Characteristic of Home Loan

  • The asset i.e. your home/property is pledged as security collateral. In case of failure of payment of the loan on a timely basis, the bank/lender would be entitled to retrieve the asset.
  • The loan amount varies, with minimum amount being Rs 2,00,000/-
  • The repayment time period, which ranges upto 30 years, is fixed based on the amount taken as loan and includes the outstanding principal plus the interest costs.
  • The principal amount and the interest together constitute the EMI (Equated Monthly Installment) of the loan.
  • The loan charges include registration charge, fee for processing, prepayment penalty, commitment charge and miscellaneous charges for documentation & consultation.

    • Types of Home Loan

    There is a home loan for every requirement, take a look:

  • Home Purchase Loans
  • Land Purchase Loans
  • Home Construction Loans
  • Home Improvement Loans
  • Home Conversion Loans
  • Home Extension Loans
  • Bridge Loans

    • Documents Required for Home Loan

  • Duly signed and filled application form
  • Passport-size photograph
  • Statements of investments, if any
  • Copy of plan approved for the proposed construction/extension
  • Cost estimation or valuation report from the bank's (or finance company's) panel CA
  • Allotment letter of housing board/NOC of the society/builder etc.
  • Bank statement and salary slips
    • In addition to these, you will have to also submit the following documents:
  • Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees.
  • Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax.
  • Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy.