Salaried individuals, professionals, and self-employed individuals who are IT assesses are eligible for the loan. For Rent Plus scheme owners of residential building/ commercial property which are to be rented/ already rented to MNCs/ banks/ large and medium size corporate are eligible.
The loan can be by an Indian resident as well as NRI against self-owned property in their name or in the name of their spouse/children/parents/siblings.
Minimum net monthly income should be 25000 (for salaried individuals) and minimum annual income of (for self-employed/professionals).
Regular income from all sources will be considered for arriving at the loan eligibility.
In addition to the applicant’s income, the income of spouse/children/parents/siblings will also be considered for arriving at the eligible loan quantum. If the property is held in joint names, then all the joint holders will be co-borrowers for the loan. If the property is held in the name of the applicant and the loan availed jointly to increase the eligible amount, the spouse/children/parents/siblings can either be co-borrowers or guarantors.