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Overview

The amount that a person loans from a financial institution to build a home, repair or expand an existing one, or purchase a new or resale property is known as a home loan. The loan is taken out at a certain interest rate and paid back in smaller installments called EMIs (Equated Monthly Installments) over a predetermined period of time.

Loans

Home/Flat Purchase Loans

For the purchase of a residential asset. It offers choices for buying pre-owned homes or apartments, ready-built properties, and properties that are still under development.

Home Construction Loan

This option is available to you if you own a piece of land but lack the funds to build a house on it.

Home Extension Loan

If you currently own a home and feel the need to expand it, an Extension Loan is the best choice for funding such projects.

Home Improvement Loan

Also referred to as a home renovation loan, this kind of loan assists you in financing repairs and improvements to your property without requiring you to make any adjustments to the area of your current residence. It can be used for little or major house renovations, including painting, tiling, flooring, plumbing, waterproofing, and more.

Balance Transfer of Home Loans

This refers to moving a home loan from one bank to another for reasons such as reduced interest rates or superior services provided by the other bank.

Seller BT

The buyer may move the current loan to another bank for better service in order to buy the property that the seller has pledged.

Features

  • Home loan options to meet every client's needs
  • Competitive Interest Rates
  • Minimal Processing Fee
  • No Prepayment Penalty (for variable rate of interest)
  • No Part Payment Fees;
  • Daily Reducing Balance Interest Charges
  • Repayment terms of up to 30 years, or 35 years in some circumstances
  • Overdraft options for home loans
  • Women Borrowers' Interest Concession
  • Maximum Funding for Property Valuation

Eligibility Criteria

Age:
  • NRI salaried person: 23 to 60 years
  • Self-employed person: 25 to 65 years
  • Self-employed professional: 25 to 65 years
  • Salaried person: 21 to 58 years
Credit Score:
  • A credit score of 750 or higher is regarded as favourable for approval.
Income:
  • Salaried Person: Minimum monthly salary of ₹25,000, credited through a bank account with standard deductions.
  • NRI Salaried Person: Minimum monthly salary equivalent to ₹1,00,000, credited through a bank account.
  • Self-Employed Professional: Minimum annual net income of ₹3,00,000.
Experience:
  • Salaried Person: Minimum 2 to 3 years of experience in an MNC, Private Limited, or Public Limited company.
  • Self-Employed Person: Minimum 3 years of experience in the current field.
  • Self-Employed Professional: Minimum 2 years of experience in the current field.

Documents Required

Income Documents – Salaried
  • Address Proof
  • ID Proof
  • PAN
  • Form 16
  • Employee ID Card
  • Salary Slips for the last 6 months
  • Bank Account Statement for the last 6 months
  • Proof of Employment Duration
Self-Employed Individuals
  • Address Proof
  • ID Proof
  • PAN
  • Company PAN Card
  • Trade License
  • Registration Certificate for Shops, Factories or Other Establishments
  • GST Registration Certificate
  • Business Constitution Proof
  • Business Address Proof
  • ITR & Financial Statements for the last 3 years
  • Bank Account Statements for all business accounts for the last 12 months
  • GST Returns
Self-Employed Professional
  • Address Proof
  • ID Proof
  • PAN
  • Form 16
  • Employee ID Card
  • Salary Slips for the last 6 months
  • Bank Account Statement for the last 6 months
  • Proof of Employment Duration
Property Documents Required
  • Address Proof
  • ID Proof
  • PAN
  • Company PAN Card
  • Trade License
  • Registration Certificate for Shops, Factories or Other Establishments
  • GST Registration Certificate
  • Business Constitution Proof
  • Business Address Proof
  • ITR & Financial Statements for the last 3 years
  • Bank Account Statements for all business accounts for the last 12 months
  • GST Returns

Fees & Charges

Interest Rate:

Home loan interest rates starting from 8.5% onwards

Other Fees
  • Processing Fee
  • Login Fee
  • MODT Charge
  • Documentation Charges
  • Penal Charges
  • EMI / Cheque Bounce Charges
  • Legal Fee (if applicable)
  • Technical Fee (if applicable)
  • Other Notarization Charges

Frequently Asked Questions

A Home Loan is a financial product that helps you purchase, construct, Extend or renovate a house. It includes a sanctioned amount based on your eligibility, repayment tenure, and interest rate

Applicants can get home loan based on their eligibility. Most lenders offer home loans covering 75% to 90% of the property's value.

Yes, you can club the income of family members (like a spouse, parents, or siblings) in a home loan application, as a co-applicant, to increase loan eligibility and potentially secure a larger loan amount

Banks often view joint home loans with family members as a lower-risk proposition due to the established relationship and potential for shared financial responsibility. While possible, it's less common and may require a stronger financial relationship between all parties involve.

yes, companies can buy residential property in India, but it is essential to consider legal, financial, and operational factors. Despite challenges, corporate ownership offers tax benefits, liability protection, and investment opportunities

Home loans in India typically have a tenure ranging from 5 to 30 years. The loan duration affects your monthly EMI (Equated Monthly Installment).

You can avail deduction on the interest paid on your home loan .

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