eligibility Criteria

To qualify for a personal loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a personal loan.

• Age should fall under the range of 21 years to 60 years
• Net monthly income should be 15,000/- for salaried and self-employed, yearly transactions should be a minimum of 20 lakhs  
• Credit score must be above 650
• Debt-to-income ratio
• Employment stability
• Maintained a good credit score
• Clear repayment history
• Must be a Resident Citizen of India

• Identity Proof  - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
• Proof of Residence or Address Proof - Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card 
• Age Proof -  Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card
• Income Proof - 1 year Bank statement, 3 months Salary Slips
• Employment Proof - Employment Certificate, Office address proof
• GST or VAT Registration for Self-employed
• Photograph - Passport-size photographs
• Business proof - Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.
• Income tax returns – Documents of the past 2-3 years to verify income and tax payment history

 Home Loan Eligibility

The basic home loan eligibility criteria are as follows:

Age: 

• You must be above 21 years of age at the time of the commencing of your loan, and up to 65 years or less at loan maturity
• Salaried Person - 21 years to 58 years
• Self-Employed Person - 25 years to 65 years

Income

• Salaried Person - Minimum Rs. 10,000 per month
• Self-Employed Person - Minimum Rs. 2,00,000 per year

Employment

• Salaried Person - Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company
• Self-Employed Person - Minimum 3 years of Experience in the current field

Credit Score

• A credit score of 750 is considered a good score for approval.

 Income Proof Documents

 1. Salaried Individuals

• Form 16
• Employee Identity Card
• 3 Months Salary Slip
• 6 Month Bank Account Statement
• Duration of Employment Evidence

2. Self-Employed Individuals

• PAN
• Trade License
• Partnership Deed
• Article of Association
• Memorandum of Association
• Import Export Code
• SEBI Registration Certificate
• ROC Registration Certificate
• Financial Statement Audited by CA
• Profit & Loss Account Statement
• Balance Sheet
• 6 Months Bank Account Statement
• Professional Practice License for Doctors, Consultants, etc
• Registration Certificate of Establishment for Shops, Factories, and Other Establishments
• Business Address Proof

3. Documents Required from all Non-Resident Indians (NRIs) Applicants

• Income Proof Documents for NRI
• Property Papers
• Property Documents
• Sale Deed
• Stamped Agreement of Sale
• Allotment Letter
• No Objection Certificate or NOC
• Housing Society
• Builder
• Possession Certificate
• Land Tax Receipt
• Construction Cost Estimate
• Bank Account Statement of Payment Made to Seller or Builder
• Payment Receipt of Payment Made to Seller or Builder
• Incase of resale property share certificate is required
• Occupancy Certificate

 Eligibility Criteria for Loan against Property

Nationality: You need to be a Citizen of India with documents to prove your claim.

Occupation and Income: Your lender will require you to furnish details regarding your occupation and income to prove your professional and financial stability to determine your creditworthiness.

Credit History: Your three-digit Credit Score, indicative of your track record in respect of repayment of loans, and other forms of credit will be a deciding factor to prove your eligibility for a LAP.

Banking Relationship: Should you have a healthy relationship with your lender, you will not be disapproved for a LAP. Additionally, your lender will offer you better terms and conditions in respect of loan value, interest rates, period of the loan, hidden charges, and processing fees.

Market Value of Property: Your lender retains the right to decide the loan amount and terms and conditions of your mortgage loan based on the market value of your collateral property. Besides, the market value of the mortgaged property must be higher than the loan amount calculated on the current value of your property.

Title of Property: Your lender will require you to be the current existent owner of the property, and in case of a co-application, you will require to prove multiple ownership clear title. Besides, the property must not be mortgaged with any other financial institution.

1. Proof of identity/residence
2. Proof of income
3. Property-related documents
4. Proof of Business (for self-employed)
5. Account statement for the last 6 months

A Loan Against Property may be termed as a Mortgage Loan since to avail an LAP, you need to mortgage your property to cover risk of non-payment or default in repayment of the funds borrowed. For any lender to approve such a borrowing, the lender will first analyse your personal and financial profile, which will include criteria such nationality, age, occupation, income, and market value of the collateral you are willing to keep. A mortgage loan calculator then calculates the financial implications of such a loan based on certain parameters based on eligibility criteria to enable approval of your Mortgage Loan.

How is  Loan Against Property EMI Calculated?

Loan Against Property EMI (Equated Monthly Installment) is calculated using the following Compound Interest formula:

Where:

EMI = Equated Monthly Installment

P = Loan Against Property principal amount

r = Monthly interest rate (Annual interest rate divided by 12, expressed as a decimal)

n = Loan Against Property tenure in months

The fees and charges of property loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to property loans:

Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.