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What is a Home Loan?

Put simply, a home loan or housing loan that is borrowed from a bank or financial institution with the purpose of buying a home. There are can be different types of properties for which a home loan is taken like a plot, an apartment, a villa, a flat, residential house. Apart from this, a home loan can also be taken to construct a home, renovate it, and others. Read More

There are two types of interest rates in a home loan – fixed and floating. The selection of a particular type depends on the personal preference of the borrower.

Home loans provide home buyers with a lump sum amount towards the purchase of the home of your choice; this sum is supposed to be repaid along with the incurred interest. Yet, you may approach accomplishing your goal of owning a property in a practical and organized manner by repaying the money borrowed through EMIs.

A person may construct an asset and purchase a home with the help of a home loan, and he or she will also get to take advantage of tax advantages. He is required to pay a specific portion of the property's cost out of own finances, typically up to 20%. There is an option to have the loan amount returned over a certain length of time at your discretion. According to Income Tax regulations, the borrower can deduct both the principle loan amount and the interest payment. A home loan application can be submitted online, at a loan processing center, or at a bank branch.

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EMI Calculator

Loan amount

₹

₹1,000

₹1,00,00,000

Rate of interest (p.a)

1 %

50%

Loan tenure

1 yrs

30 yrs

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Looking For an Attractive Offer on a Home Loan?

Check Out the Benefits of Applying for a Home Loan Through InvestKraft:

Easy Application

Our fully digital business processes make applying for a home loan easy, quick, and hassle-free.

Faster Approval

No longer wait for your dream home at InvestKraft. Avail the benefit of faster approvals to make your home-buying journey smoother.

Higher Loan Amount

Get a Higher Loan Amount through InvestKraft.for the freedom to choose the home you truly deserve

Lower Interest Rates

Take advantage of the comparatively Lower Interest Rates for smaller and manageable EMIs

Easy Repayment Options

Take the benefit of easy repayment plans designed to add convenience and value to your borrowing experience.

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Eligibility for Home Loan

The below-discussed eligibility and documentation are for Indian residents. The documentation for NRI Home Loans may vary. You can inquire about the same whenever you plan to apply for an NRI Home Loan with any Indian bank or an NBFC.

The home loan applicant should be:

A resident Indian or a non-Resident Indian (NRI) having Indian passport or Persons of Indian origin (PIOs) having foreign passport or Overseas Citizens of India (OCI)
Of at least 18 years of age and the max age limit is 70 years
A salaried individual or a self-employed person

Documentation for Home Loan

Documents Required

Employer Identification Card
Loan Application: Full-fledged loan application form duly filled in affixed with Passport size photographs
Proof of Identity: PAN/ Passport/ Driver’s License/ Voter’s ID card
Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/ Piped Gas Bill or copy of Passport/ Driving License/ Aadhar Card

Property Documents:

Authorisation for construction (if required)
Registered Agreement for Sale (only for Maharashtra)/Allotment Letter/Stamped Agreement for Sale
Occupancy Certificate (if it is a ready to move property)
Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt
Approved Plan copy (Xerox Blueprint) & Registered Development Agreement of the builder, Conveyance Deed (For New Property)
Payment Receipts or bank A/C statement showing all the payments made to Builder/Seller

Account Statement:

Last 6 months Bank Account Statements for all Bank Accounts held by the primary and second applicant
If any previous loan from other Banks/Lenders, then Loan A/C statement for last 1 year
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
Salary Slip or Salary Certificate of last 3 months
Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

Business address proof
IT returns for last 3 years
Balance Sheet & Profit & Loss A/c for last 3 years
Business License Details (or equivalent)
TDS Certificate (Form 16A, if applicable)
Certificate of qualification (for C.A./ Doctor and other professionals)

Get Your Housing Loan Approved

IN 3 EASY STEPS

Apply digitally with Investkraft for the lowest home loan interest rate

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1Check Eligibility

Use Our Home Loan Eligibility Calculator to Check Your Eligibility.

2 Submit the Docs

Next, Submit the Required Documents Online and Click Submit

3 Submit Application

Verify the submitted information and click on Submit for further processing.

Interest Rate & Charges

The rate of interest plays a vital role in loans. Customers seeking home loans online or offline look for a lender offering the lowest interest rate. Also, there are a few additional charges that a customer seeking a home loan has to consider. The charges for salaried and non-salaried vary and are not the same with banks and NBFCs. Let us have a look at the table below for a better understanding of the Interest Rate & Charges applicable to a home loan.

The Home Loan Interest Rates are defined below:

Name of Home Loan Lenders	Up to Rs. 30 Lakh	Above Rs. 30 Lakh & Up to Rs. 75 Lakh	Above Rs. 75 Lakh
A Few Private Sector Banks
HDFC Bank Ltd.	8.75% onwards	8.75% onwards	8.75% onwards
Kotak Mahindra Bank	8.75% onwards	8.75% onwards	8.75% onwards
ICICI Bank	8.75% onwards	8.75% onwards	8.75% onwards
Axis Bank	8.75% – 13.30%	8.75% – 13.30%	8.75%- 9.65%
A Few Public Sector Banks
Bank of Baroda	8.40% – 10.65%	8.40% – 10.65%	8.40% – 10.90%
SBI	8.50% – 9.85%	8.50% – 9.85%	8.50% – 9.85%
Housing Finance Companies (HFCs)
Tata Capital	8.75% onwards	8.75% onwards	8.75% onwards
Aditya Birla Capital	8.60% onwards	8.60% onwards	8.60% onwards

Other charges

Processing Fees

Up to 0.50% of the loan value or ₹5,000 whichever is more, along with the applicable taxes.

Property Insurance

The borrower ensures timely and regular premium payments directly to the insurance provider to keep the policy active throughout the loan tenure.

Charges On Account Of Delayed Payments

Delayed payment of interest or EMI may result in additional interest charges of up to 24% per annum.

Incidental Charges

Incidental charges and expenses are collected to pay for the costs, fees, expenditures, and other funds that may have been spent in connection with recovering debts from a defaulting client. Customers are free to request a copy of the policy from the concerned branch.

Statutory / Regulatory Charges

Statutory or regulatory charges are fees required by the government or authorities during home loan processing. These may include stamp duty, registration fees, and other legal charges. These are mandatory payments, apart from loan costs, to comply with legal requirements for property transactions and loan documentation.

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Frequently Asked Questions

Through InvestKraft, you can avail of home loans with a maximum loan repayment tenure of 30 years. However, several other things need to be considered before determining the exact repayment tenure.

The EMI will be due on a pre-decided date every month. You will be notified about the EMI date when your loan is disbursed.

Yes, you can. There are several purposes for which a home loan can be availed.

Buying a New Property
Constructing a home
Carrying out repairs
Home extension
Home improvements

Pre-foreclosures on home loans are permitted without incurring any additional fees as long as you have selected a floating rate of interest as opposed to a fixed rate of interest as your method of repayment. Certain banks may have limitations on the number of times you make part payments annually as well as the total amount that can be part-paid annually. Before signing the loan agreement, please clarify all of these details with our representative or loan advisor of the respective bank.

A home loan repayment takes place in the form of an EMI (Equated Monthly Installment) through the borrower’s bank account. He or she needs to give PDCs (Post-dated cheques) and sign an ECS mandate in favour of the financial institution or bank disbursing the loan.