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Home Loan
Home Loan
About Home Loan
A house loan or home loan simply means a sum of money borrowed from a financial institution or bank to purchase a house. Home loans consist of an adjustable or fixed interest rate and payment terms.
People generally take a home loan for either buying a house/flat or a plot of land for construction of a house, or renovation, extension and repairs to the existing house.
The property is mortgaged to the lender as a security till the repayment of the loan. The bank or financial institution will hold the title or deed to the property till the loan has been paid back with the interest due for it.
The interest rates for home loans can be fixed or floating, or partly fixed and or partly floating, suiting the needs of the borrower.
There are also certain tax benefits available on your home loan under the Section 80EE of Income Tax Act. However, the Income tax deduction can be claimed on home loan interest by first time home buyers only.
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Loan Amount
Loan of up to 90% of the value of your property
Repayment Period
Up to 25 years
Terms
Customized interest rates starting from 6.50%
Get financing for whatever you need now
Frequently Ask Questions
An individual can choose a home loan as per the need and affordability. Mentioned below are the different types of home loan products available in India:
Home Purchase Loans
This type of loan is taken to buy a residential property, including flats, row houses and bungalows. The maximum loan amount offered by banks is 90% of the present market value of the property. For Non-Banking Financial Companies (NBFCs), this value is 80%.
An individual, who wants to avail a home purchase loan, must fulfill the following general conditions to be eligible for the loan. These criteria may vary from lender to lender.
Mentioned below are some common documents required for availing a home purchase loan. However, the requirements may vary from provider to provider.
Age Proof
Address Proof
Income Proof
Identification Proof
Existing Loan Documents
Documents of Property to be Purchased
| Particulars | Salaried Professionals | Self-Employed Individuals |
| Age | 18 – 65 years | 18 – 65 years |
| Employment | Min. 1 year of experience with current employer | Available for professionals and non-professionals |
| Credit Score | 700 or above | 700 or above |
Mentioned below is the list of documents required for availing a home construction loan. However, the requirements may vary from provider to provider.
Age Proof
Address Proof
Income Proof
Identification Proof
Existing Loan Documents
Property Documents
| Age | 18 – 65 years |
| Employment | Salaried, Self-employed Professionals and Non-Professionals |
Mentioned below is the list of documents required for availing a home improvement loan. However, the requirements may vary a bit from provider to provider.
Age Proof
Address Proof
Income Proof
Property Title Deeds
Estimated Renovation Quotation
Home Extension Loans
This type of loan is taken when an individual wants to extend or add more space to the home. For instance, adding a room as per growing family needs.
Following are the conditions that an applicant must meet to be eligible for availing a home extension loan. These criteria may vary slightly from lender to lender.
Age | 18 – 65 years |
Employment | Salaried , Self-employed Professionals and Non-Professionals |
The table below shows the documents required for availing a home purchase loan. However, the requirements may vary a bit from provider to provider.
Age Proof
Address Proof
Income Proof
Existing Loan Documents (if any)
Property/Home Extension-Related Documents
Land-Purchase Loans
This type of home loan can be availed for the purchase of land or a plot loan for construction or as an investment.
Following are the conditions that an applicant must meet to be eligible for availing a land-purchase loan.
Age | 18 – 65 years |
Employment | Salaried, Self-employed Professionals and Non-Professionals |
The table below shows the documents required for availing a home purchase loan. However, the requirements may vary a bit from provider to provider.
Age Proof
Address Proof
Income Proof
Existing Loan Documents (if any)
Property-related Documents
Land-Purchase Loans Interest Rates
Mentioned below are the interest rates offered by leading banks on land-purchase loan.
This type of home loan is taken by Non-Resident Indians for construction of a house or renovation of an old property in India. The maximum tenure for this loan can go up to 30 years, and the interest rate can be fixed or floating.
Eligibility Criteria for NRI Home Loans
Following are the conditions that an applicant must meet to be eligible for availing a home purchase loan. These criteria may vary slightly from lender to lender.
Documents Required for NRI Home Loans
The table below shows the documents required for availing a home purchase loan. However, the requirements may vary a bit from provider to provider.
Passport and work visa copy
Proof of valid work permit
Copy of employment contract
Current overseas residential proof
Salary slips of past three months
Salary account statement for past six months
General power of attorney
Last year ITR except for NRIs in Middle East nations and Merchant Navy Employees
Property Papers
| Age | 18 – 60 years |
| Employment | Salaried Individuals or Self-Employed with at least 2 years of work experience in present company |
Home loan balance transfer can be availed by an individual who wants to transfer an existing home loan from a bank/NBFC to another provider/lender. The major reason for availing this loan is getting a lower interest rate from the new lender and availability of top-up facility.
Eligibility Criteria for Balance Transfer
Mentioned below are some of the general conditions that an applicant must meet to be eligible for availing a home loan balance transfer. However, these criteria may slightly vary from lender to lender.
Documents Required for Balance Transfer
Following is the list of documents required for availing home loan balance transfer.
Age Proof (Birth certificate, Class 10 marks sheet, etc.)
Address Proof (Copy of passport, Utility bills, Voter ID, etc.)
Income Proof (Salary slips and ITR details)
Bank statement showing repayment of ongoing loan
Property-related Documents
Loan statement and list of property documents in possession of the existing lender
| Age | 18 – 65 years |
| Employment | Salaried and Self-employed Individuals with clear past record of timely repayments with the previous lender |
This type of home loan is taken by people who want to a buy another property by selling off the existing one. The fund helps meet short-term fund requirements like down payment for the new house till the old property is not sold off. Bridge loans are generally offered at higher interest rates with maximum repayment tenure of up to 2 years.
Eligibility Criteria for Bridge Loan
Documents Required for Bridge Loan
Following is the list of documents required for availing bridge home loan.
Age Proof
Address Proof
Income Proof
Bank statement showing repayment of ongoing loan
Property-related Documents
| Age | 18 – 70 years |
| Eligible customers | All property owners and co-applicants |
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