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Home Loan

A home loan from Fast Loan Track helps make your dream of homeownership a reality. We offer flexible loan options with competitive interest rates and convenient repayment plans tailored to fit your budget. Whether you're buying your first home, upgrading to a larger space, or constructing a new property, our team provides personalized support every step of the way. With a simple application process and quick approval, we ensure a smooth experience from start to finish Let us help you secure the financial backing you need to turn your homeownership dreams into a lasting reality.

Service benefits

Our services offer quick approvals, competitive interest rates, flexible repayment terms, and minimal documentation. We provide personalized financial solutions to meet your needs, ensuring a smooth, hassle-free experience to help you achieve your goals efficiently.

  • Fast, flexible loans for every need.
  • Quick approvals, easy repayment options.
  • Tailored financial solutions, hassle-free process.
  • Low interest rates, minimal documentation required.

Home Loan Overview

A Home Loan is a secured loan that helps individuals purchase or construct residential property by borrowing funds from a lender (usually a bank or financial institution). The property itself is used as collateral, and the borrower repays the loan over a specified period through Equated Monthly Installments (EMIs). Home loans typically have long repayment tenures and competitive interest rates, making them a popular financing option for homebuyers.


Eligibility Required for Home Loan

Various factors go into the determination of your Home Loan eligibility. The basic rules for salaried people and self-employed people are the same. Some banks stipulate a higher take-home pay percentage for self-employed persons.

  • Your current income: Salaried employees can submit salary slips for the last three months and furnish a bank statement for the past six months where their salary is credited. Self-employed professionals should submit the statement of accounts for one year where they receive the credits for the services rendered by them.
  • Continuity of employment/business: Salaried employees can rely on their income tax returns, Form 16, Form 26AS, etc to display their continuity of employment. They can also show a statement of the Provident Fund account to establish the links. Self-employed businessmen and professionals can furnish the income tax returns along with other financial statements like balance sheet and profit and loss statements. They can also furnish copies of invoices raised by their clients.
  • Current obligations: It is possible that an applicant might have pre-existing personal loans, vehicle loans, and other loans for which they might be paying instalments. You have to account for these instalments as well while calculating Home Loan eligibility.
  • Credit history: The repayment track record of the applicant is of utmost importance. Every bank or financial institution is a member of CIBIL or another credit bureau. These bureaus keep track of the loan activities of every borrower. Based on this information, they generate your credit history profile and quantify the same by generating your credit score. This is a number ranging between 300 and 900. The higher your score, the better are your chances of getting a loan. Naturally, it goes without saying that defaults, frequent requests for loans or missing payments can pull down your credit score. A score of 600 and above is considered fair for determining HL eligibility.
  • Value of the property: The value of the property you purchase is important. The financing bank needs to determine the cost of the project it is going to finance. Banks usually finance up to 75% - 90% of the value of the property (also known as LTV or Loan to Value Ratio) with the balance being your contribution or margin as they call it.
  • Legal position: The prime security for any home loan is a mortgage of the land and building they have financed. You have to create the mortgage and register the same with the respective registering authorities. In order to do so, you must be legally empowered to create the mortgage. Hence, banks and financial institutions insist on a legal scrutiny report from their panel of advocates who carry out a search for the previous 30 years to establish the ownership chain.
  • Age of the borrower: The minimum age of the borrower at the time of home loan application should be 21. The age at the time of maturity should generally be 65 years. Some banks stretch this limit to 70 years. 

Document Required

Every customer has to satisfy the Know Your Customer (KYC) norms stipulated by RBI. You have to provide the documents relating to your KYC, employment, business, and income.

Identity Proof

  • PAN Card
  • Aadhar Card
  • Voter ID
  • Driving Licence
  • Passport 

Address Proof

  • Registered Rent agreement
  • Aadhar Card
  • Driving License
  • Lease agreement
  • Passport
  • Latest Gas or electricity bill

Other documents:

  • Loan application form duly filled in
  • Photographs
  • Signature Proof

Property documents:

  • Copies of all property documents that can establish the chain of ownership for the past 30 years.
  • Encumbrance certificate for 30 years
  • Property tax paid receipt in case you reside in the property being mortgaged (usually when you apply for Home Loan Balance Transfer).

Income Proof Documents: 

  • Salary slips for the last 6 months in case you are a salaried employee (In addition, you can provide IT returns for the past 3 years along with Form 16).
  • IT returns for the past 3 years in case you are self-employed (Some banks accept 2 years IT returns as well).
  • Statement of A/c for the past 1 year where your salary is credited (in case of salaried people).
  • Profit and Loss statement and Balance sheet for the last 2 years in case of self-employed persons.
  • Sales tax, GST registration certificates, if applicable.
  • Partnership deed in case of partnership firms (if the applicant is one of the partners).
  • Certificate of Incorporation in case of limited companies(if the applicant is one of the directors).

Documents Required from Non-Resident Indians (NRIs) Applicants

  • Employer identity card
  • Valid passport and visa (attested copy)
  • Address proof with the current overseas address
  • Copy of Continuous Discharge Certificate (CDC) for merchant navy employees.
  • PIO card issued by Government of India (for PIOs)
  • Documents must be attested by FOs/Rep. Offices or Overseas Notary Public or Indian Embassy/Consulate or officials of Branch/Sourcing outfits based in India.
  • Home loan application - completed and duly filled
  • 3 passport size photographs
  • Identity proof (any one): PAN/ Passport/Driving License/Voter ID Card
  • Residence proof (any one): Recent copy of Utility Bills/Piped Gas Bill/Passport/Driving License/Aadhar Card.

Income Proof Documents for NRI

  • For Salaried
    • Valid work permit
    • Employment contract with an English translation (if it’s in another language) duly attested by employer/consulate/Indian foreign office/Embassy. 
    • Last 3 months’ salary certificate or salary slips
    • Last 6 months’ bank statements showing salary credit
    • Latest salary certificate or salary slip in original 
    • Last year’s Individual Tax Return (duly acknowledged copy) except for NRIs/PIOs located in Middle East countries & Merchant Navy employees.
  • For Self-employed
    • Business address proof
    • Income proof in case of self-employed professionals/businessmen.
    • Last 2 years’ balance sheet and P&L accounts (audited/C.A. certified).
    • Last 2 years’ Individual Tax Return except for NRIs/PIOs located in Middle East countries
    • Last 6 months’ bank statements of overseas account(s) in the name of individual as well as company/unit.
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