Home Loan
Your Dream of Owning a Home can come true
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Home Loan Features
Attractive Interest Rates
Minimal Documentation
30 Years of Tenure
Features and Benefits of our Home Loan
A vast array of institutions offer you the best home loan rates at the most competitive rates and affordable EMIs.
- Home Construction Loan: If you have a plot of land and lack financial support to construct a home on that piece of property, you may choose a house construction loan. Such borrowing is mainly made to construct or repair a major part of your home.
- Home Extension Loan: Should you already own a home, and feel the need to extend the building, add an annexe, or build another floor, etc., Home Extension Loan is your go-to option that finances such needs.
- Home Improvement Loan: All of us wish to improve and upgrade our homes for a better life. From your old-age furniture, fixtures to faulty lightning systems, Home Improvement Loan funds all your plans.
- NRI Home Loan: If you are a patriot, a Non-Resident Indian, and wish to own residential property in India, NRI Home Loan is your answer. Though the formalities for application may be a little different.
Home Loan Eligibility
The basic home loan eligibility criteria are as follows:
Age:
- You must be above 21 years of age at the time of the commencing of your loan, and up to 65 years or less at loan maturity
- Salaried Person - 21 years to 58 years
- Self-Employed Person - 25 years to 65 years
Income:
- Salaried Person - Minimum Rs. 10,000 per month
- Self-Employed Person - Minimum Rs. 2,00,000 per year
Employment:
- Salaried Person - Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company
- Self-Employed Person - Minimum 3 years of Experience in the current field
Credit Score:
- A credit score of 750 is considered a good score for approval.
Documentation for Home Loan
Income Proof Documents
1. Salaried Individuals
- Form 16
- Employee Identity Card
- 3 Months Salary Slip
- 6 Month Bank Account Statement
- Duration of Employment Evidence
2. Self-Employed Individuals
- PAN
- Trade License
- Partnership Deed
- Article of Association
- Memorandum of Association
- Import Export Code
- SEBI Registration Certificate
- ROC Registration Certificate
- Financial Statement Audited by CA
- Profit & Loss Account Statement
- Balance Sheet
- 6 Months Bank Account Statement
- Professional Practice License for Doctors, Consultants, etc
- Registration Certificate of Establishment for Shops, Factories, and Other Establishments
- Business Address Proof
3. Documents Required from all Non-Resident Indians (NRIs) Applicants
- Income Proof Documents for NRI
- Property Papers
- Property Documents
- Sale Deed
- Stamped Agreement of Sale
- Allotment Letter
- No Objection Certificate or NOC
- Housing Society
- Builder
- Possession Certificate
- Land Tax Receipt
- Construction Cost Estimate
- Bank Account Statement of Payment Made to Seller or Builder
- Payment Receipt of Payment Made to Seller or Builder
- Incase of resale property share certificate is required
- Occupancy Certificate
Fees and Charges for Home Loan
The fees and charges of home loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to home loans:
| Particulars | Charges |
|---|---|
| Loan Processing Fees | 0.5% to 4% of Loan Amount |
| Loan Cancellation | Usually 3000 to 5% of Loan Amount |
| Stamp Duty Charges | As per the Value of the Property and State Tax |
| Legal Fees | As per actuals |
| Penal Charges | Usually 2% per month |
| EMI / Cheque Bonus | Approx 499/- to 599/- |
Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
Apply NowFAQs
A home loan, is a loan provided by a financial institution to help you purchase or refinance
a home. It is typically repaid in monthly installments over a specified term.
Qualification criteria can vary among lenders, but factors such as your credit score, income, employment history, and the property's value are commonly considered when determining eligibility.
Loan tenure refers to the length of time over which you'll repay your home loan. It can vary
but is usually 15, 20, or 30 years. Longer tenures result in lower monthly payments but higher overall
interest costs.
EMI stands for Equated Monthly Installment, which is the fixed monthly payment you make to
repay your home loan. It typically includes both principal and interest portions.
Yes, most home loans allow for prepayment or early repayment. Some loans may have prepayment
penalties, so it's essential to check with your lender.
Missing
an EMI payment can result in penalties, increased interest costs, and negatively impact your credit score.
It's crucial to communicate with your lender if you anticipate payment difficulties.
