Home Loan

Home loan is a sum of money borrowed by a bank or a financial institution to purchase or construct house properties.

One can easily purchase a house with help of a Home Loan and EMI benefits.

The below write-up highlights the advantages of home loans:


Tax benefit:

- While computing income from house property, deduction of Rs.1.5 lakh towards the total interest payable on home loan towards purchase/construction of house property under Sec 24(b) of Income Tax Act 1961 can be claimed.


Capital Appreciation:

- We have all seen booming of property rates in the last five years. This phenomenon gives us the assurance that no matter at what price you buy currently, it is going to multiply in the future. Construction costs alone has accounted for more than 70% of the flat’s cost whereas in the past decade it has risen at 15% annually. In the long run, property rates have always increased.


Credit eligibility:

- Once you get the ownership of the house completely, you can acquire loans against it. The size of your assets will play a huge role in determining your eligibility for acquiring loans. Thus owning an expensive house will help you get loans from the bank easily. You can thus convert your biggest investment into your biggest asset.


High Repayment tenure:

- When compared to other loans, home loan has the highest repayment tenure which goes up to 30 years. Thus one can lower their burden of monthly equated instalments by just extending their tenure. Your EMIs will change according to the tenure of your loan.

Home Loan - An Overview

A home loan is a secured loan therefore you have to pledge yourproperty in question as collateral till you repay your home loan.

A home is the biggest asset for a person. The ownership of a house is considered as an accomplishment in a middle class family. Increasing incomes and better standard of living of many average families has led to an increase in demand for purchase of houses. Buying a home is a biggest financial investment one can make but with the zooming property rates, it is quite difficult for everyone to buy a house entirely on savings. Here, the banks and other financial institutions have come to our rescue.


The eligibility criteria to get an online Home loan approval are:

Home Loan Eligibility Criteria Salaried Professionals Self-Employed Professionals
Age Criteria 21 Years – 60 Years 24 Years – 65 Years
Employment Min. 2 Years of experience Min. 5 Years of experience
Co-Applicant(s) Not Mandatory – Only Family Members as co-applicants Not Mandatory – Only Family Members as co-applicants
Credit Score 750 or above 750 or above
Max. Loan on Property Value Up to 90% Up to 90%
Max. EMI – Per Income % Up to 65% Up to 65%

Documents Required for Home Term

The documents required for an online Home loan approval are given below:

  • - Identity & Age Proof
  • - Completely filled loan application with photograph
  • - PAN Card
  • - Residence proof - Passport driving licence, Voter ID, postpaid/landline bill, utility bills (electricity/water/gas)
  • - Bank statements for the last 3 months(preferably your salary account)
  • - Salary Slips of last 3 months
  • - Property Documents- Sale Agreement, Property Plan,and Original of the land tax paid receipt and possession certificate, Approvals from Local Authorities, etc. Approved copy of Building Plan, NOC from Builder/Housing Society

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