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Home Loans

Get financing for whatever you need now. Achieve all your goals and aspirations with the right kind of help, exactly when you need it.

A home loan in India is a financial product provided by banks and financial institutions to individuals looking to purchase or construct a residential property. These loans are a popular means for individuals to fulfill their dream of owning a home, as they allow borrowers to acquire funds to buy a house and repay the amount over an extended period.

Features of Home Loan

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Salaried & Self Employed

Home loans are available for both salaried individuals and self-employed individuals.

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Loan for Agriculturists

Tailored for agriculturists to accommodate their unique financial needs.

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Home Loans for NRIs

Financial products designed for Non-Resident Indians for property purchase in India.

Eligibility Criteria

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Age

Typically, individuals between 18 and 70 years old are eligible for home loans.

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Income

Lenders assess the borrower's income, employment stability, and repayment capacity.

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Credit Score

A good credit score enhances the chances of loan approval.

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Employment Type

Salaried, self-employed, and government sector employees are eligible.

Types of Home Loans

Purchase Loan

Purchase Loan

For buying a new or resale property.

Construction Loan

Construction Loan

For constructing a new house.

Home Improvement Loan

Home Improvement Loan

For renovating or improving an existing property.

Balance Transfer

Balance Transfer

Transferring an existing home loan to another lender for better terms.

Land Purchase Loan

Land Purchase Loan

For buying a plot of land to build a house in the future.

Home Extension Loan

Home Extension Loan

For adding more space to an existing property, such as additional rooms or floors.

Additional Details

  1. Loan Amount: Depends on factors like income, property cost, and loan-to-value (LTV) ratio.
  2. Interest Rates: Fixed rates remain constant, while floating rates change based on market conditions.
  3. Loan Tenure: Maximum tenure of up to 30 years, repayable in equated monthly installments (EMIs).
  4. Tax Benefits: Tax deductions available under sections 80C and 24(b) of the Income Tax Act.
  5. EMI Calculation: EMI consists of both principal and interest, with proportions changing over time.
  6. Prepayment and Foreclosure: Borrowers can prepay or foreclose the loan, though some lenders may charge penalties.
  7. Insurance: Lenders may require home loan insurance to cover the outstanding amount in case of borrower's demise.

Documents Required

  • KYC Documents
    • Aadhaar Card
    • PAN Card
    • Passport
    • Voter ID
    • Driver's License
  • Income Proof
    • Latest salary slips (for salaried individuals)
    • Income Tax Returns (ITR) of the last 2-3 years
    • Form 16
    • Profit and Loss Statement (for self-employed individuals)
    • Bank statements showing salary credits
  • Property Documents
    • Title deed of the property
    • Sale agreement
    • Approved building plan
    • Encumbrance certificate
    • Property tax receipts
    • No Objection Certificate (NOC) from relevant authorities
  • Bank Statements
    • Bank account statements for the last 6-12 months
    • Details of other existing loans or liabilities
  • Employment Details
    • Employment offer letter or contract (for newly joined employees)
    • Employment verification letter
    • ID card issued by the employer
    • Proof of continuity of employment (for salaried individuals)