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Home Loans

A Home Loan is a secured loan product where the lender provides finances for the purchase or construction of a residential/commercial property. One can also avail a housing loan to buy a plot of land and construct on it. Home Loans are also issued to extend / repair / renovate / alter a new or secon-hand property.

The Home Loan is taken by a borrower against the property/security to be bought. This is done by giving the banker a conditional ownership over the property i.e. if the borrower fails to pay back the loan, the banker can retrieve the lent money by selling the property.

Home Loan Eligibility Criteria:

Home Loan eligibility depends upon various factors. A few of them are listed here –

Income - Your income determines the amount of home loan you are eligible for. Banks generally keep the EMI to income ratio at 0.45 to 0.50.
Tenure - The longer tenure you opt for, the more is your home loan eligibility and the lesser is your EMI.
Age - Your age will determine your home loan tenure and hence your eligibility.
Interest Rate offered - Banks offer Fixed and Floating Rates of Interest. If your interest rates are on a lower side, then the loan eligibility will be higher.
CIBIL Score - Your credit report tells the bank about your repayment capacity and hence determines if you’re eligible for a loan.

Home Loan Interest Rates:

Home Loan in India can primarily be classified into two based on interest rates: fixed rate and floating rate of interest.

Documents Required for Home Loan

Salaried Customers	Self Employed Professionals	Self Employed Businessman
Application form with photograph	Application form with photograph	Application form with photograph
Identity and Residence Proof	Identity and Residence Proof	Identity and Residence Proof
Latest Salary-slip	Education Qualifications Certificate and Proof of business existence	Education Qualifications Certificate and Proof of business existence
Form 16	Last 3 years Income Tax returns (self and business)	Business profile
Last 6 months bank statements	Last 3 years Profit /Loss and Balance Sheet	Last 3 years Profit /Loss and Balance Sheet
Processing fee cheque	Last 6 months bank statements	Last 6 months bank statements (self and business)
Processing fee cheque	Processing fee cheque	Processing fee cheque

Home Loan Banks, Service Providers and Companies

HDFC Bank
ICICI Bank
AXIS Bank
IDBI Bank
Kotak Mahindra Bank
Bajaj Finserve
Citibank
DCB (Development Credit Bank)
Deutsche Bank
DHFL
EDELWEISS

Fulletron
HDB Financial Services
HDFC LTD
HSBC
IndiaBulls Financial Services Pvt Ltd
Indusind Bank
Kotak Mahindra Bank Ltd
Magma Finance
PNB Housing Finance Ltd
Reliance Commercial Finance
Tata Capital