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Your Home, Your Loan, Your Way ✨

A home loan is a financial product offered by lenders to individuals for purchasing residential property. It covers a significant portion of the property's cost, while the borrower is required to make a down payment. The remaining amount is repaid through Equated Monthly Instalments (EMIs). The loan tenure typically ranges from 5 to 30 years.

Home Loan EMI Calculator 🏠💰

Why Choose a Home Loan? 🏡

A home loan offers financial flexibility with competitive interest rates, easy approvals, and tax benefits. Here's why you should consider it:

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Low interest rates & flexible tenure

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Minimal documentation & easy approval

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Tax benefits on home loan interest

Home Loan Interest Rates Offered by Partner Banks and HFCs

Name of LenderInterest Rates (p.a.)

FAQs 🤔

Here are some common questions and answers about home loans to help you make informed decisions.

What is a home loan?
A home loan is a financial product that allows individuals to borrow money from banks or financial institutions to purchase a house. The loan is repaid in monthly installments (EMIs) over a fixed tenure, which includes both principal and interest components. Home loans come with different types of interest rates, such as fixed or floating.
What are the current home loan interest rates?
Home loan interest rates typically range from 8.25% to 9.25%, but this can vary based on several factors such as:
  • Your credit score
  • Loan amount and tenure
  • Type of interest rate (fixed or floating)
  • Income and employment status
You can check with different lenders to compare rates before applying.
How long is the repayment period for home loans?
The repayment tenure for home loans typically ranges from 5 to 30 years. The tenure you choose affects your EMI payments:
  • Shorter tenure = Higher EMI, but lower total interest paid
  • Longer tenure = Lower EMI, but higher total interest paid
It's essential to balance your monthly budget while selecting an appropriate tenure.
What documents are required to apply for a home loan?
To apply for a home loan, you typically need the following documents:
  • Identity proof (Aadhar Card, PAN Card, Passport, etc.)
  • Address proof (Utility bill, Voter ID, etc.)
  • Income proof (Salary slips, bank statements, ITR documents)
  • Property-related documents (Sale agreement, title deed, etc.)
Different lenders may require additional documents based on their policies.
How is home loan eligibility calculated?
Lenders assess home loan eligibility based on factors like:
  • Income and employment stability
  • Credit score (Higher score improves approval chances)
  • Existing liabilities and debts
  • Property value and loan amount
You can use an online **Home Loan Eligibility Calculator** to get an estimate before applying.
Can I get a home loan with a low credit score?
Yes, you can still get a home loan with a low credit score, but it may come with:
  • Higher interest rates
  • Stricter eligibility criteria
  • Lower loan approval amount
To improve your chances, consider **increasing your credit score** by paying off existing debts and maintaining a good repayment history.
Can I prepay my home loan before the tenure ends?
Yes, most banks allow home loan prepayment. However, some lenders may charge a **prepayment penalty**, especially for fixed-rate loans. Benefits of prepayment include:
  • Reduced interest burden
  • Faster loan closure
  • Improved financial flexibility
Check your loan agreement for prepayment terms before proceeding.
What are the additional charges in a home loan?
Apart from the principal and interest, home loans may have additional charges such as:
  • Processing fee: 0.5% to 2% of the loan amount
  • Legal and valuation charges: Based on the lender's policies
  • Late payment fees: If EMIs are not paid on time
  • Prepayment or foreclosure charges: If the loan is repaid before the tenure
It's important to factor in these costs when planning your loan.