SREI Equipment Finance Bank Home Loan Eligibility Criteria
Understanding housing loan eligibility helps applicants plan better and avoid delays. Eligibility is assessed based on income stability, credit profile, and repayment capacity.
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Eligibility Parameter
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Criteria
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Eligible Borrowers
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Salaried individuals, Self-employed professionals & business owners (profile subject to lender verification)
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Age Requirement
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Minimum ~21 years; maximum up to ~65 years at loan maturity
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Employment
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Stable employment or steady business income; minimum work experience requirement may apply
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Income Threshold
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Assessed based on income, existing liabilities & repayment capacity
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Credit Score
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Preferably good credit score (e.g., 650+) for better rates & approval
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Loan-to-Value (LTV)
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Up to a percentage of property value (typically ~75–85%)
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Co-Applicant Allowed
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Yes — spouse/family member to boost eligibility
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Property Eligibility
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Residential property with clear legal title & acceptable valuation
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Eligibility for home loan based on income and existing EMIs is evaluated to ensure sustainable repayment and balanced EMI obligations.
Home Loan Schemes
Borrowers can compare home loan schemes India wide and select a plan that best matches their financial goals. SREI Equipment Finance Bank typically offers:
Home Purchase Loan (new or resale residential property)
Home Construction Loan
Plot Purchase with Construction Loan
Home Extension or Renovation Loan
Balance Transfer with optional top-up
Affordable housing-focused loan options
Each scheme is structured around flexible tenure, competitive interest rate options, and clarity in principal amount repayment.
Documents Required for SREI Equipment Finance Bank Home Loan
Proper home loan documentation ensures faster processing. Below is a standard checklist:
| Document Category |
Typical Documents Required |
| Identity Proof |
• PAN Card (mandatory) Aadhaar Card / Passport / Voter ID / Driving Licence |
| Address Proof |
• Aadhaar Card address • Passport • Utility bill (electricity / telephone) Rental agreement |
| Income Proof – Salaried |
• Latest salary slips (3–6 months) • Bank statements showing salary credits • Form-16 / IT returns |
| Income Proof – Self-Employed |
• Last 2–3 years' Income Tax Returns (ITRs) • Bank statements • Business proof (GST, business registration) |
| Property Documents |
• Sale deed / agreement to sale • NOC from builder / society • Encumbrance certificate (if applicable) Approved building plan / possession certificate (for ready properties) |
| Photographs |
• Recent passport-size photos of applicant & co-applicant |
| Co-Applicant Documents |
• Identity & address proofs (if applicable) Income proofs (if co-applicant employed) |
Maintaining a good credit score and submitting verified income documents helps ensure smoother processing.
Tax Benefits on Home Loans
Borrowers can reduce their tax burden by availing tax benefits on housing loans under Indian income tax laws:
Up to ₹1.5 lakh deduction on principal repayment under Section 80C
Up to ₹2 lakh deduction on interest paid under Section 24(b)
Additional benefits for first-time buyers (subject to conditions)
Joint borrowers can claim deductions separately
These benefits significantly improve affordability over the loan tenure.
Processing Fees & Other Charges
SREI Equipment Finance Bank may charge a processing fee of up to 2% of the sanctioned loan amount plus GST on home loan–related products. Additional charges can include documentation fees, stamp duty and registration costs as per state laws, and statutory charges where applicable. Penal charges may be levied for delayed EMIs, cheque or mandate bounce, or loan cancellation. All fees are subject to confirmation at the time of application.
Borrowers can calculate EMI in advance to choose a comfortable repayment tenure.