A home is the largest investment anyone ever makes. Make your dream house with an easy and quick Home Loan. Apply today with the help of our aces.

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A home is the largest investment anyone ever makes. Make your dream house with an easy and quick Home Loan. Apply today with the help of our aces.

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What is a Home Loan?

When a specific amount of money is borrowed from the bank or NBFC for purchasing, expanding, or constructing a home at a specific fixed or floating interest rate is termed a Home Loan. This type of loan is payable in EMIs over an agreed period. Also, the property remains as security with the lender for the loan period. One can get a home loan for:

  • Purchasing Residential Property
  • Acquiring Land
  • Home Construction
  • Home Expansion
  • Home Renovation
  • Balance Transfer, and so.
  • Loan Eligibility

    Home Loan Eligibility Criteria

    For a Home Loan, the borrower needs to pledge collateral against the property he is availing the loan. To avail of a home loan, all you need to do is to qualify for the eligibility criteria set by your lender. Some basic home loan or mortgage loan eligibility criteria are as follows:


    To avail a home loan, you must be 21-65. Age limit for:
  • For a salaried person, the age limit is 21 to 58 years.
  • For Self-Employed Individuals is 25 to 65 years.
  • Employment

    Your type of employment plays a significant role when applying for a home loan.
  • Salaried Person - Minimum 2-3 years of Experience in an MNC or a Private/PLC
  • Self-Employed Individual - Minimum 3 years of experience in the current field/business
  • Income

    Income is another factor that affects your eligibility to get a home loan. Here's the income range for:
  • A Salaried Person - Minimum Rs. 10,000/month
  • A Self-Employed Person - Minimum Rs. 2,00,000/year
  • Credit Score

    A good or moderate credit score is one of the main factors that define if one can avail of the benefit of a home loan or not.
  • Generally, a credit score of 750 may be considered a good score for approval.
  • Rate Of Interest

    Home Loan Interest Rates

    The Interest Rate on a Home Loan or Mortgage Loan is the amount a lender charges you as a borrower in percentages of the Home Loan Principal Amount or Home Loan Value. It is also known as the Rate Of Interest or ROI, and this charge applies to the Principal Amount yearly over the specified home tenure.

    Bank Name Interest Rate Lowest EMI(per lack)
    Central Bank OF India 7.5% 12000
    Standard Chartered Bank 7.7% 0.15%
    Bajaj Home Finance 7.8% 11800
    HSBC Bank 7.9% 11800
    IDFC First Bank 7.95% 11800
    L & T Housing 7.95% 5900
    PNB Housing Finance 7.99% 0.25%
    Kotak Bank 8% 11800
    DBS Bank 8% 11800
    Tata Housing Finance 8.05% 0.35%
    HDFC Home Loan 8.1% 2360
    Yes Bank 8.1% 11800
    Bank of Baroda Home Loan 8.1% 11800
    RBL Bank 8.1% 0.50%
    Federal Bank 8.15% 11800
    Axis Bank 8.35% 11800
    Hero Housing 8.5% 0.50%
    Indiabulls 8.75% 1%
    Aditya Birla Housing 9.5% 0.50%
    Capri Housing 9.5% 1.50%
    DCB Bank 9.6% 0.50%
    ICICI HFC 9.75% 1%
    Fullerton Grahshakti 10% 1%
    Priamal Housing Finance 10% 0.75%
    Adhar Housing Finance 10% 1.50%
    Ujjivan Housing 11.5% 1.50%
    Chola Madalam 11.6% 1.25%
    DMI Housing 11.75% 1%
    Edelwessis 11.75% 1%
    Shriram Housing 12% 1%
    Vastu Housing Finance 12% 1%


    Home Loan Documents Required

    Legal251 will help you get Home Loan at attractive interest rates, flexible tenures, and nominal EMIs from India's Leading Banks and NBFCs. Now you can acquire your dream home without excessive debt burden on your pocket.

    You will require some essential documents for getting a Home Loan which can differ as per your Home Loan Plan, purpose or loan, credit profile, and more.

    Documents required for Salaried Individuals:

    Form 16

    Identity Proof: Aadhaar Card/PAN/Voter ID/Passport/Driving License

    Employee Identity Card

    Employer's Certified Letter

    Increment or Promotion letter

    3 Months Salary Slip

    6 Month Bank Account Statement

    Duration of Employment Evidence

    Appointment Letter

    Confirmation Letter

    Promotion Letter

    Increment Letter

    3 Years IT Returns

    Address Proof: Electricity Bill/Telephone Bill/Property Tax Receipt

    Documents required for Self-employed Individuals

    Proof of Business


    GST Registration Certificate

    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

    3 years of Income Tax Returns

    Professional Practice License for Doctors, Consultants, and more.

    Registration Certificate of Establishment for Shops, Factories, and Other Establishments

    6 Months Indian and International Bank Account Statement for the last six months

    Business Address Proof

    Don't have all these documents?
    We will help you in preparing these documents

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    *Other documents might be required additionally by the department

    Balance Transfer

    Home Loan Balance Transfer

    A Home Loan Balance Transfer is the process of transferring your outstanding home loan balance from your existing lending institution to a new lender. This migration process, also known as Home Loan Balance Transfer, facilitates saving more when you opt for a lender offering you a lower interest rate than your current lender.

    While your current lender will charge you for a foreclosure or repayment charge decided beforehand in your Home Loan Agreement. At the time of the balance transfer, your new lender may charge processing fees and stamp duty on your loan agreement, if applicable.


    A home loan is when a bank or financial institution (lender) gives a loan to an individual for buying or expanding residential property. The lender owns the title of the property until the loan repayment, along with the interest amount.
    The tenure of a Home Loan can be from 5 years to 30 years, depending on the loan amount sanctioned to you by the lender along with other factors.
    Your paying back capacity determines your eligibility to apply for a home loan, along with the factors that your lender may consider, such as Income, Age, Qualification, Resident status, Spouse's income, No. of dependents, Credit history and score, Status of existing loans, and more.
    No. As per the Home Loan criteria, your friend is not eligible to jointly apply for a home loan. However, you can apply for the Joint Home Loan if one or more members of your immediate family co-signed the application form.
    As per the rules maximum of 6 people from a family can jointly apply for a home loan.
    A Floating Rate Home Loan is when the interest rate on a loan varies periodically over the loan tenure. Also, one can determine the interest rate charged on a home loan by the lenders (which may vary). The base rate of banks gets revised periodically based on RBI directives and other factors that may increase or decrease the EMI amount payable.
    You can avail of a fixed-rate home loan at a predetermined interest date during the loan tenure, which remains unchanged during the loan period irrespective of market conditions which are hugely beneficial when market volatility starts affecting interest rates.
    Yes, you can. Some lenders propose the option of switching from a floating rate to a fixed rate home loan and vice versa. Yet, it is not applicable to all home loans as a few charges are involved in implementing this conversion. Hence, professionals advise you to get all the details from your lender regarding the procedure and requirements.
    Having a poor credit score will make it difficult for you to get a home loan. However, you can increase your chances of availing your home loan if you can get a co-borrower from your family, such as your spouse or parents. It would be best if you choose a co-borrower having a regular income source and good credit history for higher chances of a successful application.
    The applicant and co-applicant need to provide the following documents when applying for a home loan:
  • Form 16
  • Salary slip for last 3 months
  • Property documents
  • Residence proof
  • Identity proof such as PAN card or Adhar card.
  • Previous 6 month's bank statement
  • 2 Passport sized photograph
  • Receipts for the initial down payment