B-1, B-Wing, Heera Panna
Haji Ali, Cumballa Hill
Mumbai, Maharashtra 400026
India
Mon. – Sun:
9:00am - 9:00pm
B-1, B-Wing, Heera Panna
Haji Ali, Cumballa Hill
Mumbai, Maharashtra 400026
India
Mon. – Sun:
9:00am - 9:00pm
What is a Home Loan?
A home loan is a sum borrowed from a bank or financial institution for purchasing property such as a plot, apartment, villa, or house. Home loans can also be used for constructing or renovating a home. Borrowers can choose between fixed or floating interest rates, based on preference. The loan covers most of the property cost (usually up to 80%), while the remainder is paid by the buyer. Repayment is done in monthly EMIs, and borrowers receive tax benefits on both the principal and interest payments. Applications can be made online or at branches, making the process accessible and flexible.
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Eligibility for Home Loan
The below-discussed eligibility and documentation are for Indian residents. The documentation for NRI Home Loans may vary. You can inquire about the same whenever you plan to apply for an NRI Home Loan with any Indian bank or an NBFC.
The home loan applicant should be:
- A resident Indian or a non-Resident Indian (NRI) having Indian passport or Persons of Indian origin (PIOs) having foreign passport or Overseas Citizens of India (OCI)
- Of at least 18 years of age and the max age limit is 70 years
- A salaried individual or a self-employed person
Documentation for Home Loan
customized to meet the unique needs of individuals and businesses in both urban and rural areas.
Documents Required
- Employer Identification Card
- Loan Application: Full-fledged loan application form duly filled in affixed with Passport size photographs
- Proof of Identity: PAN/ Passport/ Driver’s License/ Voter’s ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card
Property Documents:
- Authorisation for construction (if required)
- Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
- Occupancy Certificate (if it is a ready to move property)
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
- Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
- Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller
Account Statement:
- Last 6 months Bank Account Statements for all Bank Accounts held by the primary and second applicant
- If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
- Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Salary Slip or Salary Certificate of last 3 months
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
- Business address proof
- IT returns for last 3 years
- Balance Sheet & Profit & Loss A/c for last 3 years
- Business License Details (or equivalent)
- TDS Certificate (Form 16A, if applicable)
- Certificate of qualification (for C.A./ Doctor and other professionals)
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Interest Rate & Charges
The rate of interest plays a vital role in loans. Customers seeking home loans online or offline look for a lender offering the lowest interest rate. Also, there are a few additional charges that a customer seeking a home loan has to consider. The charges for salaried and non-salaried vary and are not the same with banks and NBFCs. Let us have a look at the table below for a better understanding of the Interest Rate & Charges applicable to a home loan.
| Name of Home Loan Lenders | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| A Few Private Sector Banks | |||
| HDFC Bank Ltd. | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| Kotak Mahindra Bank | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| ICICI Bank | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| Axis Bank | 8.75% – 13.30% | 8.75% – 13.30% | 8.75%- 9.65% |
| A Few Public Sector Banks | |||
| Bank of Baroda | 8.40% – 10.65% | 8.40% – 10.65% | 8.40% – 10.90% |
| SBI | 8.50% – 9.85% | 8.50% – 9.85% | 8.50% – 9.85% |
| Housing Finance Companies (HFCs) | |||
| Tata Capital | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| Aditya Birla Capital | 8.60% onwards | 8.60% onwards | 8.60% onwards |
Other charges
Processing Fees
Up to 0.50% of the loan value or ₹5,000 whichever is more, along with the applicable taxes.
Property Insurance
The borrower ensures timely and regular premium payments directly to the insurance provider to keep the policy active throughout the loan tenure.
Charges On Account Of Delayed Payments
Delayed payment of interest or EMI may result in additional interest charges of up to 24% per annum.
Incidental Charges
Incidental charges and expenses are collected to pay for the costs, fees, expenditures, and other funds that may have been spent in connection with recovering debts from a defaulting client. Customers are free to request a copy of the policy from the concerned branch.
Statutory / Regulatory Charges
Statutory or regulatory charges are fees required by the government or authorities during home loan processing. These may include stamp duty, registration fees, and other legal charges. These are mandatory payments, apart from loan costs, to comply with legal requirements for property transactions and loan documentation.
Frequently asked questions
What is the maximum repayment period of a home loan?
Through Nandfincap, you can avail of home loans with a maximum loan repayment tenure of 30 years. However, several other things need to be considered before determining the exact repayment tenure.
When will my home loan EMI be due?
The EMI will be due on a pre-decided date every month. You will be notified about the EMI date when your loan is disbursed.
Can I apply for a home loan for home renovation?
Yes, you can. There are several purposes for which a home loan can be availed.
- Buying a New Property
- Constructing a home
- Carrying out repairs
- Home extension
- Home improvements
Can I foreclose or make part payments for my home loan?
Pre-foreclosures on home loans are permitted without incurring any additional fees as long as you have selected a floating rate of interest as opposed to a fixed rate of interest as your method of repayment. Certain banks may have limitations on the number of times you make part payments annually as well as the total amount that can be part-paid annually. Before signing the loan agreement, please clarify all of these details with our representative or loan advisor of the respective bank.
How does the repayment of a home loan take place?
A home loan repayment takes place in the form of an EMI (Equated Monthly Installment) through the borrower’s bank account. He or she needs to give PDCs (Post-dated cheques) and sign an ECS mandate in favour of the financial institution or bank disbursing the loan.