Eligibility & Quotes from top PSU & Private Banks
Lowest Interest Rates starting from 8.40% p.a.
Affordable Interest Rates
Fast Approvals with minimal documentation
**The below EMI calculations are based on a tenure of 5 Years.**
Interest rate starting from 8.65% per annum with special rates for women borrowers
Fixed EMI for the entire loan tenure with loan tenure up to 30 years
Tax exemptions up to ₹1.5 lakhs and ₹2 lakhs on principal and interest portion respectively
Interest subsidy available via PMAY CLSS scheme for eligible applicants
Option to take top-up loan for home renovation, extension or reconstruction
Home loan balance transfer facility with loan amount based on outstanding balance
Availability of substitute income documents - ITR or annual turnover
Co-borrowers can also avail tax benefits if they are co-owners of the property
Check out below the different types of housing loans that banks & NBFCs offer to individuals in India.
Finance your dream home purchase with competitive interest rates and flexible repayment options.
Buy the perfect plot of land for your future home with specially designed plot loans.
Build your house from scratch with construction loans offering disbursal in installments.
Renovate and upgrade your existing property with specialized improvement financing.
Convert your existing home loan to a new one with better terms and conditions.
Add extra space to your current home with loans specifically for property extensions.
Lenders calculate the maximum loan amount eligibility based on your salary. Only 50% of your net take home salary is considered for calculating the eligibility which means you can get a higher loan amount if your salary is high.
The percentage of FOIR should be 75% or less for loan approval.
The existing loan EMIs, if any, can also impact your home loan eligibility. If a home loan applicant is already paying an EMI, that will be deducted from the 50% of the salary and the remaining amount would decide your maximum loan amount eligibility.
Lenders will approve a loan amount with monthly installments of ₹34,000 or less, even for the longest tenure. Your credit score can also help you fetch better deals.
The documents required to apply for a housing loan are a bit different for salaried and self-employed applicants. Below are the documents you need to submit along with loan application form:
Additional documents may be required based on the specific requirements of the lender or the nature of the property. It's recommended to check with your chosen bank or NBFC for their complete documentation checklist.
Below are common questions about Home Loans
A teaser home loan is an offering where the rate of interest will remain fixed for the first few years before floating rates will apply to the outstanding loan balance. As these loans are offered at higher rates than a full-fledged floating rate loan, having them won’t be good. Currently, as the economy continues to face challenges due to weak demand that has got accentuated further by the COVID-19 induced lockdown, floating rates will come down even further. The RBI, which advanced its monetary policy meet scheduled to be held in June to May 20-22, 2020, has lowered the repo rate by a further 40 basis point to 4%. So, possibly from June 1, 2020, you could see floating interest rates coming down to even below 7%. The weak demand may continue for some more time. This could only widen the difference of interest rate between a teaser home loan and a complete floating rate loan. So, choosing a teaser home loan will translate into massive interest payments which can be avoided using the repo-linked floating rate home loan.
It is a loan extended by banks and housing finance companies to individuals wanting to buy a plot. However, this loan would be given when you construct a home on the plot. Apply Nows
You need to submit the following documents:
The balance transfer will result in a reduced EMI that you need to pay every month. This will also reduce the overall interest payments on a home loan.
The home loan amount would depend on a variety of factors such as your income, age, property value, etc.