IDFC FIRST Bank
Check out some important RBI guidelines for banks to make an informed decision.
You need a good credit score to qualify for the home loan. Ideally, a score of 730+ is preferred by home loan lenders.
RBI mandates borrowers to submit their identity proof, income proof like salary slips, financial statements, etc. and KYC documents.
Though not mandatory, RBI recommends buying the cover to protect against repayment default if the borrower passes away.
The property that you wish to finance through the loan has to be evaluated by lenders to estimate its Fair Market Value.
A home loan does not fund 100% of the property’s cost. You have to make a down payment which is called the margin money