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Introduction to Home Loan

The home loan also known as housing loan is the amount borrowed by the individuals from the financial institutions for a fixed tenure for buying, renovating or constructing a residential property. In India, owning a house is one of the key signs of success but, for an average Indian, it gets difficult to generate the required income in such short period of time.  And with the property rates skyrocketing even in smaller cities, the dream of every average Indian tend to diminish as it becomes impossible to buy a residential property just with the savings. This is the reason why the home loan business witnessed a dramatical uprise. The housing loans are the largest selling banking products where different financial institutions offer different types of housing loans with different tenures and interest rates.  Homes loans are one of the most popular products offered by financial institutions. Every home loan is charged with an interest on the loan amount and has to be paid out in the given period of time along with the principal amount.

Why Home Loan?

In the past few years, for the investors, the real estate industry has proven to be the most profitable investment option. However, it sounds lucrative, but the reality is that the rising stature of the real estate business has led to the real estate properties getting expensive. Whether it is just land or a building, it has become extremely impossible for an average customer to make an investment. The property rates are so high these days that even thinking of buying a land or a building will give you cerebral pain. Therefore, they seek the help of financial institutions for availing housing loans for buying, constructing or renovating a property. 

  1. Property price hike is not the only reason why people avail home loans. It is not necessary that the customer will be carrying the entire amount with him/her for buying the property as unlike day to day transactions, the property transactions are hefty. And hence, to bridge the gap between the buyer and the seller, home loans are used. 

  2. When taken a home loan, the financial institution on behalf of the property buyer will pay the due amount to the seller and in return, the buyer has to pay back the loan amount to the financial institution with the attached interest over a given period of time. It follows an 80-20 ration where 80% of the amount is paid by the bank whereas; the rest 20% has to be provided by the buyer. This way, both the financial institution as well as the buyer attains profit where the buyer is able to incorporate the entire loan amount which as to be only paid in installments over a specific period of time and the financial institution generates profit by assigning interest on the loan. 

  3. Taking home loan will save the buyer from certain income tax duties which the buyer has to pay every financial year. Under the Income Tax Act, Section 24, Rs.1.5 lakhs is the tax benefit that can be claimed on the housing loan. On the other hand, if the buyer tends to live in the home he/she bought, then the buyer can enjoy Rs.1 lakh tax benefit on his/her home loan’s principal amount.    

Characteristics of Home Loan 

In order to understand the phenomenon of home or housing loans, we have penned down the different features and characteristics of home loans. 

  1. When the financial institution (lender) grants you a home loan, in order to secure the loan, they will use your property as security. The home loans come in the category of secured loans that possess lower risk for the financial institutions as they put the borrower’s property as collateral. This way, if you are unable to make the loan repayments, the financial institution or the lender will seize your property and is liable to put it in an auction to generate the loan amount. 

  2. Unlike the unsecured loans, the interest rates attached to the secured loans are relatively lower and thus, the interest rates attached to the home loans are lower. 

  3. Depending on your credit history, loan repayment capacity and monthly income, locality of the property you are buying and more, the financial institution will grant you the home loan. Thus, the loan amount may vary from person to person depending on certain aspects. On the other hand, the financial institutions allow the individuals to apply for housing loan jointly with their family members. 

  4. The minimum loan tenure comes with the home loan is 5 years and it can go up to the maximum of 30 years depending on the loan amount. However, the loan repayment period is fixed at the time of availing the home loan. 

  5. Moreover, most of the financial institutions provide with the facility of loan prepayment facility. However, some of the financial institutions will charge the borrower with loan pre-payment fees while others may not. Thus, it is necessary for the borrowers to compare the prices of the available home loans before availing it. This way they can make the best out of their home loans. 

  6. The home loans can be paid out in Equated Monthly Installments (EMIs) to keep up with the loan repayment. Thus, the principal amount of the loan along with the loan’s accrued interest is considered while calculating the EMI for the home loan. The best way to do so is to use an EMI Calculator provided by the financial institution or from any other source. 

  7. There are numerous additional charges attached with the home loans like the processing fee, registration charges, prepayment or penalty fee, consultation and documentation charges, commitment charges and more. 

  8. The financial institution will contribute 80% of the total loan amount and the rest 20% has to be accumulated from the borrower. On the other hand, some additional charges which include the registration costs, down payment, etc. will have to be borne by the borrower. 

  9. As per the Income tax Act, 1961, the borrowers can enjoy tax exemptions on their home loans. However, it is liable to change based on the bank’s liquidity requirements as well as the market conditions.           

Last Updated on : 04/Apr/2020

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Home Loans

You're eligible for a Home Loans if you:

Are legally adult enough to handle it

Have still got it

Get a regular pay check

Make more than a basic buck

Your eligibility depends on:

Earn more than minimum income required

Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs

EMIs of other loans loweryour eligibility

Boost your eligibility by:

Pay off your credit card bills

Choose longer tenure loan up to 5 years

Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:

  • 1. Photo ID and age proof
  • 2. Signed application form with photograph
  • 3. Residence proof
  • 4. Last 6 months bank statement
  • 5. Documentation for salaried applicants:
    • Last 3 months salary - slips
    • Form 16 or Income Tax Returns
  • 6. Documentation for self-employed applicants:
    • Last 3 years Income Tax Returns with computation of Income
    • Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account

Home Loans Interest Rates

Updated on 25 Nov 2017

Home Loans Details
Interest Rate (Monthly reducing balance) 10.75% - 12.5%
Processing Fees Varies with bank
Loan Tenure year to 30 years
Pre-closure Charges Varies with bank
Guarantor Requirement Varies with bank

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