Find the perfect home loan with minimal documentation and lower interest rates!
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 t
hat 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 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 and Documents
Read on to know the criteria required to apply for our Home Loan.
Home Loan Eligibility
The basic home loan eligibility criteria are as follows:
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
EMI Calculator for Home Loan
The monthly part-payment that you make to repay your Home Loan is known as an Equated Monthly
Instalment (EMI). This monthly payment includes repayment of the principal amount of your loan divided over the period of the loan, with the
agreed interest amount on the outstanding amount of your home loan.
First Money online Home Loan EMI Calculator is essential to make an up-to-date decision to execute your Home
Loan Plan at optimum levels. This EMI calculator online aids you to perform complex computing functions to calculate your Home Loan Equated
Monthly Instalment accurately in an instant.
Fees and Charges for Home Loan
The fees and charges of home 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 home loans:
Particulars
Charges
Loan Processing Fees
0.25% to 2% of Loan Amount
Loan Cancellation
Nill - 5% (according to Bank/NBFC)
Stamp Duty Charges
As per the Value of the Property and State Tax
Legal Fees
As per actuals
Penal Charges
Usually 2% per month
EMI / Cheque Bounce Charges
Approx 500/-
Other fees and charges that lenders may levy on your Home loan include documentation charges, verification
charges, duplicate statement charges, NOC certificate charges and swap.
Home Loan FAQs
A home loan is a loan used to buy a home. It is repaid over 15 to 30 years and is secured by the property being purchased. If the borrower
fails to repay, the lender can take possession of the property.
To qualify for a home loan, you typically need a good credit score (usually above 620), a steady income, and a low debt-to-income ratio.
Lenders also consider your employment history. If you meet all of the lenders perimeters than you are eligible for a home loan.
Yes, you can usually prepay your home loan in two ways such as full prepayment and part prepayment. If you have the remaining principle amount
availabe with then you can fully pay the amount and close the loan or the payment also can be made in parts and the principle will be reduced by
the same amount.
No, it is not possible to secure 100% loan from the bank.However banks provide upto 90-95% of the agreement value.
The maximum home loan that you can get is not capped by any amount but it is given on the basis of the agreement value and also the borrorwers
income eligibilty and credit history. generally banks provide 90-95% of the agreement value.
Salaried professionals applying for a home loan need to provide proof of identity, address, and income, along with employment proof,
Professional certificate income tax returns, property documents, bank statements.
Yes, you can apply for a home loan jointly with a friend or family member. Lenders generally allow spouses, parents, siblings, or any other close
relatives to be joint applicants for a home loan. Some lenders may also allow unrelated individuals to apply together, provided they meet the
lender's eligibility criteria. However, it's important to note that all co-owners of the property must also be co-applicants for the loan.
Joint borrowers for a home loan can include family members, spouses, or any two individuals willing to take joint responsibility for repaying
the loan. Lenders typically require all co-owners of the property to be co-borrowers on the loan. Having a joint borrower can help increase
the loan eligibility, as the income and creditworthiness of both borrowers are considered. It's important for joint borrowers to understand
that they are equally responsible for repaying the loan, and any default can affect both borrowers' credit scores.
