Home Loan
A home loan (or mortgage) is a financial agreement where a bank or financial institution lends you money to purchase a residential property. In return, you agree to repay the loan with interest over a set period of time, usually 10 to 30 years.
đź“ť Types of Home Loans
- Fixed-Rate Home Loan
- Interest rate remains constant throughout the loan term.
- Predictable monthly payments.
- Floating or Variable Rate Loan
- Interest rate fluctuates based on market conditions.
- Potential for lower rates, but also higher risk.
- Home Construction Loan
- Specifically for building a new house.
- Funds released in stages based on construction progress.
- Home Improvement Loan
- Used for renovation, remodeling, or repairs.
- Often has a shorter tenure.
- Balance Transfer Loan
- Transfer your existing home loan to another lender offering a lower interest rate.
🔍 Eligibility Criteria
- Age: Typically 21–65 years
- Income: Minimum income requirements apply
- Employment: Salaried or self-employed with stable income
- Credit Score: Usually 650 or higher
- Property Documents: Legal and verified documents required
đź“‘ Documents Required
- Identity Proof (PAN, Aadhaar, Passport)
- Address Proof
- Income Proof (Salary slips, ITR, bank statements)
- Property Documents
- Employment Proof (Appointment letter, business proof)
đź’° Interest Rates & EMIs
- Vary based on lender, applicant profile, and market rates.
- Use a Home Loan EMI Calculator to estimate your monthly payments.
âś… Tips for Getting Your Home Loan Approved
- Maintain a good credit score
- Reduce existing debts
- Choose a co-applicant to increase loan eligibility
- Save for a larger down payment
đź“Ś Why Take a Home Loan?
- Buy or build your dream home
- Enjoy tax benefits on principal and interest payments
- Easier property ownership without full upfront payment
