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Education Loan
A home loan, or housing loan, is a secured loan provided by banks and financial institutions that allows individuals to borrow funds to purchase, construct, or renovate a residential property. The property itself serves as collateral for the loan until it is fully repaid. The borrower repays the loan in installments, called Equated Monthly Installments (EMIs), over a predetermine period.
Features and Benefits of our Home Loan
You can choose from several lenders offering excellent home loan rates paired with EMI options that are both affordable and convenient.
- Flexible Repayment Periods: Loan tenures usually range from 5 to 30 years, allowing you to choose a repayment plan that aligns with your financial goals and comfort level. Longer tenures reduce EMI amounts, making it easier to manage payments.
- Tax Benefits on Principal and Interest: Home loans are eligible for tax deductions under various sections of the income tax laws. You can claim deductions on both the principal repayment and the interest amount paid, reducing your taxable income and helping you save money.
Affordable Monthly Installments (EMIs): Repayments are broken down into easy monthly installments, allowing you to plan your budget effectively. EMI options can be customized based on your income, helping you manage finances without strain.
Financial Security and Asset Creation: Investing in property through a home loan helps build long-term assets, increasing your net worth. It also adds financial stability by providing a secure place to live and potentially appreciating property value over time.
Home Loan Eligibility
The fundamental requirements for qualifying for a home loan include:
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.
Required documents 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
Fees and Charges for Home Loan
Home loan fees and charges typically differ depending on the lender and individual circumstances. The table above provides a general overview of the common fees and charges associated with home loans.
Features and Benefits of our Home Loan
You can choose from several lenders offering excellent home loan rates paired with EMI options that are both affordable and convenient.
- Flexible Repayment Periods: Loan tenures usually range from 5 to 30 years, allowing you to choose a repayment plan that aligns with your financial goals and comfort level. Longer tenures reduce EMI amounts, making it easier to manage payments.
- Tax Benefits on Principal and Interest: Home loans are eligible for tax deductions under various sections of the income tax laws. You can claim deductions on both the principal repayment and the interest amount paid, reducing your taxable income and helping you save money.
Affordable Monthly Installments (EMIs): Repayments are broken down into easy monthly installments, allowing you to plan your budget effectively. EMI options can be customized based on your income, helping you manage finances without strain.
Financial Security and Asset Creation: Investing in property through a home loan helps build long-term assets, increasing your net worth. It also adds financial stability by providing a secure place to live and potentially appreciating property value over time.
Home Loan Eligibility
The fundamental requirements for qualifying for a home loan include:
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.
Required documents 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
Fees and Charges for Home Loan
Home loan fees and charges typically differ depending on the lender and individual circumstances. The table above provides a general overview of the common fees and charges associated with home loans.
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