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10 Cr

Maximum Loan Amount

20 Years

Max Loan Tenure

0 - 0.25%

Processing Fees

About Home Loan

Everyone has a dream of owning a house. However, considering the rising real estate prices and lack of surplus cash can make purchasing houses a difficult task. In such instances, home loans prove to be a big financial help.

We at RedyMoney help thousands of people in India fulfill their dreams by providing them the affordable home loans within a quick time.

Compare Home Loan Offers

Lender Estimated APR Min. Credit Score Available Terms Monthly Payment

5.90%-15.24%

Estimated APR

660

Min. Credit Score

3 to 7 Years

Available Terms

$300

Apply Now

5.99%-18.99%

Estimated APR

640

Min. Credit Score

3 to 6 Years

Available Terms

$334

Apply now

6.99%-24.99%

Estimated APR

620

Min. Credit Score

3 to 5 Years

Available Terms

$358

Apply now

5.96%-35.97%

Estimated APR

610

Min. Credit Score

3 to 4 Years

Available Terms

$300

Apply now

5.36%-32.97%

Estimated APR

630

Min. Credit Score

3 to 5 Years

Available Terms

$300

Apply now

6.99%-24.99%

Estimated APR

620

Min. Credit Score

3 to 5 Years

Available Terms

$358

Apply now

Different Categories of Housing Loan you can Apply for -

Home Purchase Loan

As its name suggests, this type of loan is availed by eligible individuals to purchase a residential property including a row house, flat, or a bungalow.

Home Loan for Construction

This type of loan is granted to meet the funding needs of customers who are looking to construct a new house on their existing piece of land.

Home Extension Loan

This type of housing loan is available to extend or add more space to homes such as for building new rooms or floors.

Home Improvement Loan

This type of loan is procured by individuals who wish to renovate, refurbish, or repair their homes.

NRI Home Loan

This is a specialized loan type that helps non-residential Indians avail housing loan for purchasing residential property in India.

Plot Loans

Plot loans are granted to individuals to purchase a plot or piece of land to build a residential property on it.

Home Loan Top Up

Home loan top-up facility allows borrowers to avail a certain amount above their existing loan amount with no restriction on end-usage.

Loan against Property

This is a secured loan availed against your residential or commercial property (LAP) kept as collateral with the lender. These loans have no restriction on the end-use of funds.

Home Loan Features and Benefits

Home Loans are specifically designed to accomplish your Dream Home.

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High Disbursal Amount

Avail home loans ranging from ₹ 3 Lakh to ₹ 10Cr depending on your eligibility, earnings, and repayment capability.

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Maximum Repayment Tenure

Choose loan tenure that fits your repayment capacity. Home loans offer you the longest repayment tenure which extends up to 30 years.

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Prepayment and Foreclosure

Ease off your debt burden and opt for part-prepayment and full-prepayment/foreclosure on your home loan at zero processing charges.

Enjoy Tax Benefits

Manage your finances better and claim for tax deductions on both the interest and principal component paid against your home loan.

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Low-Interest Rates

Benefit from nominal interest rate home loans and grab a chance to become a homeowner yourself.

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Multipurpose

Use funds as per your distinct housing needs. Housing loans are available for buying, constructing, renovating, or extending an existing home.

Eligibility Criteria for Home Loan

Home Loans is a great provision to buy your Dream Home. However, there are certain factors that you need to qualify to avail Housing Loan. Bank assesses your profile and repayment capacity basis of the following parameters.

Resident Type

Resident Indian/NonResident India (NRI)/Person of Indian Origin (PIO)

Employment Type

Any Salaried or Self Employed

Credit Score

650 or above with a good credit history

Age

Age of applicant during application and at loan maturity must be in between 21-65 years

Work Experience

For Salaried minimum work experience 1 year
For Self-employed minimum business vintage 2 years

Income

Salaried: Min. Monthly Net Salary Rs. 15000
Self-employed: Min. Annual Net Profit Rs. 2-3 lakh

Required Documents for Home Loan

Home loans for the salaried applicants based on the assessment of the following documents.

For Salaried Individuals

  • PAN Card
  • Passport
  • Voter Identity
  • Driving License
  • Aadhaar Card
  • Lease Agreement (if property is rented)
  • Electricity Bill
  • Water Bill
  • Telephone Bill
  • Latest property tax bill
  • INDEX II

For Salaried

  • Last 3 months’ Salary Slips
  • Last 6 months’ Bank Statement, reflecting salary credits
  • Latest Form-16

 

For Self-employed

  • Income Tax Returns with Computation of taxable Income, Balance Sheet and Profit and Loss account duly certified by a chartered accountant for latest 2 years
  • Bank Statement of individual saving account and company current, CC/OD account for the latest 6 months
  • Tax Audit Report (If entity’s turnover or gross receipts exceed Rs 1Cr and Professionals, gross receipts exceed Rs 25 Lac)
  • Incorporation Certificate
  • Partnership deed in case of Partnership/LLP Firm
  • MOA and AOA (Memorandum and Articles of Association) for the private limited company
  • Latest share holding pattern of the company duly certified by a chartered accountant
  • Educational Qualification certificate for Professionals
  • Business profile
  • Business Continuity Proof
  • Sanction Letter and Loan account statement for latest 12 months if you have any other ongoing loan from banks/financial institutions.
  • Closure letter/NOC from lender for loans that were repaid in the last 3 months.
  • Original list of documents and latest principle outstanding description on the letterhead of the existing lender
  • Sanction Letter and Latest 12 months Loan account statement
  • Photocopy of the property documents
  • Allotment letter, Agreement of Sale or Sale Deed
  • Own Contribution Receipt
  • Bank Account Statement reflecting payments made to seller
  • NOC from builder/society
  • Property Tax Receipts
  • Approved Sanction Plan
  • Conveyance Deed (if new property)
  • Occupancy Certificate (if property is ready-to-move)
  • Property Chain Documents (if resale property)
  • Processing Fee Cheque in favor of ‘Respective Bank or Finance Institution’

For Salaried NRIs

For NRI applicants having an indian resident co-applicant is mandatory. And Documents should be translated into english in case of written in other languages.

  • Passport
  • PIO or OCI Card (If applicant is Overseas Citizen of India)
  • Pan Card
  • Driving License
  • Electricity Bill
  • Telephone Bill
  • Lease Agreement
  • Passport
  • Bank Statement
  • Letter from Employer
  • Property Tax Receipt
  • INDEX II

For Salaried:

  • Salary Slip for latest 3 months
  • Bank Statement of Overseas and Domestic NRE/NRO account for latest 6 months (indicating salary credits, EMI payments)
  • ITR for latest 2 years – Not applicable to NRIs/PIOs located in the Middle East and Merchant Navy Employees
  • Overseas Credit Bureau Report

 

For self-employed:

  • Income Tax Returns with Computation of taxable Income, Balance Sheet and Profit and Loss account duly certified by a chartered accountant for the latest 3 years
  • Bank Statement of individual and business entity including NRE/NRO account for latest 6 months
  • Overseas Credit Bureau Report
  • Appointment letter or Contract letter
  • HR email-ID or own (employer/company) e-mail ID

For Salaried:

  • Visa
  • Valid work permit
  • Appointment letter/Employment Contract (translated in English attested by the Employer/Indian Embassy/Consulate)
  • Identity Card issued by the current employer
  • Continuous Discharge Certificate

 

For Self-employed:

  • Valid resident Visa stamped on the Passport
  • Incorporation Certificate
  • Partnership deed in case of Partnership Firm/LLP
  • MOA and AOA (Memorandum and Articles of Association) for the private limited company
  • Latest shareholding pattern of the company duly certified by a chartered accountant
  • Educational Qualification certificate for Professionals
  • Business profile
  • Business Continuity Proof
  • Business address proof
  • Sanction Letter and Loan account statement for latest 12 months if the applicant has any other ongoing loan from overseas and Indian banks/financial institutions
  • Closure letter/NOC from lender for loans that were repaid in the last 3 months
  • Original list of documents and latest principle outstanding description on the letterhead of the existing lender
  • Sanction Letter and Latest 12 months Loan account statement
  • Photocopy of the property documents
  • Allotment letter, Agreement of Sale or Sale Deed
  • Own Contribution Receipt
  • Bank Account Statement reflecting payments made to seller
  • NOC from builder/society
  • Property Tax Receipts
  • Approved Sanction Plan
  • Conveyance Deed (if new property)
  • Occupancy Certificate (if property is ready-to-move)
  • Property Chain Documents (if resale property)
  • Title Deeds, estimation of the construction cost and proof of property is free from legal encumbrance
  • Processing Fee Cheque in favor of ‘Respective Bank or Finance Institution’ from NRE/NRO account

Note: Above listed documents may differ based on country or between lenders.
For documents attestation, NRI applicants can approach:

  • Indian Embassy/Consulate General
  • Overseas Notary Public
  • Officials of Branch/Sourcing Units based in India
  • FOs/Representative Offices

Home Loan Interest Rate and Other Charges

Charges Minimum Maximum
Interest Rate 6.85% 12.5%
Loan Processing Fee 0% 1.75%
Prepayment in Part or Full/Foreclosure Charges Zero charges for floating rate home loans. And for Fixed rate home loans lenders can levy some charges
Stamping Charges Applicable as per the respective State’s Stamp Act

*NOTE: The levy and rate of fees and charges applicable on your loan is subjected to differ from lender to lender.

KNOW ABOUT CHARGES IN DETAIL

5 Smart Steps to apply for Home Loan

Step 1

Before proceeding for loan application analyze your current financial status. Determine your eligibility and affordability based on your monthly disposable income. You may use RedyMoney’s home loan EMI calculator and affordability calculator to analyze and understand different options.

Step 2

Finalize the property you wish to purchase; in case if need assistance in making the right decision regarding property purchase click here.

Step 3

Compare loan products from different lenders and accordingly shortlist the one who meets your requirements. Find it difficult? Let ReadyMoney assist you. Leverage the expertise of our professionals to build your dream home with our free of cost services.

Step 4

Documentation is an essential aspect of your loan to ensure smooth and timely disbursement of the loan amount. Keep all required documents ready as specified in your lender’s policy.

Step 5

Ready to go! Transform your aspiration of purchasing a home into reality with an easy-to-apply housing loan from RedyMoney.

Essential Aspects To Know Before Applying for a Home Loan

Applying for a home loan is one of the major financial decisions therefore you need to gain a complete understanding of its basic aspects.

Find the Right loan product

Analyze your needs and ask for the loan amount you can afford. For this –

  • Indulge in careful planning and according to your financial strength avail the right loan product.
  • Choose a lender who offers you the best deal that meets your requirements and also fits your profile.

Verify Property Legal Status and Loan Documents

Buying a home is a long term financial commitment so make sure to do not rush into a decision.

  • Before you sign an agreement it is important that you thoroughly read all documents as well as verify the legal status of the property you wish to purchase.
  • If purchasing the property from a builder, look for banks that have approved the specific project.
  • In case if it is a resale property, then check its map approval status and authenticity of property registration documents.
  • Run comprehensive research and shortlist banks that can sanction loan on your chosen property.

Determine Interest Rate and Other Applicable Charges

Be aware of different interest rate types available. Bank may either offer you a fixed or floating interest rate on housing loans.

  • The floating interest rate is a variable interest that is subject to vary over the duration of a debt obligation.
  • While fixed interest rate remains constant throughout the entire loan duration.
  • Also, discuss with your lender about the different processing and service charges applicable to your loan.
  • Read the fine print of documents carefully before signing loan papers.
  • Do not request for tenure change unless you have gone through all aspects as this will result in EMI change.

Analyze your Credit Score

A credit score is one of the important factors that banks consider before approving your loan.

  • Ideally, a credit score above 750 is regarded as a good score.
  • Higher credit score increases your chances of loan approval and helps you negotiate a better deal.
  • Lower credit score may lead to application rejection or may impose higher interest rates on the loan offered.

To build a solid credit score.

  • Do not borrow too many loans before applying for a home loan. Home loans have a higher ticket size and are liable to impact your eligibility due to pre-existing debts.
  • Avoid applying for loans on multiple aggregator websites as it will reduce the chances of your loan approval.
  • Maintain the required balance in your account so that your EMI reaches the bank before its due date.

Check terms and benefits of adding co-applicant

A home loan can be availed either as a single applicant or in conjunction with other borrowers as co-applicants.

  • For home loans, all joint owners of property need to be co-applicants.
  • You can add your spouse, parent, or children as your co-applicant.
  • Adding women co-applicant increases chances of loan approval and aids you fetch better interest rates.
  • Thus, in case if your salary isn’t enough and does not agree with the loan amount you intend to take, apply for a loan with co-applicants.
Speak to an Experts

Balance Transfer

Individuals apply for a home loan balance transfer to move their outstanding home loan balance from one bank to another. Most people avail this loan to enjoy the benefits of lower interest rates from the new lender. To apply for Balance Transfer, click here.

Loan against Property

Loan against Property is a secured loan availed against your residential or commercial property kept as collateral with the lender. The loan amount availed from this loan can be used for any purpose. To apply for Loan against Property, click here.

Pradhan Mantri Awas Yojana - PMAY

The Pradhan Mantri Awas Yojna (PMAY) is a credit-linked subsidy scheme launched by the Government of India in order to make housing affordable for urban poor. Under this scheme, financial assistance is provided in the form of interest subsidy on home loans. To know more about PMAY scheme, click here.

Frequently Asked Questions (FAQs)

About Home Loan

Some Banks may finance 100% home loans. The financed amount depends on the loan-to-value (LTV) ratio which indicates the ratio of a loan to the value of a property purchased. Banks use this ratio to ensure that the financed amount does not exceed the actual price of the property. Given below are the different slabs for LTV (subject to vary among lenders).

LTV – Loan to value slab

Loan Amount Maximum Funding

Up to and including ₹30 lacs

90% of the property cost

₹30.01 lacs to ₹75 lacs

80% of the property cost

Above ₹75.01 lacs

75% of the property cost

The maximum loan amount you can borrow on home loan ranges up to Rs 10 Cr. The maximum loan amount you are eligible to avail depends on your earnings and repayment potential. And the tenure available for a home loan is up to 30 years.

Yes, you can apply for two home loans at the same time. However, your eligibility depends on your income and capability to manage two EMI simultaneously. Additionally, you can avail tax benefits on the second house as well provided the exemptions offered will be different from the first property.

You can apply online for a home loan to fund any of your housing needs including the purchase, construction, or renovation. The procedure for a home loan involves:

  • Submit loan application along with other required documents to the bank. The bank verifies your details and creditworthiness.
  • If you fulfill the bank’s criteria, your application is approved which you need to show to your respective seller of the property to fix an appointment with the registrar.
  • Once the appointment is fixed property is registered in your name in the presence of seller and concerned bank representative.
  • Post this, property documents are handed over to the bank and within one or two working days, the loan amount is credited to your bank account.
  • After complete loan disbursal, you are required to repay the loan amount in equated monthly installments over the specified period of time.

Most of the top banks in India follow similar criteria regarding eligibility, interest rates, and other loan terms. To determine which bank is suitable for you, conduct a detailed analysis based on different parameters like interest charged, eligibility criteria, loan process, prepayment charges, processing fees, and customer service. Accordingly finalize the bank or NBFC that is suitable and meets your needs.

Eligibility

Banks and NBFCs use following parameters to assess your eligibility for a home loan:

  • Age
  • Credit score
  • Income
  • Employment status
  • Number of co-applicants
  • Co-applicants’ income
  • Existing debts, if any.

All existing debt commitments are likely to affect your home loan eligibility. If your EMI outgo on other loans such as a personal loan or vehicle loan exceeds 50%-60% of your monthly disposable income, your home loan application may be rejected.

Interest Rate, Other Charges and Tenure

You will be notified through SMS or email by your respective lender.

Yes, you can opt for the conversion of floating-rate loan to fixed interest rate loan and vice versa. For this change, most of the banks charge you a conversion fee of around 0.5%.

To avoid overburdening you with increased EMI amount, due to an increase in interest rate, banks first attempt to extend your loan tenure up to permissible limits. If nevertheless, despite an increase in tenure, EMI is not sufficient enough to cover the payable total loan amount, then banks are likely to increase your EMI amount.

In order to reduce tenure, bank will have to increase your EMI which is decided based on your repayment capability. In order to ensure re-evaluation your EMI, you are required to submit the following documents at the respective bank’s loan branch:

  • KYC documents.
  • Recent 6 months bank statements.
  • Recent 3 months’ salary slips.

In case if you do not wish to increase your EMI, you can make part-prepayment and request the bank to reduce tenure instead of reducing ongoing EMI. For this change, usually there are no charges but it is likely to vary depending on the lender.

If there is a sufficient gap between your current age and maximum loan age (i.e. 60 years), wherein EMI can be spread over the duration in affordable installments then you can request for tenure change. Else, to reduce EMI you have to opt for part prepayment.

Yes, you can opt to prepay your loan either by paying full or partial outstanding loan amount before completion of your loan tenure. As per RBI mandate, fixed and floating interest home loans have zero prepayment charges while fixed-interest loans attract prepayment fees of up to 2% of the loan amount if prepaid through refinancing or balance transfer.

The process for foreclosure varies from lender to lender. Most of the banks facilitate loan foreclosure through their online portal. If your bank doesn’t offer you an online facility, enquire through its customer care team, or visit a bank branch for exact detailing about the process.

No pre-payment penalty is levied on foreclosure of floating-rate loans. However, fixed-rate loans may have some charges, in case of refinancing.

The minimum part pre-prepayment amount should be equivalent to one month’s EMI. However, this amount is subject to vary depending on the lender.

Post clearance of complete outstanding loan amount bank will return your original property documents within 10-15 working days. Apart from this, you also need to take no-objection certificate (NOC) from the bank stating that there are no pending dues.

Equated Monthly Installment - EMI

Banks and financial institutions calculate EMI based on the loan amount, tenure, and interest rate applicable to the borrowed sum.

The loan repayment period starts after the complete disbursal of the loan amount. However, in most instances, borrowers are asked to pay interest before the start of actual EMI i.e. pre-EMI on partially disbursed loan amount.

Your bank will inform you about it while signing the loan agreement. Some banks also offer you optional EMI dates, so they can offer you EMI date change on request. But some don’t provide you this option.

You can repay your loan using the following four payment methods:

  • Standing Instruction (SI)–If you have a saving, current, or salary account in the lending bank, your EMI will automatically get deducted at the end of the month.
  • Auto Debit via NACH and ECS– EMI gets auto-debited from your bank account on the due date.
  • Prepayment-Part – If you have a lump sum amount and wish to repay in parts, you can choose this repayment method.
  • Prepayment-Full / Foreclosure – If you wish to repay the outstanding principal amount in one shot then you can foreclose your loan at any time during the loan tenure.

Banks usually offer Pre-EMI on home loans for under-construction property where the loan amount is disbursed based on construction stages. So, until the entire loan amount is disbursed banks ask you to pay pre-EMI which is only the interest component of your home loan. Meanwhile, you pay pre-EMI your principal outstanding remains the same.

Hence, this option is effective for individuals looking for financial flexibility and wants to spend EMI amount somewhere else. But if you are planning to save money on home loan interest and capable to pay full EMI during the under-construction of the property make sure to pay it.

General Questions

To finance a home purchase or construction, the home loan is considered a better alternative. Because it offers better interest rates and higher loan amount as compared to Personal Loan. Moreover, home loans are specifically designed to meet different housing finance needs.

Adding co-applicant for a home loan varies from lender to lender. Some lenders may consider it mandatory while some may not.

For a joint home loan, you can add your wife, parents, or major children as a co-applicant. Basically, a joint home loan is taken to increase home loan eligibility or the co-applicants are also the co-owners of the property. All co-owners of home are necessarily the co-applicants in a home loan but co-applicants are not necessarily the co-owners of the concerned property. All co-applicants in a joint home loan share equal financial responsibility.

To apply for a home loan through RedyMoney click here. Our executive will get back to you as per your convenience to discuss various offers. Or to receive details over an email click here to fill the form.

The most common reasons responsible for your home loan rejection are:

  • Low credit score
  • Insufficient income
  • Poor repayment capabilities
  • Too many existing debts
  • Location of property.

Too many applications for a home loan in a short span of time.

  • Log onto the concerned bank’s online home loan portal.
  • Request a copy from its customer service department on your registered email address.
  • Visit the bank/NBFC branch.

To register/update your mobile number or email address, contact your lender’s customer care team or visit the concerned home branch.

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