About Home Loan

Home Loan is a mortgage facility offered by lenders to borrowers for various housing needs such as purchase of a new home, under-construction home, land or plot for building a house or renovating an existing home. This facility is provided at interest rate starting from 6.70% p.a. and a tenure that is up to 30 years.

Housing is one of the most basic needs for humans along with food and clothing. Every youngster strives to build a house and makes it the first priority. This is preferred over other expenditure in household and basic needs. Housing is a major investment that allows a family to cut down on much other expenditure. The potential homeowner must first look out for the family’s monthly income and then look out for a loan which is generous so that he need not spend his entire life repaying the loan.

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Features & Benefits

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 wants 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.

Eligibility Criteria

To qualify for a Home Loan, you have to meet certain criteria. Below are the important factors that lenders take into consideration to decide your eligibility for a Home Loan.


  • 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


  • 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


  • Salaried Person - Minimum Rs. 10,000 per month
  • Self-Employed Person - Minimum Rs. 2,00,000 per year

Credit Score

  • A credit score of 750 is considered a good score for approval.

Documents Required

Below is some of the basic documents which are required at the time of Home Loan

Basic Documents

  • Aadhar Card
  • Pan Card
  • Recent Coloured Photograph
  • House Ownership Proof

Salaried Individuals

  • Form 16
  • Employee Identity Card
  • 3 Months Salary Slip
  • 6 Month Bank Account Statement
  • Duration of Employment Evidence

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

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

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, then have a look at some of the basic FAQs.

A home loan, is a loan provided by a financial institution to help you purchase or refinance a home. It is typically repaid in monthly installments over a specified term.

Qualification criteria can vary among lenders, but factors such as your credit score, income, employment history, and the property's value are commonly considered when determining eligibility.

Loan tenure refers to the length of time over which you'll repay your home loan. It can vary but is usually 15, 20, or 30 years. Longer tenures result in lower monthly payments but higher overall interest costs.

EMI stands for Equated Monthly Installment, which is the fixed monthly payment you make to repay your home loan. It typically includes both principal and interest portions.

Yes, most home loans allow for prepayment or early repayment. Some loans may have prepayment penalties, so it's essential to check with your lender.

Missing an EMI payment can result in penalties, increased interest costs, and negatively impact your credit score. It's crucial to communicate with your lender if you anticipate payment difficulties.