This loan may be used for any of the following purposes: Purchase of a new or used home or apartment Purchase of a new site as well as self-construction of a residence Building a house on a previously owned property Add a room, create more space, or add a floor to your current home with a home extension. Loan consolidation

The requirements that you must follow when applying for a house/housing loan are known as home loan eligibility criteria. You may use the JBFC Finance Eligibility Calculator to determine your affordability before applying for a house loan. At the time of loan maturity, the customer must be over the age of 21 but not over the age of 65. The borrower must have a bank account. Borrower must live in a city where JBFC's Office is located. A guarantor is not required. Any owners of the property being financed, as well as all persons whose income has been evaluated for the loan, must be co-applicants.

To get started, JBFC requires the normal KYC papers as well as completely completed application forms. Completed application form with all essential information. Identity documents such as a Pan Card, Voters ID Card, or Passport are acceptable forms of identification. Address evidence, such as a utility bill or ration card Documents proving income, if available. Bank statements or a bank pass book Property documentation, if the property has been identified.

JBFC offers a maximum home loan duration of 20 years. The longer the loan term, the cheaper the EMI, making a 15-20 year loan quite appealing. However, it is better to take out a loan for the shortest possible period of time. The interest outgo on a long-term debt is too expensive.