Know The RBI Guidelines For Home Loans​

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Looking for a home loan?

Check out some important RBI guidelines for banks to make an informed decision.

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Credit score

You need a good credit score to qualify for the home loan. Ideally, a score of 730+ is preferred by home loan lenders.

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Documentation

RBI mandates borrowers to submit their identity proof, income proof like salary slips, financial statements, etc. and KYC documents.

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Home loan insurance

Though not mandatory, RBI recommends buying the cover to protect against repayment default if the borrower passes away.

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Property valuation

The property that you wish to finance through the loan has to be evaluated by lenders to estimate its Fair Market Value.

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Margin money

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

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Know these guidelines and choose IDFC FIRST Bank Home Loans. Get up to ₹10 crores with a repayment tenure going up to 30 years.

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