Home Loan

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Overview

A home loan, also referred to as a mortgage or housing finance, is a financial solution that helps individuals buy or build their own homes. It is typically a long-term borrowing arrangement offered by banks, housing finance companies, and other lending institutions. The property being purchased or constructed serves as collateral, securing the loan for the lender. Various financial entities, including banks, housing finance companies, and non-banking financial companies (NBFCs), offer these types of loans.

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Eligibility Criteria

Age

Applicants are generally required to be at least 21 years old. The maximum permissible age can range between 60 to 70 years, subject to the policies of the lending institution.

Income

A consistent and reliable income source is essential to ensure the applicant’s ability to meet loan repayment obligations.

Employment Status

Home loans are available to salaried employees, self-employed individuals, professionals, and entrepreneurs.

Credit Profile

Maintaining a strong credit history enhances loan approval prospects and may also help secure more favorable interest rates.

Key Features of Home Loans

Loan Amount

The sanctioned loan amount is typically based on the applicant’s income level, ability to repay, and the market value of the property being financed.

Interest Rate

Home loans may carry either fixed or floating interest rates. These rates vary across lenders and are influenced by current market trends as well as the borrower’s creditworthiness.

Loan Tenure

The repayment period usually ranges between 5 to 30 years, depending on the lender’s policies and the borrower’s chosen repayment plan.

Down Payment

Borrowers are generally required to contribute a portion of the property's purchase price upfront, with the balance being funded through the loan.

Processing Fee

Lenders levy a processing fee, calculated as a percentage of the total loan amount, to cover the administrative costs of evaluating and processing the loan application.

Tax Benefits

Eligible borrowers can claim tax deductions on both the principal repayment and the interest paid on the home loan under the provisions of the Income Tax Act, subject to certain conditions.

Documents Required

Required in Soft Copy Only

Basic

  • Completed Loan Application
  • ID Proof Aadhaar,PAN card,Driving license, Voter Id or Passport
  • Address Proof Bank Statement or Utility Bills - E.g.- Electricity Bill / Water Bill / Property Tax
Soft Copy Only

Income Proof for Self-Employed Individuals:

  • Balance Sheet and Profit & Loss Statements certified by a Chartered Accountant.
  • Income Tax Returns (ITR) ITRs for the past 2-3 years, along with computation of income and tax paid
  • Bank Statements Usually for Last 6 months' bank statements of your personal and business accounts.
Required in Soft Copy Only

Income Proof for Salaried Individuals:

  • Salary Slips: Recent salary slips (generally for the last 3 to 6 months).
  • Form 16 Income Tax Return form issued by your employer.
  • Bank Statements Typically, the last 6 months' bank statements showing salary credits.
Required in Soft Copy Only

Employment/Business Proof

  • For Salaried Individuals (i) Employment certificate, appointment letter, or work experience certificates.
  • For Self - Empoyed Individuals Business registration documents, GST registration, professional practice certificate, etc.
Soft Copy Only

Property Documents

  • Agreement to Sell A copy of the agreement made between the buyer and seller of the property.
  • Property Title Deeds Documents establishing the ownership and title of the property.
  • Approved Buidling Plan In the case of construction loans, the approved plan and necessary permissions.

Types of Home Loans

Home Purchase Loan

This is the most widely used home loan product, offered to individuals looking to buy a new residential property, such as a house, apartment, or residential plot.

Home Improvement/Renovation Loan

Designed for homeowners who plan to upgrade or renovate their existing property — whether it’s remodeling the kitchen, constructing additional rooms, or refurbishing interiors like bathrooms.

Balance Transfer Loan

This facility allows borrowers to shift their outstanding home loan balance from their current lender to another financial institution, often to take advantage of lower interest rates or improved loan terms.

Home Construction Loan

Meant for individuals intending to build a new home on land they already own. The loan amount is usually disbursed in phases, in line with the progress of construction work.

Home Conversion Loan

Ideal for borrowers who have an ongoing home loan but wish to buy a new property. This facility allows them to transfer their existing loan balance to the new property.

Pradhan Mantri Awas Yojana (PMAY) Loan

A government-backed scheme that offers subsidized interest rates on home loans to eligible individuals from economically weaker sections (EWS), lower-income groups (LIG), and middle-income groups (MIG), making homeownership more affordable.

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