Clix Capital Home Loan Eligibility & Documents
For many aspiring to own their dream home, a home loan is one of the best housing finance options available. It has an easy application process to follow, gets you easy access to a huge loan amount which otherwise is challenging to manage on your own, and offers numerous benefits.
The biggest home loan benefit is that a single home loan amount offers funds for home buying, renovation, plot purchase, self-construction and home expansion. You get access to a huge amount for any purpose at an affordable rate of interest that you can conveniently pay in easy EMIs. This lowers the financial burden on the borrower when it comes to accumulating funds for buying a home.
Applying for a home loan now is fairly easy with the emergence of NBFCs as getting access to housing finance is now possible even for those who have been turned down by banks earlier for some reason or the other. The most common reasons for a home loan rejection are not meeting either the home loan eligibility criteria or insufficient documentation.
The eligibility criteria followed by most lenders, housing finance institutions, and banks is typically the same except for a few specific requirements by any particular lender. However, the key eligibility requirements are uniform for every lender.
We Have a Bevy of Personal Loan Offerings!
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Home Renovation/Expansion Loan
Clix Capital will provide you with the means to turn your house into a dream home!
Home Loan Eligibility
Now that you have finally selected your dream home and made up your mind on applying for a home loan, it’s time you check the home loan eligibility criteria. Although eligibility criteria followed by each lender is different, every lending institution considers a few common items in a home loan application.
Here’s the home loan eligibility criteria that is specified by Clix Capital. You’re eligible to apply for a home loan from Clix Capital if you meet the following criteria:
- You need to be over 18 years of age to be eligible for a home loan application.
- you should be under 65 years of age at the end of loan period.
- You should be a residing citizen of India.
- You should either be a salaried or a self-employed individual.
- Your annual combined household income should be equal to or greater than 3 lakhs.
What are the Documents Required for a Home Loan?
Here’s the complete list of documents required to apply for a home loan. These are mandatory documents and a home loan application is deemed incomplete if any of these documents are not submitted.
The following documents are required:
- Duly filled and completed home loan application form
- Passport size photographs
- Identification proof (any of the below):
- PAN Card
- Aadhaar Card
- Voter ID Card
- Driving License
- Age Proof (any of the below):
- PAN Card
- Aadhaar Card
- Driving License
- Birth certificate
- Class 10th marksheet
- Bank passbook
- Residence Proof (any of the below):
- Bank Passbook
- Voter’s ID
- Ration Card
- Utility bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill)
- Income Proof (for salaried individuals):
- Form 16
- Pay slip of last 3 months
- Last 6 months bank statement showing salary credit
- Income Proof (for self-employed individuals):
- Business profile
- Last 6 months’ bank statement
- Last 2 years’ Income Tax returns & financials (Balance sheet, P&L)
Home Loan Features
- Easy Home Loan Up to 1 Crore – With a hassle-free home loan from Clix Capital, funds would never be an issue. You can get easy home loan up to INR 1 crore to realize your dream of buying the home you’ve set your eyes on.
- Extended Home Loan Tenor Up to 25 years – Depending on your convenience, we offer the flexibility in repayment with a longer repayment tenor of up to 25 years. You can go for a longer home loan repayment tenor to bring down the EMI cost that aligns with your budget.
- Floating & Dual Interest Rates – You can choose either floating interest rate or fixed interest rate for the first 2-3 years, followed by a floating interest rate. This brings about an economical balance in the interest repayment over the loan tenor.
- Simplified Documentation – We do not want you to get overwhelmed by a long list of documents! At Clix Capital, we believe in keeping it simple and minimal. There is a simplified list of just the necessary documents required to process your home loan application.
Factors Affecting Home Loan Eligibility
Several factors affect a borrower’s home loan eligibility. They are:
- Age – If your minimum and maximum age are out of the eligibility, criteria laid by the lender, your application will be rejected.
- Income – A higher family income increases your home loan eligibility.
- Credit Score – A credit score of 750 and above is important to have better chances of approval. A lower credit score affects your home loan eligibility negatively.
- Existing Loan Commitments – If you have existing loan commitments, it affects your eligibility to get approved for a home loan.
How to Improve Your Home Loan Eligibility?
There are 3 healthy practices you can adopt to increase your eligibility for a home loan approval. These are:
- Keep Your Credit Score High – As with all other loan applications, your credit score plays a major role in increasing your eligibility for a home loan. Check your credit score ahead of your home loan application and if your score is above 750, you have a good chance of getting approval in one go. A good credit score also entitles you to get low interest rate on home loan. Repaying previous loan payments in a timely and consistent manner will boost your credit score.
- Increase Your Income – If you generate income from sources apart from your salary or business, like rental income, make sure you declare that in your home loan application as well. This will increase your loan repayment capacity in the eyes of the lender and will make you a good candidate for home loan approval.
- Add a Co-applicant – Adding an earning family member, like spouse, with a good income and credit score increases your chances of home loan approval. This increases your home loan entitlement amount as well as your EMI affordability increases.
How Do I Apply for a Home Loan from Clix Capital?
Whether you need a home loan for buying a new home, for plot purchase and self-construction, for home renovation/expansion, or investing in a residential property; we’d love to extend you a home loan to help you realize your dream.
Apply for a home loan from Clix Capital in a few simple steps below:
- Click here to access the online home loan application form,
- Submit the duly filled loan application form with the required documents,
If your home loan application meets our eligibility criteria, we’ll take it forward from there and will keep you posted at every step of your loan journey. Let’s live your dream of owning a stunning home for you and your family with a home loan from Clix Housing.
You can also reach out to us at email@example.com or call us at 1800 200 9898.
What Documents Do I Need to Provide?
Completed Application Form
- We will provide you with a run-of-the-mill application form to detail out all the information we need before processing your personal loan request.
- This photograph should be fairly recent and indicative of your current physical appearance.
Identity (ID) Proof
- This can be either your Aadhaar Card, PAN Card, or Government ID (if you happen to be a government employee).
- Your Aadhaar Card is the go-to document here. In case your current address is not updated in Aadhaar card, one certified copy of any Official Valid Document (OVD) is required. These OVDs are either your Passport, Voter ID, or Driving License.
- This comes in the form of your latest one-month pay slip or Form 16 for the current year.
How Do I Apply For Home Loan online from Clix Capital?
- Fill our application form. It only takes 3 minutes to do so!
- Our customer representative will talk to you for a quick chat.
- Congratulations! You’re on your way to secure a personal loan!
What is the minimum loan amount I can avail?
At Clix Housing, you can apply for a housing loan that ranges from 10 lakhs to 1 crore.
What will be the tenure and interest rate of my home loan?
At Clix Housing, we provide loans for a tenure of 15 years – however, this figure is dependent on the age and income of the borrower. Meanwhile, the standard interest rate on these loans is around 17%.
What security/collateral do I need to provide?
Generally speaking, the security that you need to provide for the loan is the first and exclusive charge of the property to be financed. In this situation, the deposit of title deeds and/or other such collateral security is to be done as deemed necessary. The title to the property should be clear, marketable and free from any encumbrances. The property should also be within geographical limits of the cities where Clix has a branch office.
What can be the end use of a home loan?
A housing loan can be used to
How do I avail a home loan from Clix?
There’s a space at the top and bottom of this page to put in your phone number. Just provide the same and our customer representative will speak with you shortly to get a home loan online!
What will be the tenure, EMI, and interest rate for my home loan?
At Clix Housing, you can choose from customised repayment (EMI) and down payment options. However, the interest rate of your home loan depends on various factors, such as the specifics of your application (including metrics like date and income). While Clix usually applies an interest rate of 17%, we’ll tell you the final applicable interest rate once we go through your application form and all supporting documents.
What are the different types of home loans offered by Clix Housing?
You can choose from the following types of loans:
- Home loan for a ready or under-construction residential property.
- Balance transfer and top-up on your existing loan from any other housing finance company or bank.
- A home renovation loan for all your requirements pertaining to improving your house.
What is the concept of EMI?
You repay a loan in Equated Monthly Installments (EMIs) – an amount that combines your principal and interest. Your EMIs begin the month after your full loan amount is disbursed.
What is a pre-EMI?
The pre-EMI is the interest you paid on the loan amount you receive before your EMI period begins. This usually happens in either self-construction or construction stage-linked/partly-disbursed cases.
What is an amortisation schedule?
An amortisation schedule has details on how you can repay your loan, as well as the division between principal and interest charged in each EMI.
What governs my home loan repayment?
Your housing loan repayment is done through a NACH Debit Mandate.
What are the kinds of interest rates offered?
Clix Housing offers two kinds of interest rates:
- Floating interest rate
- Fixed interest rate for the first 2 to 3 years, followed by a floating interest rate
How can I reach out to Clix for any other information on my home loan?
Just call us on between 9:30am-6:30pm from Monday to Saturday (barring public holidays). Alternatively, you can also write to us at firstname.lastname@example.org to resolve your queries around a non-home loan.
What if I have any other query when it comes to these loans?
It’s possible that some questions you might have aren’t answered in this FAQ. However, don’t worry – Clix has a Most Important Terms & Conditions (MITC) that you can read through to get all the clarity you would need on our loan structure. Please keep in mind that certain factors might vary based on the type of loan and our customer representative will clarify the same if need be.