Know About Home Loan:

Features and Advantages of Our Home Loan

Numerous institutions present an extensive range of home loan options with the most competitive rates and affordable Equated Monthly Installments (EMIs).

Home Construction Loan: In case you possess a plot of land but lack the financial means to construct a home on it, a house construction loan is tailored for this purpose. This type of borrowing is specifically designed to facilitate the construction or renovation of a significant portion of your residence.

Home Extension Loan: If you already own a home and find the need to expand the existing structure, whether by adding an annex, constructing another floor, or making other modifications, the Home Extension Loan provides the financial support necessary for such endeavors.

Home Improvement Loan: We all aspire to enhance and upgrade our living spaces for a better quality of life. Whether it’s replacing outdated furniture, upgrading fixtures, or addressing faulty lighting systems, the Home Improvement Loan caters to all your renovation plans.

NRI Home Loan: For patriotic Non-Resident Indians who aspire to own residential property in India, the NRI Home Loan is the ideal solution. While the application formalities may differ slightly, this loan is specifically designed to meet the unique needs of Non-Resident Indians.

FAQs

What is the tenure of a home loan?

Home loans are long term borrowing instruments with a minimum tenure of 5 years and a maximum tenure of 30 years. The tenure offered to you for your personal loan depends on the loan amount that is sanctioned to you by the lender along with other factors.

What is the Eligibility Criteria for a Home Loan?

Anyone — whether self-employed or salaried individuals/professionals — with a regular source of income can apply for home loans. One must be at least 21 years old when the loan period begins and should not exceed an age of 65 years when the loan ends or at the time of superannuation. This is the generic home loan eligibility criteria and specifics such as the minimum and maximum age limits, minimum income level, etc. may differ from one lender to another.

Can I apply for a joint loan with my friend?

No. A lender would only allow you to apply for a joint home loan if the application is co-signed by one or more members of your immediate family. Thus, your friend does not qualify.

Who can be joint borrowers in case of a home loan?

Immediate family members such as your parents, spouse and children are allowed to be joint borrowers in case of a home loan.

What is the maximum number of joint borrowers for a home loan?

The maximum number of joint borrowers in case of a home loan is fixed at 6. However, only family members such as parents, siblings and spouse can be co-borrowers for a home loan in India. Additionally, having a co-borrower who has a robust credit history and good credit score is preferable as compared to one with a low credit score.

Is having a good credit record important in case of a home loan?

A home loan is a long term loan (5 to 30 years tenure), hence lenders want to ensure that they will get their money back in the long term. Therefore, the loan sanctioning authority will definitely check your credit history before sanctioning a home loan to you. By having a good credit record/history you would be classified as a low-risk borrower and you may be able to get preferred (low) interest rates and waivers on various bank fees on the basis of your credit history.