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Home Loan

A home loan (also called housing loan) is money you borrow from a bank or financial institution to buy, build, or renovate a house. You repay it in monthly installments called EMI (Equated Monthly Installment) over a fixed time.

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Key Features

Bank usually funds 70% to 90% of property value.
Down payment is paid by the borrower.
Tenure: usually 5 to 30 years.
Interest rates often range around 7% to 9% (profile dependent).
Types: purchase, construction, improvement, plot, and balance transfer.

Type Of

Home purchase loan
Construction loan
Home improvement loan
Plot / land loan
Balance transfer loan

How It Works

Bank gives loan amount (usually 70–90% of property value).
You pay remaining amount as down payment.
You repay loan with interest + principal every month.
Loan tenure usually 5–30 years.
Interest rates depend on factors like income, credit score, and property type.

Eligibility Criteria

Age: 21–65 years
Stable income (salary or business)
Good credit score (usually 700+ preferred)
Existing loan burden
These factors also affect final interest rate and loan amount.

Documents Required

Identity proof (Aadhaar/PAN).
Address proof.
Income proof (salary slip/ITR).
Bank statements.
Property documents.

Advantages

Helps buy property without full cash
Long repayment tenure
Tax benefits (principal + interest – as per tax rules)
Property value may grow over time

Things To Check Before Applying

Interest type → Fixed or Floating
Processing fee (0.2% to 1%)
Prepayment penalty
EMI affordability (keep EMI ≤ 30–40% of income)
No hidden charges