Home Loan for First time buyer

POSTED BY Rizwan Rakhangi ON January 6, 2013 9:39 pm COMMENTS (2)

Hi Jagoinvestor,

Im Planning for home loan, here are few information which i would like to share to get best answer.

Im Married my age is 24 & Her is 23. we are living on rent from last 2 month, Joint Net earning is 31500/- Month we spend 7000 for all our living and save around 24000+ every month. (Previously used to stay with parents owned home )

Have one HDFC Term Insurance of 15 Lac for 15 Year (Premium is 2500/- Year)

Have 1 HDFC Card with limit 30000 (Pay bill before 6-7 days before due date) have one FD for 30000/- with other bank.

My salary account is with HDFC

There no LOAN or any kind of Debts, We dont have kind of private transport.

Planning to go for Home loan in Sept 2013 have 20% of required Cash.  


Answer me following question.

* When i will go for Home Loan which address should i attach. as here im only for few month will this create problem if yes what would be solution.

* My job is from past 1 year her is New , will this create problem if yes what would be solution.

* Have all General Doc of both such as PAN, Passport, Voter ID, Form 16, Apploint Letter Salary slip, What are additional doc can be required while applying loan.

* Have ration Card but separate as we have not joint and made a new one yet.

* Should i apply for Individual or Jointly.

* What thing they check b4 approving Home loan.

Any other thing which can affect of disapproval of this loan , how to clear it

2 replies on this article “Home Loan for First time buyer”

  1. Credexpert says:

    Dear Mr. Rakhangi,

    Here are the answers to your query;
    1) We would advise you to apply on basis of permanent address as that will minimise the possibilities of you missing any important communication from the lender.

    2) Lenders usually ask for last 2 years Income Tax returns as this will help them validate whether the joint net earnings is Rs. 31,500 or not. As you are working since past 1 year and your wife’s job is new, we assume that you would not have the Income Tax returns for the past 2 years. Check with the lender and clarify the specifics requirements.

    3) The documents mentioned by you cover the general documents required by lenders. Any extra documents could be a lender specific demand and will be best clarified by the lender.

    4) About the ration card, there should not be any problem if you and your wife do not have a joint ration card.

    5) The possibilities of having a higher loan amount sanctioned exist in case you apply jointly, because here your joint earnings of Rs. 31, 500 will be considered as against your individual earnings if you had applied individually. The home loan amount is one major factor to be considered while deciding your individual or joint loan application. Also, if the flat is in joint ownership then, you will have to apply as joint applicants.

    6) One of the factors used by lenders to evaluate loan application is the credit report which will reflect your payment history, amount outstanding, enquiries etc. If you have been repaying your credit cards on time and have not been shopping around for credit randomly then, there is no need to worry


  2. you will need to provide valid address proof; If you are going to change residence you can update it later this should not be a problem

    some bank bank may requires 6 months bank statement

    * Should i apply for Individual or Jointly.
    this depends on your family situation. You wife is now earning. I assume you dont have children
    as year. Suppose you plan to start a family tomorrow and if during pregnancy the doctor advises
    your wife complete rest and there is loss of income from then till much after delivery
    can you alone manage the emi plus extra expenses due to the child?

    of course there are advantages of a joint home loan but to me the above is the biggest question to ask.

    you dont have a history of any bad debt so no reason why anyone should reject your loan
    good luck

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