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Home Loan: All the information related to the Home Loan like Interest Rates of different banks, How to apply, Documents required, Home Loan Calculator, Home Loan EMI Calculator, etc are given in this post in a user-friendly way. So, let’s explore the Home Loan.
Home Loan- Important Points
- Eligibility: The Home Loan is available for both Salaried and Self-Employed borrowers.
- Security: Mortage of Home you are planning to construct, purchase, or renovate.
- Loan Amount: Rs. 1 Lakh to Rs. 15 Crores
- Loan to Property Value Ratio: May vary from 65% to 90%
- Loan Tenure: May Vary From 5 to 30 Years
- Interest Rate: The new Home loan Interest Rates start from 6.65%. Special rates for women borrowers.
- Lowest EMI: Lowest EMI per lakh.
- Processing Fees: Up to 0.5% of the loan amount or a Maximum of ₹ 10,000, whichever is higher.
- Repayment Charges: Nil Charges on floating rate home loans
- Other Charges: Legal Charges, Technical Charges, etc.
- Documents Required: Address Proof, ID Proof, Income Documents, Property Documents, etc.
- Home Loan Providers: SBI, HDFC Bank, ICICI Bank, Axis Bank, PNB Housing, Bank of Baroda, etc.
Eligibility for Home Loan in India
The general eligibility conditions for the Home Loan in India are given below, however, some conditions may vary from person to person and from lender to lender.
| Criteria | Eligibility |
|---|---|
| Age | 18 – 70 years (Vary from Bank to Bank) |
| Income | Rs. 25,000 (Monthly) |
| Credit Score | Above 750 |
| Employment Status | Salaried or Non-Salaried |
| Work Experience | 2 Years |
| Loan Amount | Decided by the lender |
| Loan Tenure | Up to 30 Years |
| Residence Type | Permanent resident or Non-resident Indian (NRI) |
| LTV Ratio | Up to 90% |
| Property Type | Completed/ Under Construction Project, Land/ Plot, build on own Land, Buy Land and Build Home |
Documents Required for Home Loan
| Document | Salaried | Self Employed |
|---|---|---|
| Application Form | Signed with photographs | Signed with photographs |
| Identity Proof | PAN Card, Passport, Driving License, Aadhar Card, Voter Id, Govt issued I-Card | PAN Card, Passport, Driving License, Aadhar Card, Voter Id, Govt issued I-Card |
| Certificate and Proof of Business Existence | NA | PAN, Sales tax/ Excise/ VAT/ Service tax registration, Copy of partnership deed, Trade license, Certificate of practice, Registration certificate issued by RBI, SEBI |
| Address Proof | Passport, Driving License, Election ID Card, Electricity/ Telephone/ Mobile bill/ Bank statement (not more than 3 months old) | Bank statement, Utility bill, Registry copy, Lease or rent agreement, TAN allotment letter |
| Income Proof | Form 16, Latest 6 months salary slip, Last 6 months bank statement | Last 2 years ITR, Last 6 months bank statement |
| Age Proof | PAN Card, Passport, Driving License, Voter ID Card, Birth Certificate, Employee ID Card (only for PSU/ Government employees), School/ college leaving certificate | PAN Card, Passport, Driving License, Voter ID Card, Birth Certificate, Employee ID Card (only for PSU/ Government Employees), School/ College leaving certificate |
| Property Documents | Past title chain – Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction loan/ extension | Past title chain – Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension |
Apply for Home Loan
| Bank/Lender Name | Details & Apply Link |
|---|---|
| SBI Home Loans | Click Here |
| HDFC Home Loan (Link 1) | Click Here |
| HDFC Home Loan (Link 2) | Click Here |
| Axis Bank Home Loan | Click Here |
| Bajaj Finance Service (Finserv) | Click Here |
| Tata Capitals Home Loan | Click Here |
| ICICI Bank Home Loan | Click Here |
| Kotak Bank Home Loan | Click Here |
| Bank of Baroda Home Loan | Click Here |
| DHFL Home Loan | Click Here |
| Yes Bank Home Loan | Click Here |
| LIC Housing Home Loan | Click Here |
| PNB Bank Home Loan (PNB Housing) | Click Here |
| India Bulls Home Loan | Click Here |
| Union Bank of India Home Loan | Click Here |
| Citi Bank Home Loan | Click Here |
| Bank of India Home Loan | Click Here |
| Mahindra Finance Home Loan | Click Here |
| IDBI Bank Home Loan | Click Here |
| HSBC Home Loan | Click Here |
| Bandhan Bank Home Loan | Click Here |
| Canara Bank Home Loan | Click Here |
| RBL Bank Home Loan | Click Here |
| Central Bank of India Home Loan | Click Here |
Frequently Asked Questions (FAQs)
✅ What is Home Loan?
✔️ A home loan is a secured loan that you can take from any bank or other lender for the purpose of buying/ Construction/ renovation of your property/ house/ flat/ plot, etc. The concerned property is taken as security by the lender so that if anyone could not pay the loan amount, then the lender has all the rights to sell that property and recover the loan amount. One can get a Home Loan of 65% to 90% of the total property cost.
✅ Which is the best bank for Home Loan?
✔️ Before taking a home loan, you should consider the loan offer of the various banks and other lending organizations. The things to compare before taking a home loan includes
1. Interest Rate
2. Loan to Value (LTV) Ratio
3. Processing Fees/ Hidden Charges
4. Time Period of Loan