Home loans
A home loan pays for buying, building, extending or renovating a house, with the property as security. It is usually the largest and longest loan a family takes — often 15 to 30 years — so a small difference in rate matters a lot. The lender funds a share of the cost; you pay the rest yourself.
We explain what lenders usually ask for and help you get your papers in order — the first call is free.
Estimate your EMI
EMI calculator (estimate only)
Enter the amount, the yearly interest rate and the number of months. The estimate uses the reducing-balance method that most banks use for term loans.
Estimate only. Your lender sets the actual rate, EMI and charges.
Most home loans are floating-rate; the EMI or tenure can change when the rate changes.
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Details
What lenders usually check
- Your income, its stability, and existing EMIs; for joint loans, the co-applicant’s too.
- Credit report and score.
- The property: title, approvals, builder’s record for an under-construction flat, and a valuation.
- Your age at the end of the tenure.
- The share you can pay yourself.
Documents to keep ready
- Identity, address and age proof for all applicants.
- Income proof: salary slips, Form 16 and bank statements; or ITR, financials and bank statements if self-employed.
- Property papers: sale agreement or allotment letter, title documents, approved plan, tax receipts, encumbrance certificate, and for a resale, the chain of earlier deeds.
- For construction: approved plan, cost estimate and land documents.
- Proof of your own contribution paid so far.
Repayment
Monthly EMIs. With a floating rate, the lender may change the EMI, the tenure or both when rates move; ask which. Prepaying even small amounts early in the loan cuts the interest sharply.
Interest and charges
Mostly floating, linked to an external benchmark. Ask about the spread, processing fee, legal and valuation charges, and any switch fee. Prepayment of floating-rate home loans by individuals usually carries no charge; confirm in writing.
Security or own contribution
The property is mortgaged. RBI caps how much of the property value a lender may fund, by loan size: up to 90% for loans up to ₹30 lakh, 80% up to ₹75 lakh, and 75% above that; stamp duty and registration are usually not funded. The rest is your own contribution.
How to prepare
Get a copy of your credit report. Collect the property papers early — title checks take time. Work out the full cost including stamp duty, registration and interiors. Decide the EMI you can carry if rates rise.
Questions about home loans
How much of the property cost will the lender fund?
A share capped by RBI by loan size (see above); the lender may fund less based on its valuation and your income.
Fixed or floating?
Most home loans are floating. Some lenders offer fixed for a period. Ask what the rate is linked to and how often it resets.
Can I take a home loan jointly?
Yes, commonly with a spouse or parent. Both incomes count; both are responsible.
What is a pre-approved or in-principle sanction?
A lender’s indication of how much it may lend, based on your income, before you choose a property. It is not a final sanction.
Is there a tax benefit?
Principal and interest on a home loan may qualify for deductions under income-tax rules. Check the current rules or ask a tax adviser.
Can I transfer my home loan to another lender?
Yes. Compare the new lender’s processing, legal and valuation charges with the interest saved, and check the old lender’s foreclosure terms.
What about an under-construction property?
The loan is disbursed in stages as construction progresses; you usually pay only interest on the disbursed amount until possession or a set date.
What happens if I miss EMIs?
Late charges, credit-bureau reporting, and after 90 days overdue the account becomes an NPA; secured-loan recovery can follow. Talk to the lender before a due date, not after.
What we do here: we explain what lenders usually ask for and help you get your documents in order. We do not lend, arrange loans or take commission. The first call is free. See what we do.
