Apply Home Loan

Applicants must meet specific criteria to be eligible for a home loan. They should be between 21 and 65 years old and have a stable income source. The minimum income threshold varies based on the loan amount and location. Both salaried and self-employed individuals can apply, provided they meet the minimum credit score requirement of 650. Additionally, applicants should have no history of loan defaults, and the financed property must adhere to the lender's criteria.

Our home loans come with both fixed and floating interest rate options. There is a processing fee, a percentage of the loan amount. Certain conditions and charges may apply if you wish to prepay your loan. It's also important to note the penalties for late payments. Other fees may include legal, technical, or administrative charges depending on the loan and property specifics.

You must provide a set list of documents to apply for a home loan. These include proof of identity, such as a PAN card, Aadhar card, Passport, or Driving License, and proof of address, such as utility bills, rental agreements, or bank statements. Income proof is also necessary, with salary slips, bank statements, and income tax returns (ITR) for salaried individuals, balance sheets, profit & loss accounts, and ITR for self- employed individuals. Property documents such as the sale agreement and title deed are also required, along with passport-sized photographs and an employment certificate.

The application process for a home loan is straightforward. First, fill out the online application form available on our website. Next, submit the required documents for verification. Once your documents are verified, our team will process your application and inform you of the next steps. You will receive the loan amount per the agreed terms and conditions if your application is approved.

FAQs

What documents are required to apply for a home loan?
To apply for a home loan, you need to provide several documents, including proof of identity (passport or driver’s license), proof of income (recent pay stubs, tax returns, W-2 forms), and proof of employment (verification letter or recent pay stubs). You also need a credit report and score, recent bank statements, proof of assets (savings, retirement, and investment accounts), and documentation of current debts and liabilities. If purchasing a property, the purchase agreement and property details are required. Check with your lender for any specific additional requirements.
A loan against property (LAP) is a secured loan that is sanctioned against the asset pledged as collateral. This asset can either be an owned land, a house, or any other commercial premises. The asset remains as collateral with the lender until the entire loan against property amount is repaid.
For salaried professionals, it takes about 4-5 business days. In contrast, for self-employed individuals, the process may take up to 7-10 business days.
Yes, there are tax benefits available on home loans. In many countries, including the U.S., you can deduct the interest paid on your mortgage from your taxable income, reducing your overall tax liability. Additionally, certain home loans may offer tax deductions on principal repayments under specific conditions. It's best to consult with a tax advisor to understand the exact benefits and eligibility criteria based on your location and financial situation.
Yes, you can pay off your home loan early, but whether there are penalties for prepayment depends on your loan agreement. Some lenders charge prepayment penalties if you pay off your loan within a certain period, as they lose future interest income. It's essential to review your loan terms or consult your lender to understand any potential penalties or fees associated with early repayment.
The eligibility criteria for a home loan typically include factors such as a stable income, a good credit score, a low debt-to-income ratio, and employment stability. Lenders also consider your age, financial history, and the value and location of the property being purchased. Meeting these criteria helps ensure that you are a low-risk borrower capable of repaying the loan. Specific requirements can vary by lender, so it's advisable to check with them directly for detailed eligibility guidelines.