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Looking for an easy and instant Home Loan?

  • Are you planning to buy a new house, renovate the existing one? We can assist you to obtain the best home loan quickly at the lowest possible interest rates at creditsathi.com.
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What is Home loan?

One common dream every Indian has is owning a house in India. If you have the same dream, we can help you to achieve this dream.

Are you planning to buy a new house, renovate the existing one? We can assist you to obtain the best home loan quickly at the lowest possible interest rates at creditsathi.com.

A home loan is also known as a housing loan. It is defined as debt or money borrowed to purchase or renovate a house. Normally individuals take a home loan to purchase an apartment, house, a plot of land for construction of a house, or home renovation. Unlike a personal loan, the home loan is a secured loan where the property is mortgaged to the lender as security.

Types of Home Loans

A home loan helps individuals to own a house which is the dream of everyone. A home loan can be used to purchase an apartment, house, a plot of land for construction of a house, or home renovation. As per the requirement, many types of home loans are available and provided by many loan providers.

House Purchase Loan

As the name suggests this type of loan is opted to purchase a house. Between 80 to 85% of the price of the house is given as a loan amount.

Home Renovation Loan

This type of loan can be availed for house renovation purpose. Individuals who want to renovate their existing house can apply for a home renovation loan. Many loan providers are offering this loan.

Loan for Land Purchase

Shyam wants to build his own house rather than purchasing an apartment. So he thought of buying the land on which he will construct his own house. Any person who has a similar wish can always look for the home loan for land purchase.

Home Conversion Loans

Any individual having a house with a home loan and planning to buy a new house can apply for this type of loan.

Home Loan for NRI’s

NRI’s can also purchase or build a house in India. If they require any financing for the dream home, they can opt for NRI home loan.

Home-Extension Loans

This type of loan realizes the purpose of extending or expanding an existing house may be for renting purpose to start a secondary income. Home extension loans are offered by many banks and NBFC’s.

Home Loan for Construction

Rajeev bought land three years back. Now he wants to build his house on that land which will cost him a couple of lakh rupees so he has decided to take a home loan for construction of the house which is offered by many loan providers at a very low-interest rate.

Features of Home Loan

Choose From Many Options as Per The Need

There are many types of home loans are available which can be availed as per the requirement. If you are planning to purchase a house, you can opt for a home purchase loan. If you require to purchase a land, you can opt for land purchase loan etc.

Loan Amount

Loan amount is higher as compared to a personal loan which ranges from INR 2 lakhs to 2 crores. The loan amount depends on the value of the property, financial credibility and income of the borrower.

Interest Rate

Interest rate of home loan is lesser as compared to a personal loan. Options like variable interest rate and fixed interest rate are available for the borrower. Both interest rates have their advantages.

Loan Tenure

Maximum tenure of home loan is 20 years however its always advisable to opt for the lower term so that you can repay the loan quickly and less interest will be paid over the term of the loan.

Secured

Home loans are secured in nature as the lender will keep the property as collateral.

Benefits of Home Loan

As the price of the land is increasing day by day due to high demand, it becomes difficult to own your house these days. A home loan helps individuals to own a house which is the dream of everyone.

Below are some benefits of home loan: –

  • Easy Availability – Home loans can be availed with ease with less documentation these days
  • Choose as Per Need – There are many types of home loans are available which can be availed as per the requirement. If you are planning to purchase a house, you can opt for a home purchase loan. If your requirement is land purchase, you can opt for a land purchase loan etc.
  • High Sanctioned Amount – Between 80 to 85% of the price of the house is given as a loan amount.
  • Many Providers – There are many financial institutions offering home loans, customers willing to take the home loan have the option to select their preferred lender.
  • Low-Interest Rate – Interest rate of home loan is lesser as compared to the personal loan. Options like variable interest rate and fixed interest rate are available for the borrower. Both interest rates have their advantages.
  • Tax Benefit – Tax benefit is attached to the home loan.
  • Subsidies – Government is promoting housing for all, customers can avail subsidy under affordable housing program run by the government

Eligibility of Home Loan

Any salaried, self-employed or professional Public and Privat companies, Government sector employees including Public Sector is eligible for a personal loan.

Eligibility for home loan differs from provider to provider however below is the generic information.

Eligibility CriteriaSalaried ApplicantsSelf-employed Applicants
Age21 years to 60 years24 years to 65 years
EmploymentMinimum 2 years of experienceMinimum 5 years of experience
Co-applicantNot mandatory. If needed, then the family members can be mentionedNot mandatory. If needed, then the family members can be mentioned
Credit score750 or above750 or above
Maximum loan on property valueUp to 85%Up to 85%
Maximum EMI per income percentageUp to 60%Up to 60%

FAQ - What Documents are Required for Fome Loan



Documentation plays a vital role in obtaining a home loan. Proper understanding of what documents are needed will help you to get the loan with ease.

Below is the guide for the documentation for a home loan.

  • ID Proof – Driving license, Ration card, Passport, PAN Card, Voter ID, Employee ID, Bank passbook
  • ID for Age Proof – PAN Card, Birth certificate, Bank passbook, 10th class mark sheet, Driving license, Passport
  • Passport size photograph of the applicant
  • Filled in Application along with the Applicant’s photograph and signature
  • A cheque for the Processing Fee
  • For income proof
  • Bank Statement – Last 6 months
  • For Salaried Employees – (i) Pay Slip of Last 3 months; (ii) Form 16 or Income Tax Returns
  • For Self-Employed Applicant – Income Tax returns of last three years