Home Loan at a glance
- Loan type
- Secured by the property being financed
- Tenure
- Commonly up to 20 to 30 years; varies by lender and your age
- Loan amount
- A share of the property value; you pay the rest as down payment
- Interest rate
- Floating or fixed, set by the lender; ask for the exact rate in writing
- Documents
- KYC, income proof, bank statements and property papers
- Best for
- People buying, building or renovating a home
Indicative guide. The lender decides final amount, tenure, rate and eligibility.
What is a home loan?
A home loan helps you buy, build, extend or renovate a home and repay in monthly EMIs over many years. The property you finance is held as security until the loan is fully repaid.
Because the tenure is long, small differences in rate, fees and loan terms add up to a large amount over time. The lender checks your income, credit history and the property's title and valuation.
Features and benefits
Long tenures
Spread repayment over many years to keep EMIs manageable.
Many purposes
Buy a ready or under-construction home, build, extend or renovate.
Balance transfer
Some lenders let you move an existing home loan to get better terms.
Floating or fixed rates
Choose a rate type that suits your plans; options vary by lender.
Part-payment options
Many lenders allow part-prepayment to reduce interest; check the rules.
Possible tax benefits
Interest and principal may qualify for deductions depending on your tax regime; confirm with a tax advisor.
Who can apply? Eligibility criteria
- Age usually 21 to 65 years at loan maturity (varies by lender)
- Indian resident (NRIs follow separate norms)
- Salaried with stable employment, or self-employed with steady income
- Minimum income and job or business vintage as set by the lender
- A good credit score (750 or above is commonly preferred)
- A property with a clear title and the required approvals
A co-applicant with income, such as a spouse, can improve eligibility. Tell us your situation and we will check which lenders suit you.
Documents required
Applicant
- Identity and address proof
- Latest 3 to 6 months' salary slips, or last 2 to 3 years' ITR
- Last 6 to 12 months' bank statements
- Form 16 or business proof, as applicable
- Recent passport-size photographs
Property
- Sale agreement or allotment letter
- Title deed and chain of ownership documents
- Approved building plan, and completion or occupancy certificate where applicable
- Builder or seller payment receipts
- Encumbrance certificate and property tax receipts, where applicable
The lender may ask for more documents depending on your profile.
Home Loan EMI calculator
Try different amounts, rates and tenures to see what monthly instalment you can manage.
Estimate only, using the rate you select. Your actual rate, fees and EMI are set by the lender.
How to apply
- 1
Tell us your plan
Share your budget, the kind of home and your income details.
- 2
We compare lenders
We shortlist partner lenders that suit your profile and property.
- 3
Property and legal check
The lender values the property and verifies the title and approvals.
- 4
Sanction and disbursal
Read the agreement carefully. Funds are released to the seller or builder, in stages for under-construction homes.
Interest rates and charges
We do not quote a single rate here because it depends on the lender and your profile. Ask for the rate and every fee in writing before you proceed.
| Interest rate | Depends on your profile and the lender. Ask whether it is floating or fixed and how often it resets. |
|---|---|
| Processing, valuation and legal fees | These can add up. Ask for a complete list before you proceed. |
| Prepayment or foreclosure | Floating-rate home loans to individuals generally carry no prepayment charge under RBI rules. Check the terms for fixed-rate loans. |
| Late payment | Missed EMIs attract penalties and can lower your credit score. |
Smart tips before you borrow
- Keep the EMI within a comfortable share of your income, leaving room for other expenses
- Plan the down payment and extra costs such as stamp duty, registration and fees
- Compare the total interest over the whole tenure, not just the EMI
- Verify the property's title and approvals before paying any booking amount
- Ask how the rate is linked to a benchmark and how often it can change
Frequently asked questions
How much can I borrow?
It depends on your income, existing EMIs, credit score and the property's value. Lenders finance a share of the property value and you pay the rest as a down payment.
Can I get a loan for an under-construction home?
Yes, many lenders finance under-construction homes. The money is usually released in stages as construction progresses.
Can I transfer my existing home loan?
Many lenders offer balance transfer. Compare the new rate against the costs of switching before you decide.
What costs apply besides the EMI?
Processing and legal fees, valuation charges, stamp duty and registration, and insurance. Ask for the full list upfront.
How does Greaterbhiwadi.com help?
We compare partner lenders for your profile, help you prepare documents and follow up until the loan is sanctioned and disbursed.