Home Loans

8.90% onwards
Upto 1.00% Min Rs. 5,000 Max Rs. 10,000
Max 30 years
8.60% onwards
Up to 0.80% (Salaried), Upto 1.20% (Self Employed)
Max 30 years
8.75 onwards
0.50% of loan amount Min Rs. 10,000 Max Rs. 10,000
Max 30 years

What Is A Home Loan?

When an individual plans to buy a home then he requires to borrow some amount of loan either from bank or from any financial lending company, that is known to be a home loan. This amount is given at a certain rate of interest to be paid in EMI every month by the borrower. Home loan is given on the property that is kept as a security by the bank for the home loan. This asset is kept to secure the amount by the lender in case borrower cannot pay the EMI in future. The lender has all the rights to sell the property in question to extract the outstanding dues.

Types Of Home Loan As Per Your Needs

There are many kinds of home loan that you can opt from:

Home Purchase Loan:

Borrower takes this loan to purchase his own home.

Renovation Loan:

This loan is taken to cover the expenditure done on repair and renovation of the home.

Land Purchase Loan:

If someone wishes to buy a piece of land then this loan can be an option.

Home Construction Loan:

When an individual wishes to build a new house then this loan comes into force.

Home Extension Loan:

If an individual plans to build up an extra room, bathroom or kitchen in his existing house, then this loan can be availed.

Joint Home Loan:

This loan is taken jointly by the spouses or two people to purchase a new home.

Home Loan Balance Transfer:

You can easily switch your outstanding home amount with another lender who offers better terms and conditions and lower interests.

Top Up Home Loan:

This kind of loan offers some more amount of money that you can borrow over your outstanding loan amount.

Factors To Consider While Applying For Home Loan

1) Look at the principal amount that you will be borrowing from the bank or financial institution. You must be able to pay it back as per your financial status.

2) You must take into the consideration the duration in which you will be paying back the loan amount. You have the liberty to select the duration as per your expected income in the future.

3) There are different rate of interest of banks and financial institutions that offers loan. Make sure that you choose the lowest rate of interest available so that you should not land up as a defaulter in any case. That way you will not burn a hole in your pocket and repayment of the loan will be easy.

4) EMI is the combination of the principal amount plus interest rate that you need to pay to the bank. It is divided into monthly installments that you will pay to the bank.

How To Apply For Home Loan

You will have to fill up a form either online or go in person to the bank or financial institution that you will choose for borrowing loan.
  • 1) Fill up the form available by entering your name, personal details and employment information in the given columns.

  • 2) Calculate the loan amount with the help of home loan eligibility calculator. This will also calculate the monthly EMI amount that you will pay to the bank.

  • 3) Upload the scanned copies of your documents.

  • 4) You can also apply via SMS by taking the SMS code and number from the bank where you will apply for the loan.