Home Loan
A home loan, is a type of loan used to purchase a home or property. The borrower typically makes a down payment and then repays the loan amount, plus interest, over a period of 15 to 30 years. The interest rate on a home loan can be fixed or variable and is influenced by various factors such as the borrower’s credit score, income, and the state of the housing market. Home loans can be obtained from banks, credit unions, and other financial institutions. It is important to carefully consider the terms and conditions of a home loan before making a commitment.
EMI Details:
Monthly EMI:
Interest Amount:
Total Amount Payable:
Salaried applicants need to satisfy the following home loan eligibility criteria.
Home Loan Eligibility Criteria | Salaried Employees |
Eligible Age (Min-Max) | The applicant’s age should be minimum 24 years and maximum 60 years at the time of applying for a home loan if the applicant is a salaried employee. |
Eligible Income | Salaried applicants should have a minimum monthly income of ₹25,000 per month in a metro city, and a minimum monthly income of ₹20,000 in other cities. |
Minimum Loan Amount | The salaried applicants can avail a personal loan starting from ₹100,000, based on their eligibility. |
Maximum Loan Amount | The salaried applicants can avail a personal loan up to ₹35 Crores, based on their eligibility. |
Eligible City | 180 Cities across India. |
Co-applicant | Not mandatory, but only immediate family members can apply as a co-applicant. |
Employment | The salaried employees should have a minimum of 2 years of total work-experience, and at least 6 months in the current company. |
CIBIL | Required (750-900) |
Self-employed applicants need to satisfy the following home loan eligibility criteria.
Home Loan Eligibility Criteria | Self-Employed Professionals |
Eligible Age (Min-Max) | The applicant’s age should be minimum 24 years and maximum 65 years at the time of applying for a home loan if the applicant is a self-employed professional. |
Eligible Income | Self-employed applicants should have a minimum monthly income of ₹36,000 per month in a metro city, and a minimum monthly income of ₹30,000 in other cities. |
Minimum Loan Amount | The self-employed applicants can avail a home loan starting from ₹100,000, based on their eligibility. |
Maximum Loan Amount | The self-employed applicants can avail a home loan up to ₹35 Crores, based on their eligibility. |
Eligible City | 180 Cities across India. |
Co-applicant | Not mandatory, but only immediate family members can apply as a co-applicant. |
Employment | The self-employed applicants should have a minimum of 5 years of turnover, before they can apply for a home loan. |
CIBIL | Required (750-900) |
| Banks/NBFC | Institution Type | Minimum Loan Amount | Maximum Loan Amount | Minimum Tenure | Maximum Tenure | Home Loan Interest Rates | Fees & Charges |
| Axis Bank | BANK | ₹3,00,000 | ₹500,00,000 | 1 Year | 30 years | 6.90% – 8.55% | Up to 1% (min of ₹10,000) + GST as applicable |
| Citibank | BANK | ₹2,10,000 | ₹10,00,00,000 | 1 Year | 25 years | 6.75% – 8.03% | ₹10,000 + 0.20% of the Loan Amount + GST as applicable |
| DHFL | HFC | ₹1,00,000 | ₹30,00,000 | 1 Year | 30 years | 8.75% – 11.07% | ₹2,500 + GST as applicable |
| HDFC Bank | BANK | ₹1,00,000 | ₹10,00,00,000 | 1 Year | 20 years | 6.80% – 8.00% | Up to 0.50% or ₹ 3,000 (whichever higher) + GST as applicable |
| ICICI Bank | BANK | ₹5,00,000 | ₹3,00,00,000 | 1 Year | 30 years | 6.90% -8.05% | 0.5% + GST as applicable |
| IDFC | BANK | ₹10,00,000 | ₹10,00,00,000 | 1 Year | 30 years | Salaried: 7.00% – 10.35% | ₹10,000 to 0.20% of the Loan Amount + GST as applicable |
| Self Employed:7.05% – 10.8% | |||||||
| Indiabulls | NBFC | ₹15,00,000 | ₹30,00,00,000 | 1 Year | 30 years | 8.99% | ₹10,000 to 1.00% + GST as applicable |
| IndusInd Bank | BANK | ₹1,00,000 | ₹1,00,00,000 | 1 Year | 30 years | 8.00% – 15.00% | ₹5,000 to 2% + GST as applicable |
| Kotak Mahindra Bank | BANK | ₹5,00,000 | ₹10,00,00,000 | 5 years | 20 years | 6.75% | 0 for online application; Offline application – Upto 1.25% + GST as applicable |
| LIC Housing | HFC | ₹1,00,000 | ₹10,00,00,000 | 1 Year | 30 years | 6.90% – 7.90% | ₹10,000 – ₹15,000 + GST as applicable |
| PNB Housing Finance Ltd. | HFC | ₹50,000 | ₹ 75,00,000 | 1 Year | 30 years | 7.35% – 9.10% | 1% + GST as applicable |
| Punjab National Bank | BANK | ₹1,00,000 | ₹500,00,000 | 3 Months | 30 years | 6.80% – 9% | 0.35% + GST as applicable (Min- ₹2,500/; Max- ₹15,000/) |
| Standard Chartered Bank | BANK | ₹10,00,000 | ₹35,00,00,000 | 1 Year | 25 years | 7.99% – 9.85% | Up to 1% + GST as applicable |
| State Bank of India | BANK | ₹5,00,000 | ₹200,00,000 | 5 years | 30 years | 6.80% – 7.35% | ₹10,000 + 0.20% + GST as applicable |
| Tata Capital | NBFC | ₹2,00,000 | ₹500,00,000 | 1 Year | 30 years | 6.90% – 8.75% | 0.5% + GST as applicable |
| Reliance Home Finance Ltd. | HFC | ₹1,00,000 | ₹10,00,00,000 | 1 Year | 30 years | 9.75% | Up to 2% + GST as applicable |
| Vastu Housing Finance Corporation Ltd. | HFC | ₹500,000 | ₹50,00,000 | 1 Year | 20 Years | 12.5% – 16.5% | Up to 2% + GST as applicable |
Here is a checklist of the documents required to apply for a home loan.
- Passport Size Photographs
- Identity Proof: Passport / Driving License / Voter ID / PAN Card / Aadhaar Card.
- Address Proof: Driving License / Registered Rent Agreement / Electricity Bill (up to 3 months old) / Passport.
- Employment Appointment Letter: Required if the current employment is less than 1-year old.
- Financial Documents:
o Last 3 months salary slip.
o 6 month bank statement.
o 2 year Form 16. - Property Documents: Sale deed, Khata, transfer of ownership.
- Advance Processing Cheque: A cancelled cheque for validation of bank account.
- Financial Documents:
a. For Salaried Individual: 3 month salary slip, Form 16 and bank statement
b. For Self-Employed Individual: IT returns for last 2 years along with computation of income tax for past 2 years certified by a Chartered accountant
c. For Self-Employed Non- Professionals: IT returns for last 3 years along with computation of income tax for past 2 years certified by a Chartered accountant
- Complete Home Loan Application form duly filled.