Home Loan- Process, Documents, Apply, EMI, etc for SBI, HDFC, and Other Banks

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.

CriteriaEligibility
Age18 – 70 years (Vary from Bank to Bank)
IncomeRs. 25,000 (Monthly)
Credit ScoreAbove 750
Employment StatusSalaried or Non-Salaried
Work Experience2 Years
Loan AmountDecided by the lender
Loan TenureUp to 30 Years
Residence TypePermanent resident or Non-resident Indian (NRI)
LTV RatioUp to 90%
Property TypeCompleted/ Under Construction Project, Land/ Plot, build on own Land, Buy Land and Build Home

Documents Required for Home Loan

DocumentSalariedSelf Employed
Application FormSigned with photographsSigned with photographs
Identity ProofPAN Card, Passport, Driving License, Aadhar Card, Voter Id, Govt issued I-CardPAN Card, Passport, Driving License, Aadhar Card, Voter Id, Govt issued I-Card
Certificate and Proof of Business ExistenceNAPAN, Sales tax/ Excise/ VAT/ Service tax registration, Copy of partnership deed, Trade license, Certificate of practice, Registration certificate issued by RBI, SEBI
Address ProofPassport, 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 ProofForm 16, Latest 6 months salary slip, Last 6 months bank statementLast 2 years ITR, Last 6 months bank statement
Age ProofPAN Card, Passport, Driving License, Voter ID Card, Birth Certificate, Employee ID Card (only for PSU/ Government employees), School/ college leaving certificatePAN Card, Passport, Driving License, Voter ID Card, Birth Certificate, Employee ID Card (only for PSU/ Government Employees), School/ College leaving certificate
Property DocumentsPast title chain – Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction loan/ extensionPast 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 NameDetails & Apply Link
SBI Home LoansClick Here
HDFC Home Loan (Link 1)Click Here
HDFC Home Loan (Link 2)Click Here
Axis Bank Home LoanClick Here
Bajaj Finance Service (Finserv)Click Here
Tata Capitals Home LoanClick Here
ICICI Bank Home LoanClick Here
Kotak Bank Home LoanClick Here
Bank of Baroda Home LoanClick Here
DHFL Home LoanClick Here
Yes Bank Home LoanClick Here
LIC Housing Home LoanClick Here
PNB Bank Home Loan (PNB Housing)Click Here
India Bulls Home LoanClick Here
Union Bank of India Home LoanClick Here
Citi Bank Home LoanClick Here
Bank of India Home LoanClick Here
Mahindra Finance Home LoanClick Here
IDBI Bank Home LoanClick Here
HSBC Home LoanClick Here
Bandhan Bank Home LoanClick Here
Canara Bank Home LoanClick Here
RBL Bank Home LoanClick Here
Central Bank of India Home LoanClick 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

Leave a Comment