Home loan is the most important category of loans available in the market. Many middle class family has only one dream, to have their own house. Home loans is the most important asset for them. We rely hugely on home loans, not for buying a house or plot only but also to reconstruct or redesign our beautiful home. There are many different types of home loans Q available, which works according to the need of an individual.
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How to get Home Loan 2024
Home loan is the most famous and common loan in this category. People take loan in the form of cash from banks, private firms, and also from other places and they repay the money through monthly EMI. Other types of loans are Home construction loan, which helps one to reconstruct or redesign there house.
You can also use the Home loan balance transfer feature, which gives you the power to change your money lender, if you are unhappy with the earlier one. There is a loan known as a composite home loan, which not only helps you in buying the plot, but it also lends money for the construction of your home.
Tax benefits, lower interest rates, due diligence of the property, and many other features make the home loan one of the very best. It just brings a smile on the faces of many, by providing them their dream home.
| Age of the Applicant | 18 to 70 years |
| Work Experience for Salaried | 2 years and above |
| Interest rate | Interest rate differs from bank to bank and also with amount and tenure. The lowest interest rate is 6.65 % per annum |
| Processing fee | Amount wise, it starts from 2,500 rupees. The processing fee is 0.40 to 0.60 % of loan amount |
| Features | Low interest rates Tax benefits |
| Eligibility criteria | ₹ 25,000 per month and above, Age, Employment type and Collateral security |
| Application process (Online/Offline) | Both online and offline medium is available Fill the application with proper details Submit the required documents |
| Documents Required | Application form with a photograph I’d proof |
Home Loan Eligibility criteria
There are many eligibility criteria which the banks or lenders check before providing loan to anyone. This is the most important thing in the entire process. If you are eligible then, you can’t have a loan. They see the loan repayment on the person who wants the loan. They also check the credit score and if your score is above 700, then you won’t have any difficulties, but if your score is less then the chances are quite less for you. Other eligibility criteria for a home loan are:
- Age – the age of the individual who wants home loan must be 22 and the higher limit is 70 years
- Employment type – for salaried employees, work experience is three years and for self employed, the minimum work experience should be 5 years
- Minimum annual salary
- Collateral security
- Residency status, Indian or not
- Assets, liability, continuity of occupation and stability
- Margin requirements
| Bank | Loan Amount Eligibility | Interest Rate | EMI |
|---|---|---|---|
| SBI | ₹ 58,20,896 for 30 years | 6.70% | ₹ 37,561 |
| HDFC | ₹ 44,44,444 for 30 years | 6.75% | ₹ 28,827 |
| ICICI Bank | ₹ 57,77,778 for 30 years | 6.75% | ₹ 37,475 |
| Axis Bank | ₹ 58,55,856 for 30 years | 6.66% | ₹ 37,631 |
| PNB Housing Finance | ₹ 53,06,122 for 30 years | 7.35% | ₹ 36,558 |
| DBS Bank | ₹ 53,42,466 for 20 years | 7.30% | ₹ 42,388 |
| IDBI Bank | ₹ 56,11,511 for 30 years | 6.95% | ₹ 37,145 |
| IDFC First Bank | ₹ 56,52,174 for 30 years | 6.90% | ₹ 37,225 |
| Indiabulls | ₹ 38,15,029 for 25 years | 8.65% | ₹ 31,106 |
Application process (Online/Offline)
These days, as the world is getting digital, applying for home loans has became very simple and easy. Either you can visit the bank and submit all the details formally, which comes under offline way. Now you also have the ease of filling the application by sitting in your house. Online application process is the easiest. Every bank and lenders have there different processes, but that vary very little. Most of them are almost same.
Offline application of home loan:
- Step I – first you need to visit the bank or to your desired lender.
- Step II – after visiting, you will be asked to fill an application form.
- Step III – after filling the application form, you will be asked to provide the required documents and you have to attach those to the application form.
- Step IV – the sanction approval process will take some time. But once the process is completed, you will have your credit.
Online application of home loan:
- Step I – first you need to visit the website of the bank or lender.
- Step II – then you have to fill the application form, were you have to writer all your personal details.
- Step III – the officials will provide you your pre approved offer, after analyzing your application form.
- Step IV – you have to simply choose your desired loan with interest and tenure.
- Step V – provide the property details and pay the online secure fee.
- Step VI – upload the scanned copies of the asked documents, once you do all this, you are good to go.
Never forget to use the EMI calculator to calculate the monthly payable amount to the bank or lender. EMI calculator is one of the most useful features for a home loan.
Documents required
The generic list of documents required for agriculturists are:
- Application form with photograph
- I’d and residence proof
- Bank statement of last 6 months
- Processing fee and check
- The documents relating to agricultural land
- Documents related to crop cultivation
- Details of loan availed in the last two years
Documents required for Salaried employees:
- First four of the previous one
- Latest salary slip
- Form 16
Documents required for self employed personals:
- First point of the previous
- Educational qualifications certificate and proof of business
- Which kind of business and tax return of previous three years
- Account of profit and loss of the past three years
Bank wise Home Loan Eligibility Criteria
| Bank | Loan Amount Eligibility For Max Tenure | Age Of Eligible Borrower | Maximum Loan On Property Value |
| SBI Home Loan Eligibility | ₹ 7 Cr for 30 years | 18 to 70 years | Upto 90% |
| HDFC Home Loan Eligibility | ₹ 5 Cr for 30 years | 24 to 60 years | Upto 90% |
| Citibank Home Loan Eligibility | ₹ 5 Cr for 25 years | 23 to 60 years | Upto 80% |
| Bank of Baroda Home Loan Eligibility | ₹ 7 Cr for 30 years | 21 to 60 years | Upto 90% |
| ICICI Bank Home Loan Eligibility | ₹ 7 Cr for 30 years | 21 to 60 years | Upto 90% |
| Axis Bank | ₹ 2 Cr for 30 years | 24 to 60 years | Upto 90% |
| PNB Housing Finance | ₹ 5 Cr for 30 years | 21 to 70 years | Upto 90% |
| LIC Housing Finance | ₹ 15 Cr for 30 years | 21 to 60 years | Upto 80% |
| Bajaj Home Finance | ₹ 3.50 Cr for 20 years | 23 to 62 years | Upto 80% |
| Sundaram Home Finance | ₹ 3 Cr for 20 years | 21 to 60 years | Upto 85% |
| Kotak Bank | ₹ 5 Cr for 20 years | 21 to 60 years | Upto 80% |
| Yes Bank | ₹ 5 Cr for 25 years | 21 to 60 years | Upto 90% |
| Syndicate Bank | ₹ 5 Cr for 30 years | 21 to 60 years | Upto 90% |
| IDFC First Bank | ₹ 10 Cr for 30 years | 21 to 60 years | Upto 85% |
| Bank of India | ₹ 5 Cr for 30 years | 21 to 60 years | Upto 85% |
Frequently Asked Questions
Well, the minimum tenure is 5 years and the maximum tenure is 30 years. It various according to the loan amount.
There are a lot of things which banks look for. Some of them are listed below: • Income of the applicant • Age of the applicant • Qualification and earlier records with loan and finance. You can also check all the necessary details online.
As per Reserve bank of India guidelines, no lender or banker is permitted to offer 100% home loan. You need to make a down payment amount to 10-20% of the assets purchase price. So, you can obtain up to 80 -90% home loan financing for your property.
State Bank of India (SBI), HDFC, ICICI Bank, Bank of Baroda and some other banks
You can get a loan up to ₹ 15 Lakh on a salary of ₹ 25,000.
If your Salary is ₹ 50,000, then you can avail a max of ₹ 30 Lakh as a home loan
If your Salary is ₹ 40,000, then you can avail a max of ₹ 24 Lakh as a home loan
