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LOAN ELIGIBILITY CRITERIA

A Home Loan requires a borrower to pledge the property to be purchased as collateral. You may qualify for this type of credit by fulfilling your lender's set eligibility criteria. The basic home loan eligibility criteria or mortgage loan eligibility criteria are as follows:

AGE

Typically, you must be above 21 years of age at the time of the commencing of your loan, and up to 70 years or less at home loan maturity

INCOME

EMPLOYMENT

INSURANCE

TERM INSURANCE

This type of life insurance offers coverage for a set period of time — generally 10, 15, 20 or 30 years. Coverage expires at the end of the term. However, most term life insurance policies also offer optional riders that could allow you to renew or convert your policy.

WHOLE LIFE INSURANCE

This type of life insurance doesn't expire as long as you continue to pay the premiums. It also offers a cash value component that has growth potential. You also can borrow from the cash value, but loans or withdrawals may generate an income tax liability, reduce the cash value and death benefit and cause the policy to lapse. Loans will also accrue interest. The policy may be issued as a Modified Endowment Contract (MEC) for tax purposes. Any withdrawals or surrenders could result in a taxable event.

INVESTMENT

REAL ESTATE

The average 10-year return on real estate investment has been 15 to 25 percent. This is based on the reports published by several real estate research firms that compared returns from nine biggest cities in India. However, the rates may vary if you look at particular cities.

MUTUAL FUND

A mutual fund is a professionally managed investment fund that pools money from many investors to purchase securities.

You got around 5.12% returns from your mutual funds. That is a CAGR (compounded annual growth rate). You can say it is not a great return.