your dream home.

Planning to invest in your dream home? Choose from the best home loan offers for easy financing. Whether you want to buy a home or construct it from scratch, you can get access to funds that can make it a reality.  

There are various home loan products that you can choose from based on your requirements:

• Purchase of apartment You can get a home loan for a residential apartment complex that is under construction or already ready to move in. 
• Purchase of bungalow/independent house Get a home loan to purchase a ready-to-move-in or under construction bungalow or independent house. 
• Purchase of land/plot You can buy a vacant plot for construction. Some banks insist that you must begin constructing your property within one year of purchasing the land. 
• Home renovation These loans are for the improvement or renovation of an existing house or apartment.  
• Construction of house You can avail of a loan for the construction of property if you have permission from the municipal corporation and an approved building plan. 
• Balance transfer Transfer an existing home loan to another bank or NBFC that gives you better home loan eligibility criteria and interest rates. 

• Capital appreciation
• Sense of accomplishment
• Tax benefits on interest and principal components
• Zero prepayment charges
• Home loan top up and balance transfer facility
• Long repayment tenure of up to 30 years
• High loan amount of up to 5 Crores (can be more in some cases)
• Makes it easy to purchase a new or resale house/apartment/plot, house construction, or even renovation of an existing house.
• Repayment holiday facility
• Loan available as term loan and overdraft
• Fixed, floating, and hybrid rates of interest available

Some common types of home loans available in India are:

• Home loan for purchase of a flat in an apartment complex: Banks finance their customers to buy flats in residential complexes. Here you have the concept of an Undivided Share (UDS) in the land.
• Home loan for purchase of an individual house: This is similar to the type of Home Loan described above however there is no concept of ownership of UDS. The entire land belongs to the borrower. Naturally, such houses have a better resale value.
• Home loan for purchase of land/plot: Banks finance their customers for the purchase of vacant plot or land for subsequent construction of house. Usually, banks stipulate that the construction of the house should begin within one year of purchase of land for the loan to be treated as a home loan.
• Home loan for construction of a house on own land/land: You can avail a loan for constructing your house on your land. Banks have their methods of determining the cost of construction. Naturally, you need to obtain the requisite permission from the local municipal authorities for constructing your house on the land. You need to have an approved plan as well.
• Home loan for home improvement/extension: You can approach a bank for financing home improvement or for extending the house. In the latter case, you need to have the requisite approvals and plans in place.
• Home loan balance transfer: This facility allows you to switch over your Home Loan from one bank to the other. If you have a high-interest Home Loan, availing this facility can be useful. You could transfer your outstanding loan amount to another lender at low interest rate, thus saving on interest cost.

You can now apply for a home loan online using a few simple steps:

• Click on the ‘Compare and Apply’ option. 
• Fill in the necessary details and get all the latest home loan details. 
• Fill up the online submission form for a home loan that you are eligible for and upload the home loan document required. 
• Once the application has been received by the bank, you will get a sanction letter if it is approved. 
• The loan is disbursed into your account based on the terms in the sanction letter. 

You can now apply for a home loan online using a few simple steps:

• Click on the ‘Compare and Apply’ option. 
• Fill in the necessary details and get all the latest home loan details. 
• Fill up the online submission form for a home loan that you are eligible for and upload the home loan document required. 
• Once the application has been received by the bank, you will get a sanction letter if it is approved. 
• The loan is disbursed into your account based on the terms in the sanction letter. 

Various factors go into the determination of your Home Loan eligibility. The basic rules for salaried people and self-employed people are the same. Some banks stipulate a higher take-home pay percentage for self-employed persons.

• Your current income: Salaried employees can submit salary slips for the last three months and furnish a bank statement for the past six months where their salary is credited. Self-employed professionals should submit the statement of accounts for one year where they receive the credits for the services rendered by them.
• Continuity of employment/business: Salaried employees can rely on their income tax returns, Form 16, Form 26AS, etc to display their continuity of employment. They can also show a statement of the Provident Fund account to establish the links. Self-employed businessmen and professionals can furnish the income tax returns along with other financial statements like balance sheet and profit and loss statements. They can also furnish copies of invoices raised by their clients.
• Current obligations: It is possible that an applicant might have pre-existing personal loans, vehicle loans, and other loans for which they might be paying instalments. You have to account for these instalments as well while calculating Home Loan eligibility.
• Credit history: The repayment track record of the applicant is of utmost importance. Every bank or financial institution is a member of CIBIL or another credit bureau. These bureaus keep track of the loan activities of every borrower. Based on this information, they generate your credit history profile and quantify the same by generating your credit score. This is a number ranging between 300 and 900. The higher your score, the better are your chances of getting a loan. Naturally, it goes without saying that defaults, frequent requests for loans or missing payments can pull down your credit score. A score of 600 and above is considered fair for determining HL eligibility.
• Value of the property: The value of the property you purchase is important. The financing bank needs to determine the cost of the project it is going to finance. Banks usually finance up to 75% - 90% of the value of the property (also known as LTV or Loan to Value Ratio) with the balance being your contribution or margin as they call it.
• Legal position: The prime security for any home loan is a mortgage of the land and building they have financed. You have to create the mortgage and register the same with the respective registering authorities. In order to do so, you must be legally empowered to create the mortgage. Hence, banks and financial institutions insist on a legal scrutiny report from their panel of advocates who carry out a search for the previous 30 years to establish the ownership chain.
• Age of the borrower: The minimum age of the borrower at the time of home loan application should be 21. The age at the time of maturity should generally be 65 years. Some banks stretch this limit to 70 years

Every customer has to satisfy the Know Your Customer (KYC) norms stipulated by RBI. You have to provide the documents relating to your KYC, employment, business, and income.

Identity Proof

• PAN Card
• Aadhar Card
• Voter ID
• Driving Licence
• Passport 

Address Proof

• Registered Rent agreement
• Aadhar Card
• Driving License
• Lease agreement
• Passport
• Latest Gas or electricity bill

Other documents:

• Loan application form duly filled in
• Photographs
• Signature Proof
• Property documents:
• Copies of all property documents that can establish the chain of ownership for the past 30 years.
• Encumbrance certificate for 30 years
• Property tax paid receipt in case you reside in the property being mortgaged (usually when you apply for Home Loan Balance Transfer).

Income Proof Documents: 

• Salary slips for the last 6 months in case you are a salaried employee (In addition, you can provide IT returns for the past 3 years along with Form 16).
• IT returns for the past 3 years in case you are self-employed (Some banks accept 2 years IT returns as well).
• Statement of A/c for the past 1 year where your salary is credited (in case of salaried people).
• Profit and Loss statement and Balance sheet for the last 2 years in case of self-employed persons.
• Sales tax, GST registration certificates, if applicable.
• Partnership deed in case of partnership firms (if the applicant is one of the partners).
• Certificate of Incorporation in case of limited companies(if the applicant is one of the directors).

Documents Required from Non-Resident Indians (NRIs) Applicants

• Employer identity card
• Valid passport and visa (attested copy)
• Address proof with the current overseas address
• Copy of Continuous Discharge Certificate (CDC) for merchant navy employees.
• PIO card issued by Government of India (for PIOs)
• Documents must be attested by FOs/Rep. Offices or Overseas Notary Public or Indian Embassy/Consulate or officials of Branch/Sourcing outfits based in India.
• Home loan application - completed and duly filled
• 3 passport size photographs
• Identity proof (any one): PAN/ Passport/Driving License/Voter ID Card
• Residence proof (any one): Recent copy of Utility Bills/Piped Gas Bill/Passport/Driving License/Aadhar Card.

Income Proof Documents for NRI

• For Salaried
• Valid work permit
• Employment contract with an English translation (if it’s in another language) duly attested by employer/consulate/Indian foreign office/Embassy. 
• Last 3 months’ salary certificate or salary slips
• Last 6 months’ bank statements showing salary credit
• Latest salary certificate or salary slip in original 

Last year’s Individual Tax Return (duly acknowledged copy) except for NRIs/PIOs located in Middle East countries & Merchant Navy employees.

• For Self-employed
• Business address proof
• Income proof in case of self-employed professionals/businessmen.
• Last 2 years’ balance sheet and P&L accounts (audited/C.A. certified).
• Last 2 years’ Individual Tax Return except for NRIs/PIOs located in Middle East countries
• Last 6 months’ bank statements of overseas account(s) in the name of individual as well as company/unit.

To make the most of the home loan offers, here are few tips that can help you:

• Choose a lower repayment tenure to avoid paying exuberant amounts towards your interest rate. 
• Make sure you repay your EMI on or before the due date to prevent late payment charges and lower credit scores. 
• If you have the option to transfer the balance to a bank that offers a lower rate of interest, opt for it. 
• Take a loan quantum that you need even if you are eligible for a higher LTV. 

When you decide to apply for a Home Loan, you need to assess your repayment capability so that you don't end up in any financial problems and can find the cheapest home loan. Home Loan EMI Calculator is a useful tool in this regard for calculating the EMI (equated monthly instalment) of a Housing Loan. It is a free of cost user-friendly tool that can be used anytime and from anywhere to calculate the monthly instalments you will have to pay. The Home Loan EMI Calculator requires you to enter a few home loan details to give you an accurate result, such as loan amount, interest rate, and repayment tenure.

Applying for a Home Loan may seem like a daunting task and information on Home Loan can be confusing as each bank will have its individual Home Loan scheme and interest rate. It can become difficult for you to compare the individual rates and make an informed decision.

MyMoneyMantra can help you procure all the information at a single place whereby you can compare the different rates on a single screen. In addition, we can help you seal the best home loan deal depending on your demographics, income, and repaying capacity. We have over 30 years experience to guide you about various aspects of your Home Loan. This includes helping you opt for the bank that provides the following:

The lowest rate of interest

Lowest processing fees

Easy documentation

Fastest loan turnaround time

Terms of foreclosures and prepayment of Home Loan instalments.

Transaction charges such as the creation of mortgage and payment of stamp duty.

Our home loan specialists can help you to:

Assess your personal profile

Analyse your previous repayment record

Understand the various policies of the banks financing home loans.

Understand the fine print, especially in case of home loan offers that seem overly attractive.

We can help you realize your dream of acquiring your own house.

• MCLR (marginal cost of funds based lending rate) is associated only to floating interest rate home loans. So, if your home loan comes with a fixed rate of interest, the MCLR will not affect the home loan. 
• Any change in repo rate will decide whether you gain or lose with the MCLR.
• When a bank changes its MCLR, there will be a change in your floating rate home loan as well. 
• Banks usually adjust the change in floating rate, by changing the tenure of the loan and keeping the EMI constant.
• For instance, if you take a home loan at a floating rate of 8% and after one year, your bank reduces its MCLR by 50 bps. Hence, your home loan interest rate associated with MCLR rate will also be reduced by 50 bps at a rate of 8.50%. 

Your home loan application can be rejected due to many reasons, such as poor credit score, error in credit report, delay in loan repayment, changing job frequently, employer not falling in the lender’s lending category, incomplete documentation, issues with the property, high level of debt, borrower’s age, not obtaining No Dues Certificate from previous lenders, and so on. 

• To avoid home loan application rejection make sure that:
• Your job or business is stable (at least from the last 2 years).
• You have a good credit score (650 or above).
• Your documentation is complete and accurate.
• The property to be purchased is in the lender’s approved list.
• You obtain ‘No Dues Certificate’ from your previous lenders.

• Do a thorough research on home loan options available in the market before applying.
• Calculate all the charges (interest rate, processing fee, etc.) associated with the home loan and aim for the affordability before the beginning of the home loan process. Make sure you are able to afford EMIs without hampering your cost of living.
• Check your home loan eligibility before applying for the loan. You can use a Home Loan eligibility calculator for this purpose.
• Keep all the required documents (KYC, income, property, and other documents) ready when applying for a loan.
• Choose EMIs that are suitable to you. Also, making a bigger down payment will reduce your loan burden. It is best to choose an EMI amount that does not exceed 45% of your total income.
• Choose accurate tenure. While opting for a long tenure might result in a small EMI amount, it will adversely increase the interest cost, resulting in making your loan more costly. Choose a short repayment tenure and higher EMIs if your income and budget allows.
• Follow a strict budget and spend cautiously as you have a home loan EMI to repay every month for a long period.
• Maintain a good CIBIL score by making timely credit card payment or a loan repayment. It will improve your chances of home loan approval.
• Know the foreclosure terms and charges of the lender. It will be useful when you will be planning to foreclose your home loan.
• Go through the home loan agreement documentation carefully before signing it.

If you are confused about how to get a home loan, you can apply online for a home loan through MyMoneyMantra or from the lender's website. You can also visit the nearest branch of the loan provider or call their home loan customer care department. When you decide to get a home loan apply online for fast processing.

SBI, HDFC, ICICI, Yes Bank, PNB, and Kotak Mahindra are some of the best banks for home loans in terms of their services and rates.

You can calculate home loan EMI by using Home Loan EMI Calculator available on our website.

You can get a maximum of 90% of the cost of the property as a home loan, depending on your eligibility, creditworthiness, property’s value, and other factors. 

Your eligibility for home loan amount is dependent on various factors, such as income, age, employer, CIBIL score, location of the property, property’s cost, etc. Every bank has its own eligibility criteria.

EMI for a loan amount of Rs. 20 lakhs depend on the repayment tenure and interest rate applicable on the loan. For example if you pay 8.50% p.a. rate of interest for Rs. 20 lakhs loan amount for a tenure of 30 years, your EMI will be Rs. 15,237 You can use our Home Loan EMI Calculator to calculate your loan EMI.

EMI for a loan amount of Rs. 20 lakhs depend on the repayment tenure and interest rate applicable on the loan. For example if you pay 8.50% p.a. rate of interest for Rs. 20 lakhs loan amount for a tenure of 30 years, your EMI will be Rs. 15,237 You can use our House Loan EMI Calculator to calculate your loan EMI.

No, you cannot get a 100% home loan from any bank, housing finance company, non-banking financial company, or other lenders. Lenders usually finance around 75% to 90% of the property’s cost as home loan amount and the remaining 10% to 25% has to be borne by you.

You can apply for a home loan under PMAY (Pradhan Mantri Awas Yojana) to avail home loan subsidy of up to Rs. 2.67 lakhs per year till the end of the tenure (up to 20 years maximum). 

You must have a CIBIL score of 650 or above to be eligible for a home loan.

When you apply for a home loan, most banks require you to have an ITR of at least the last two years. 

Currently HDFC Bank is offering the lowest home loan interest rate starting from as low as 8.50% p.a. ICICI Bank, HDFC, and SBI are offering home loans at interest rates starting from 8.50% - 9.40% p.a.

There are several home loan offers that you can choose from. Currently, HDFC Bank offers very low-interest rates comparatively. However, you need to assess all the features of the loan and compare different banks before choosing a plan for yourself.

You can get loans up to Rs.10 crores. However, the maximum loan quantum varies from one bank to the other and also depends upon the eligibility criteria that the applicant fulfills.

The property that you purchase, construct or renovate is used as the collateral against the loan. So you do not have to provide any additional security or collateral.