Home Loan India- Find Housing Loans for you

Owning a home is perhaps the biggest and most important dream of an average Indian family.

A home loan is taken by an individual, usually for constructing a home. Home Loans can be applied for either individually or jointly. Proposed owners of the property, will have to be co-applicants. However, the co-applicants need not be coowners. This may or may not include the land. Usually, the home will be kept a security or collateral by the lender till the loan amount is fully paid by the person who takes the loan. As it is a secured loan on the home, usually the interest rate will be low and can be over a longer loan repayment period.

A "home loan" is a credit to a consumer for the purchase or transformation of the private immovable property he owns or aims to acquire, secured either by a mortgage on immovable property or by a surety commonly used in a Member State for that purpose.

A home loan requires you to pledge your home as the lender's security for repayment of your loan. The lender agrees to hold the title or deed to your property until you have paid back your loan plus interest.

In a home loan, you can opt for a flat interest rate or a floating one.

Home Loan Research - Choosing the best housing loan option in India

A fixed interest rate is one which will be constant during the loan tenure. A floating interest rate on the other hand will be varying according to the overall financial state of banks and the country as a whole. Interest rates were at their most enticing lows two years back, and are now creeping up. So deciding which option to choose in terms of the interest calculation is a critical one.

Use our loan repayment calculator to get to know how much you may have to pay as monthly emi for your loan.

In India, usually you may get 85% of your property value as home loan and repayment period can upto 20 years.

Documents required for applying for a home loan for a salaried person / business man are Identity and Residence Proof, Latest Salary-slip / Education Qualifications Certificate and Proof of business existence, Form 16 / Last 3 years Income Tax returns , Last 6 months bank statements / Last 3 years Profit/Loss and Balance Sheet.

Other than the normal interest on the loan, you may be charged a one time processing fee also for your Personal loan.