What is a Home Loan?
A home loan is a secured loan that is obtained to purchase a property by offering it as collateral, Home loans offer high-value funding at economical interest rates and for long tenors. They are repaid through EMIS. After repayment, the property’s title is transferred back to the borrower.
The lender possesses the legal rights to recover the outstanding loan amount by the sale of the property in question in case the borrower cannot repay the dues.
Types of Home Loans
The basic criteria for Home loan eligibility are –
- Present Age and Remaining Working Years: The age of the applicant plays a major role in determining home loan eligibility. The maximum loan term is generally capped at 30 years.
- Age Limit for Salaried Individuals: 21 to 65 years .
- Age Limit for Self-Employed Individuals: 21 to 65 years.
- Minimum Salary: ₹10,000 p.m.
- Minimum business income: ₹2 lac p.a.
- Maximum Loan Term: 30 years.
- Financial Position: The present and the future income of applicant(s) has a significant impact on determining the loan amount.
- Past and Present Credit History and Credit Score: A clean repayment record is considered positive.
- Other Financial Obligations: Existing liabilities such as a car loan, credit card debt, etc.
Apply for a Home Loan in just a few minutes
Follow our step-by-step guide to apply for a personal loan. You can start your online application and resume it at a later instance
- Click on Apply Online to open our online application form
- Fill in a few details and verify the OTP sent to your phone
- Enter your KYC and income data
- Choose the loan amount you want to borrow
- Submit your application
