| A home loan or housing loan is an amount borrowed by individuals for a fixed tenure from financial institutions to buy, construct, repair or renovate a residential property.
 Why choose a home loan?
Home loan or housing loan is one of the most popular products offered by banks and NBFCs to customers. Home loan is also the largest selling banking product and the one that ensures the longest banking relationship with the lender. Owning a home of your own is generally an obvious as well as a major decision in a person’s life. However, the cost of construction or purchase of property is quite high and this is where home loans play a major, almost indispensable role for majority of home buyers.Moreover, home loans are eligible for certain income tax exemptions which can be used to save up on the amount of income tax that an individual pays every financial year.
Features and Benefits:
 - Transparent dealing. All charges mentioned upfront while giving you the loan quote. No hidden charges.
- Longer repayment tenure which ranges from 5 years to 30 years.
- Being a secured loan, interest rates are comparatively lower than any other loan.
- Flexible loan repayment options
- Free & safe document storage
- Can be applied jointly with family members
- Tax benefits can be availed as per Income Tax Act, 1961.
- Loan approval even before a property is selected.
TYPES OF HOME LOANS
Home loan is a relatively broad category, as it not only includes a bank loan for purchasing a new or existing house. Loan providers are offering Home loans for different purposes according to the changing needs of the customer.
Home loan can be of the following sub-types :
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- Home Purchase Loans: As evident by the name, this type of home loan can be availed when buying a new home.
- Home Construction Loans: This type of home loan can be availed for the construction of a house. Such a loan is granted only if you already own a plot of land and plan to start construction of your house on it.
- Home Improvement Loans: The interiors of any home reflect the personal preferences and tastes of its owners making it imperative to constantly upgrade to keep up with changing times. These loans can be availed when you are planning to renovate or make repairs to your current home.Home improvement loans are increasingly becoming popular as its interest rates are similar to home loans interest rates.
- Home Conversion Loans: If you already own a house with an existing home loan and are planning to purchase a new house, you can opt for a home conversion loan.
- Home Extension Loans: With time you might feel the need to add more space to your house for varied reasons, such as a growing family. Be it an extra bedroom for your children, a reading room for yourself or a cosy coffee corner. It is easy to extend your home anyway you like.
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Eligibility criteria :
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Any salaried, self-employed or professional individual of Indian nationality can apply for a home loan. |
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Ability to service interest charges, as reflected in the borrower’s earning capacity, is important. |
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Age – 21 to 65 years |
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A clean credit history will help in quick loan approval. |
Documentation
- Application form with photograph
- Identity proof such as PAN Card, Aadhaar Card or Voter ID Card
- Address proof such as Aadhaar Card, Passport, Driving License or Voter ID Card.
- Bank statement of the previous 6 months
- Processing fee cheque
- Last 3 months salary slips in case of salaried customers / Latest ITR along with computation of income, Balance Sheet and Profit & Loss account for the previous 3 years, after being CA Certified/Audited in case of self employed customers
- Proof of continuation (ITR/Trade license/Establishment/Sales Tax Certificate)
- Proof of ownership of the possessions which are used for business purposes
- Other Mandatory Documents [Sole Prop. Declaration Or Certified Copy of Partnership Deed, Certified true copy of Memorandum & Articles of Association (certified by Director) & Board resolution (Original)
- Copy of document providing approval of proposed extension/construction plan.
- Valuation/cost estimation report from evaluator approved by the NBFC or Bank
- Additional documents such as municipal/society/builder NOC, allotment letter provided by housing board, etc.
Post-sanction documentation
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- Loan Agreement duly signed
- ECS Form and Security Cheques required for SI and ECS
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Interest rates and fees
| Interest rate |
8.35% onwards* |
| Loan Tenure |
5 yrs – 30 yrs |
| Processing fees |
Differs from bank to bank |
| Pre-payment charges |
Differs from bank to bank |
* The exact interest rate differs from bank to bank as well as on the basis of the loan amount, the loan tenure, your income level as well as your credit history.
Why us
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We offer among the most feature-packed home loans. |
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Our home loans come with a host of benefits and are tailormade to meet your unique business needs. |
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With a host of cheaper home loans on the offer, it is best to compare home loans first and then make a purchase. |
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Get the best home loan quotes based upon your requirements. |
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We offer doorstep service at your convenient time. Not just that, we even coordinate with the banks and follow up on your behalf. |
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Counselling and advisory services for acquiring a property. |
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