What is a Home Loan?
A Home Loan is a secured loan provided by banks and NBFCs to help individuals purchase, construct, or renovate a residential property. With affordable EMIs, long tenure options, and tax benefits, home loans make owning a house easier and more accessible.
Types of Home Loans
1. Home Purchase Loan
For buying a new or resale residential property.
2. Home Construction Loan
For constructing a house on an owned plot.
3. Home Renovation/Improvement Loan
For repairs, remodeling, or upgrading an existing house.
4. Home Extension Loan
For expanding the current home structure (adding a room, floor, etc.).
5. Balance Transfer Home Loan
To transfer an existing home loan to another lender with a lower interest rate.
6. Plot Loan
For purchasing land for future home construction.
7. NRI Home Loan
For Non-Resident Indians (NRIs) looking to buy residential property in India.
Home Loan Features & Benefits
✅ Loan Amount: Up to ₹10 Cr (varies by lender and eligibility)
✅ Interest Rate: Starting from 8.40% p.a.
✅ Tenure: Up to 30 years for easy EMIs
✅ Loan-to-Value (LTV): Up to 90% of property value
✅ Tax Benefits: Under Sections 80C & 24(b) of the IT Act
✅ Balance Transfer Facility: Lower interest rates with loan transfers
✅ Minimal Documentation & Quick Processing
✅ PMAY Subsidy: First-time buyers may get ₹2.67 lakh subsidy under Pradhan Mantri Awas Yojana (PMAY)
Eligibility Criteria
| Criteria | Salaried Applicants | Self-Employed Applicants |
|---|---|---|
| Age | 21 – 60 years | 21 – 65 years |
| Income Requirement | ₹25,000/month+ | ₹3 Lakh annual turnover |
| Employment Type | Salaried (Govt/Private) | Business Owner, Freelancer |
| CIBIL Score | 700+ Preferred | 700+ Preferred |
| Work Experience | Minimum 2 years | Minimum 3 years business stability |
Documents Required
📌 For Salaried Individuals
- KYC: Aadhaar Card, PAN Card, Passport
- Income Proof: Last 3 months’ salary slips, Form 16
- Bank Statements (Last 6 months)
- Property Documents (Sale Agreement, Title Deed, etc.)
- Employment Proof
📌 For Self-Employed Individuals
- KYC Documents
- Business Proof: GST Certificate, Business Registration
- ITR (Last 2 years), CA-certified financials
- Bank Statements (Last 12 months)
- Property Documents
Home Loan Interest Rates (2024)
| Lender | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| SBI Home Loan | 8.40% – 9.75% | 0.35% (Max ₹10,000) |
| HDFC Bank | 8.50% – 9.90% | 0.50% of loan amount |
| ICICI Bank | 8.60% – 10.00% | 0.50% (Min ₹5,000) |
| Axis Bank | 8.75% – 10.50% | 1% (Min ₹10,000) |
| Bajaj Finserv | 9.00% – 11.00% | ₹10,000 onwards |
Note: Interest rates may vary based on applicant profile.
How to Apply for a Home Loan?
🏡 Step 1: Check Your Eligibility – Use our online loan calculator.
📄 Step 2: Submit Your Documents – Upload income & property documents.
💰 Step 3: Loan Sanction & Approval – Get your loan approved in 24-48 hours.
🏠 Step 4: Disbursal – Funds are disbursed, and property ownership is yours!
Frequently Asked Questions (FAQs)
1. What is the maximum tenure for a home loan?
Up to 30 years, depending on the lender and applicant’s age.
2. Can I apply for a joint home loan?
Yes, you can apply with a spouse, parents, or siblings to increase eligibility.
3. What is the minimum CIBIL score for a home loan?
A score of 700+ is preferred for better interest rates.
4. Can NRIs apply for a home loan in India?
Yes, most banks offer special NRI home loans with flexible terms.
5. Is it possible to prepay or foreclose a home loan?
Yes, but check with your lender for foreclosure charges (if any).
Apply for a Home Loan Today!
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📞 Need assistance? Contact us now!