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Home Loan

Home Loan Features

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 Criteria

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.

Home Loan Documents

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

Home Loan Fees & Charges

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 2999/- to 5% of Loan Amount
Loan Cancellation Usually 3000 to 5% of Loan Amount

 

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.

Home Loan Reviews

Home Loan FAQs

A home loan is a loan used to buy a home. It is repaid over 15 to 30 years and is secured by the property being purchased. If the borrower fails to repay, the lender can take possession of the property.
To qualify for a home loan, you typically need a good credit score (usually above 620), a steady income, and a low debt-to-income ratio. Lenders also consider your employment history. If you meet all of the lenders perimeters than you are eligible for a home loan.
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