Turn your dream home into reality with our competitive home loan options.
A home loan, also known as a mortgage, enables you to purchase or construct your dream home by leveraging financial assistance. This secured loan is backed by the property itself. Whether you're buying a new house, constructing one on your plot, extending your current property, or improving it, a home loan is the perfect solution. With competitive interest rates and flexible terms, we make homeownership more accessible.
Home Loan Features
- Attractive Interest Rate
- Maximum Loan Amount
- Flexible Tenure
Home Loan Scenarios
Purchase Home
Directly from a builder or a reseller.
Home Construction Loan
If you already own a plot and need financial assistance to build the house. In such cases, the loan is provided to construct the house.
Home Extension Loan
If you already own a home and wish to extend it, whether adding another floor or additional rooms, a home extension loan is the right option.
Home Improvement Loan
Enhancing and upgrading your home is key to improving your quality of life. From updating old furniture and fixtures to fixing faulty lighting, a home improvement loan provides the funds you need to make it happen.
Home Loan for Non-Resident Indians (NRI)
If you are an NRI and want to own a residential property in India, an NRI home loan is the product that can fulfill your wish.
Each loan product category has its own policies, application requirements, and processing formalities.
Home Loan Eligibility Criteria
The basic eligibility criteria for a home loan are as follows, though specific requirements may vary from bank to bank.
- Age
For Salaried: Minimum – 21 Years, Maximum – 65 Years
For Self Employed: Minimum – 24 Years, Maximum – 65 Years - Income
Salaried: Rs. 10,000 / month
Self Employed: Rs. 2,00,000 / year - Employment
Salaried: Minimum 2 years of experience
Self Employed: Minimum 3 years of experience in the current field - Credit Score – CIBIL
A score of 750 is considered good for approval and a favorable deal.
Documentation for Home Loan
For Salaried Individuals
- KYC Documents
PAN Card & Aadhar Card - Company I-Card
(I card from employer) - Income Documents
Salary Slips of Last 3 Months
Bank Account Statement of 6 Months
Proof of employment duration in the current job / Certificate of employment duration and position
For Self Employed Individuals
- KYC Documents
PAN Card & Aadhar Card - Firm / Company Documents
Partnership Deed
Articles of Association and Memorandum of Association
ROC registration certificate
GST / PAN / and other statutory registrations as per business type
Audited Financial Reports
GST Reports
Profit & Loss statement
Balance Sheet
Bank Account Statement of 6 Months
Professional Certificate and Practice License for Doctors, CA, etc.
Address proof of Business
Registration Certificate of Shops & Establishments, Municipal Corporation etc.
Property Document
The documents required will change as per the property purchase type – From builder or resale.
Frequently Asked Questions
A home loan is a financial product that allows individuals to purchase or construct a house by borrowing money from a bank or financial institution. The loan is repaid in monthly installments (EMIs) over a fixed tenure, and the property serves as collateral until the loan is fully paid.
Banks and financial institutions in India typically offer loans up to 80%-90% of the property's market value, depending on your eligibility and the lender’s policy.
Eligibility depends on factors such as income, age, credit score, employment stability, and existing financial obligations and the property’s value. Most lenders prefer a CIBIL score of 750 or higher. Lenders assess these to determine the loan amount you qualify for.
Yes, home loans in India can be prepaid partially or fully. However, some lenders may charge a prepayment penalty, especially for fixed-rate loans.
Commonly required documents include proof of identity, address, income (salary slips or IT returns), property documents, and bank statements for the last 6-12 months.
Yes, you can apply jointly with co-applicants, such as your spouse, parents, or siblings. This can increase your loan eligibility as their income is also considered.
Yes, under Section 80C and Section 24(b) of the Income Tax Act, you can claim deductions on the principal and interest paid on your home loan.
Under Section 80C of the Income Tax Act, you can claim a deduction of up to ₹1.5 lakh on the principal repayment. Under Section 24(b), a deduction of up to ₹2 lakh is allowed on interest payments for a self-occupied property.
Missing EMIs can impact your credit score and lead to penalties. Prolonged defaults may result in the lender initiating legal action or repossessing the property.
Home loans in India typically have a maximum tenure of 30 years, depending on the lender's policies and your age at the time of application.
A higher credit score improves your chances of approval and can result in better interest rates. Lenders generally prefer a score of 750 or above.
Yes, many banks offer loans specifically for purchasing residential plots, known as land or plot loans. However, the terms and conditions may differ from regular home loans.
A balance transfer involves transferring your existing home loan from one lender to another to benefit from lower interest rates or better terms.
As per RBI guidelines, lenders cannot charge prepayment penalties on floating-rate home loans. However, fixed-rate loans may attract such charges. It's advisable to check with your lender.
A higher credit score indicates good creditworthiness, increasing the chances of loan approval and favourable interest rates. Lenders typically prefer a CIBIL score of 750 or above.