A home loan, also known as a mortgage, is a financial product that allows individuals to borrow money from a bank or lending institution to purchase, build, or renovate a residential property. The borrower agrees to repay the loan amount, along with interest, over a predetermined period—typically ranging from 10 to 30 years. Home loans usually require a down payment, and the property itself serves as collateral until the loan is fully repaid. Interest rates can be fixed, floating, or a combination of both, depending on the terms of the loan agreement. Home loans make homeownership more accessible by spreading the cost over time and are available for a variety of property types, including new homes, resale properties, and under-construction homes.

Features and Benefits of our Home Loan

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.

• 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 wish 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.

Home Loan Eligibility

Age:

• 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

Income:

• Salaried Person - Minimum Rs. 10,000 per month

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

Employment:

• 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

Credit Score:

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

Documentation for Home Loan

Income Proof Documents

1. Salaried Individuals

• Form 16

• Employee Identity Card

• 3 Months Salary Slip

• 6 Month Bank Account Statement

• Duration of Employment Evidence

2. 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

3. 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

Fees and Charges for Personal Loan

The fees and charges of personal loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to personal loans:

Personal Loan FAQs