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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's work

- 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