Home loans are given to individuals who are interested in buying/constructing houses. It is supported by banks or financial institutions who loan a certain amount, based on the need of the individual(s). Loans can be applied for purchase, construction or improvement of homes.

Use our home loan EMI calculator to calculate the loan EMI . The online loan calculator gives results based on principal amount, interest rate and tenure. The loan calculator also displays total interest payable, total principal payable and amortization schedule to help you understand your home loan repayment better.

Home loan interest rate - 8.85%*

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Home loan eligibility differs across lending institutions and loan schemes. However, a common set of housing loan eligibility criteria is given below:

• Nationality: Indian Residents, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs)
• Credit Score: Preferably 750 and above
• Age Limit: 18 - 70 years
• Work Experience: At least 2 years (for salaried)
• Business Continuity: At least 3 years (for self-employed)
• Minimum Salary: At least Rs. 25,000 per month (varies across lenders & locations)
• Loan Amount: Up to 90% of property value
• Home Purchase Loan is to take a loan to buya ready-to-move-in propertieslike row house, flats etc, under-construction properties and pre-owned homes/resale properties.
• Composite Loan can be opted to buy a plot and building a house on it. The loan amount comes in slots depending on the stages of construction. The first disbursement in composite loan is made towards plot purchase. Subsequent payments/disbursements depend on the stages of construction of the house.
• Home Construction Loan is offered to individuals for house construction if you own a plot already. The disbursements depend on the stages of construction of the house.
• Home Renovation/ Improvement Loan is for meeting home renovation costs of an existing house. The interest rate for a home renovation/improvement loan and a regular home loan are usually same.
• Home Extension Loan is for those requiring funds to extend or add more space by adding more floors to their existing house.
• Bridge Loan is a short-term home loan if you are planning to buy a new house with the sale proceeds of your existing house.
• Interest Saver Loan is a home loan overdraft wherein the borrowers’ home loan account is linked toborrowers bank account. Any amount deposited in the bank account over and above the EMI is considered as a prepayment towards the loan, thus, saving on the interest amount.
• Step Up Loan allows borrowers to pay lower EMIs during the initial years of the loan tenure and have the provision of increasing the EMI amount over time

• Proof of Residence: Copy of anyone (Bank Passbook, Voter’s ID, Ration Card. Passport, Utility Bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill) and LIC Policy Receipt
• Proof of Identity: Copy of any one (PAN Card, Passport, Aadhaar Card, Voter’s ID Card, and Driving License)
• Proof of Age: Copy of any one (Aadhaar Card, PAN Card, Passport, Birth Certificate, 10th Class Mark-sheet, Bank Passbook, and Driving License)
• Proof of Income for Salaried: Copy of Form 16, latest payslips, IT returns (ITR) of past 3 years, and investment proofs (if any) Proof of Income for Self Employed: Details of ITR of last 3 years, Balance Sheet and Profit & Loss Account Statement of the Company/Firm, Business License Details, and Proof of Business Address
• Property-related Documents: NOC from Society/Builder, detailed estimate of the cost of construction of the house, registered sale deed, allotment letter, and an approved copy of the building plan.