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Home Loan Overview

Home Loans are one of the most preferred financial tools that enables an individual to purchase a plot of loan or a residential property instantly.

These loans are provided by Banks and housing finance companies (HFCs), and they have designed special schemes wide range of customers, including farmers, women, doctors, CA, etc. Here are the required details of various Home Loans/Housing Loans offered by various banks and financial institutions.

Bank Name Interest Rate Enquire
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SBI Home Loan

 8.60% p.a. – 9.65% p.a. Apply Now
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SBI Home Loan

 8.60% p.a. – 9.65% p.a. Apply Now
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SBI Home Loan

 8.60% p.a. – 9.65% p.a. Apply Now

Features and Benifits of Home Loan

Attractive Interest Rates

Provide the current interest rate for loan

Minimal Documentation

Specify the minimum and maximum loan

Least Fees and Charges

List any fees or charges associated with loan

Home Loan Calculator

Amount

Tenure

Rate Of Interest

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Principal

Interest

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Home Loan Eligibility

  1. Age:
    1. You must be above 21 years of age at the time of the commencing of your loan, and up to 65 years or less at loan maturity
    2. Salaried Person - 21 years to 58 years
    3. Self-Employed Person - 25 years to 65 years
  2. Income:
    1. Salaried Person - Minimum Rs. 10,000 per month
    2. Self-Employed Person - Minimum Rs. 2,00,000 per year
  3. Employment:
    1. Salaried Person - Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company
    2. Self-Employed Person - Minimum 3 years of Experience in the current field
  4. Credit Score:
    1. A credit score of 750 is considered a good score for approval.

Documentation for Home Loan

The following is the list of eligibility criteria

Identity Proof (any 1) Residence Proof (any 1) Other Documents
Driving License Copy of Electricity Bill/Water Bill/Telephone Bill Employer Identity Card
PAN Copy of valid Passport/Aadhaar Card/Driving License Duly filled loan application form affixed with 3 passport size photographs
Voter ID Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions
Valid Passport Bank account statements for all the bank accounts owned by the applicant for the last six months

Income Proof Documents

The following is the list of eligibility criteria

For Self-employed Applicant/Co-applicant For Salaried Applicant/Co-applicant
Income Tax Returns for the last 3 years Salary Slips for the last three months
Certificate of Qualification (for Doctors/CA and other professionals) Copy of Form 16 or Income Tax Returns for the last two years
Balance Sheet audited by a certified CA and Profit and Loss account for the previous 3 years
Business License Details
Business address proof
TDS Certificate

Documents Required from all Non-Resident Indians (NRIs) Applicants

The following is the list of eligibility criteria

Identity Proof (any one) Residence Proof (any one) Other Documents
PAN Telephone bill Attested copy of the applicant’s/co-applicants’/guarantor’s valid passport and visa
Valid Passport Electricity bill Proof of residence indicating the applicant’s current overseas address
Driver’s License Water bill Employer Identity Card
Voter ID Card Piped Gas bill If the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC)
Valid Passport PIO Card issued by the Government of India in case the applicant/co-applicant is a Person of Indian Origin (PIO).
Driving License The completed loan application form duly filled with three passport size photographs of the applicant and co-applicants.
Aadhaar Card The attestation of the documents can be done by: 1. Indian Embassy/Consulate 2. Overseas Notary Public 3. FOs/Representative Offices 4. Officials of Branch/Sourcing Units based in India

Property Papers

  1. Agreement of Sale (anyone):
    1. Registered Agreement of Sale
    2. Stamped Agreement of Sale
    3. Allotment Letter
  2. Occupancy Certificate in case the property is a ready-to-move-in property:
  3. Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
  4. Conveyance Deed in case of a new property
  5. Bank account statements indicating all payments made to the seller or builder

Home Loan Fees & Charges

Depending on the type of loan you are applying for, the following charges may be levied:

  1. Processing fees:
    1. This is a one-time non-refundable fee to be paid to the Home Loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.
  2. Prepayment charges:
    1. The Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your Home Loan before the completion of the loan tenure.
  3. Conversion fees:
    1. Some banks also charge a conversion fee when you switch to a different loan scheme to lower the interest rate associated with your current scheme.
  4. Cheque dishonour charges:
    1. The fee is levied when the loan provider finds that a cheque issued by the borrower is dishonoured due to insufficient funds in the borrower’s account.
  5. Fees on account of external opinion:
    1. In some cases, you should consult an external expert, such as a lawyer or a valuator, for their opinion on the loan. This fee should be paid directly to the concerned person, not the lending institution. This fee should be paid directly to the concerned person, not the lending institution.
  6. Home insurance:
    1. The premium should be paid directly to the concerned company during the term to ensure the insurance policy runs during the Home Loan tenure.
  7. Default charges:
    1. Loan providers also penalise delayed repayments, i.e. if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.
  8. Incidental charges:
    1. This charge covers the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
  9. Statutory/regulatory charges:
    1. The fee includes all costs associated with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and stamp duty. You can visit www.cersai.org.in to learn more about these charges.
  10. Photocopy of documents:
    1. The fee is payable to the bank if you require a photocopy of your Home Loan documents for personal needs.
  11. Change in loan term:
    1. Some banks also charge a nominal fee if you wish to change the tenure associated with your loan.

Home Loan Rejection

Do's

  • Ensure that you have researched the loan you want to apply for
  • Read the fine print before taking the loan
  • Look out for any charges applicable on prepayments and foreclosure
  • Make sure you pay the equated monthly instalments (EMIs) on time
  • Ensure that you have a good credit score before you apply
  • Apply for a loan amount you are eligible for
  • Submit all the necessary documents
  • Ensure that you have stable employment

Don't

  • Do not blindly sign the documents before you read every term and condition on it
  • Do not forget to compare interest rates offered by different loan providers
  • Do not default on your monthly payments
  • Do not apply for a loan just for the sake of it
  • Do not sign the Home Loan agreement before reading the clauses
  • Do not request for a change in tenure unless you have considered all the aspects
  • Do not submit an incomplete or mismatched loan application
  • Do not have too many ongoing loans

FAQs on Home Loan/Housing Loan

A Home Loan is a secured loan from a financial institution to buy a residential property. You can avail a Home Loan to buy a ready-to-move-in house, apartment, or one under construction. Home Loans can be availed from both banks and Non-Banking Financial Companies (NBFCs).

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Absolutely. We strive to provide reliable and up-to-date information. Our team follows strict editorial guidelines to ensure the accuracy and integrity of our content. However,

Absolutely. We strive to provide reliable and up-to-date information. Our team follows strict editorial guidelines to ensure the accuracy and integrity of our content. However,

Absolutely. We strive to provide reliable and up-to-date information. Our team follows strict editorial guidelines to ensure the accuracy and integrity of our content. However,

Why choose Keystone Finserve?

  • Competitive Interest Rates
  • Flexible Loan Amounts
  • Quick Approval and Disbursement
  • Transparent Process
  • Dedicated Customer Support
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