Apply for Home Loan
Make your dream home a reality in Bangalore with our hassle-free home loan solutions. Enjoy low interest rates and quick approvals to secure your perfect space!
Required Documents
Accurate Documents, faster Process
- ID Proof (Aadhar Card, PAN Card, Passport, Voter ID, Driving License)
- Address Proof (Utility bills, Rent Agreement, Property documents, Aadhar Card)
- Income Proof (Salaried): Salary slips, bank statements, and Form 16/ITR for 2-3 years.
- Income Proof (Self-employed): Profit & Loss statements, ITR for 2-3 years, and business registration proof.
- Property Documents: Sale Agreement, Title Deed, Encumbrance Certificate, and approved building plan.
- Employment Proof: Appointment letter and employment continuity proof.
- Loan-related Documents: Processing fee cheque and existing loan statements (if applicable)
- Additional Documents: NOC from builder/society, and Power of Attorney if applicable.
FREQUENTLY ASKED QUESTIONS
What is a home loan?
A home loan is a financial product provided by banks or financial institutions to help individuals purchase, construct, or renovate a residential property.
Who is eligible for a home loan?
Eligibility depends on factors like age, income, credit score, employment status, and property value. Both salaried and self-employed individuals can apply.
What is the maximum loan amount I can get?
The loan amount is usually 75-90% of the property’s value, depending on the lender’s policies and your eligibility.
What is the tenure of a home loan?
Home loan tenure typically ranges from 5 to 30 years, depending on the lender and your repayment capacity.
What is the interest rate on a home loan?
Interest rates vary from 6.5% to 9% depending on the lender, loan amount, and borrower’s credit score.
What is the difference between a fixed and floating interest rate?
A fixed interest rate remains constant throughout the loan tenure, while a floating rate changes based on market conditions.
What are the processing fees for a home loan?
Processing fees generally range from 0.5% to 1% of the loan amount, depending on the lender.
Can I prepay my home loan?
Yes, you can prepay your home loan, but some lenders may charge a prepayment penalty, especially for fixed-rate loans.
Is it mandatory to have a co-applicant for a home loan?
No, it’s not mandatory, but having a co-applicant (like a spouse) can improve your eligibility and loan amount.
What documents are required for a home loan?
Key documents include identity proof, address proof, income proof, property papers, and bank statements.
What is a home loan EMI?
EMI (Equated Monthly Installment) is the fixed monthly amount you repay, which includes both the principal and interest components.
What is loan-to-value (LTV) ratio?
LTV is the percentage of the property value that the bank lends, typically between 75% to 90%.
Can I transfer my home loan to another bank?
Yes, you can transfer your home loan to another bank offering better interest rates or terms through home loan balance transfer.
What happens if I miss an EMI payment?
Missing an EMI may result in late fees, increased interest, and a negative impact on your credit score.
Are tax benefits available on home loans?
Yes, under Section 80C, you can claim tax benefits on the principal repayment, and under Section 24(b), on the interest paid.