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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.
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.
Eligibility and Documentation
- 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
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)
The home loan interest rates are defined below:
| Home/HIL/HEL/Refinance/Plot Loans Upto 30 Lacs |
Salaried / SEP Applicable Interest Rates % |
Self Employed Applicable Interest Rates % |
| Women | 8.95% - 9.45% | 8.95% - 9.45% |
| Others | 9.00% - 9.50% | 9.00% - 9.50% |
| Home/HIL/HEL/Refinance/Plot Loans 30.01 Lacs - 75 Lacs |
Salaried / SEP Applicable Interest Rates % |
Self Employed Applicable Interest Rates % |
| Women | 9.20% - 9.70% | 9.20% - 9.70% |
| Others | 9.25% - 9.75% | 9.25% - 9.75% |
| Home/HIL/HEL/Refinance/Plot Loans 75.01 Lacs & Above |
Salaried / SEP Applicable Interest Rates % |
Self Employed Applicable Interest Rates % |
| Women | 9.30% - 9.80% | 9.30% - 9.80% |
| Others | 9.35% - 9.85% | 9.35% - 9.85% |
Other charges
Processing FeesUp to 0.50% of the loan value or ₹5,000 whichever is more, along with the applicable taxes.
Property InsuranceThe borrower pays the premium amounts straight to the insurance provider, quickly and regularly so as to keep the policy / policies active at all times during the loan tenure.
Charges On Account Of Delayed PaymentsDelayed payment of interest or EMI shall render the customer liable to pay additional interest up to 24% per annum.
Incidental ChargesTo pay for the costs, fees, expenditures, and other funds that may have been spent in connection with recovering debts from a defaulting client, incidental charges and expenses are collected. Customers can ask the relevant branch for a copy of the policy by making a request.
Statutory / Regulatory ChargesTo pay for the costs, fees, expenditures, and other funds that may have been spent in connection with recovering debts from a defaulting client, incidental charges and expenses are collected. Customers can ask the relevant branch for a copy of the policy by making a request.
Looking For a Perfect Offer on Home Loan?
Check Out The Major Features & Benefits of Taking a Home Loan From Investkraft.
- Easy Application – Since All Our Business Processes are Driven by Web, Applying for a Home Loan at Investkraft is Very Easy and Quick.
- Faster Approval – Expect to Get Quicker Approval on Your Home Loan Application as We Can’t Let You Wait for Long to Get Your Dream Home.
- Higher Loan Amount – Get Higher Loan Amount For Buying a Home That What Other Lenders Have to Offer.
- Lower Interest Rates – We Guarantee The Most Competitive Interest Rates on a Home Which means Lesser Easy Monthly Instalments.
- Easy Repayment – We Provide The Borrowers With Simple Repayment Alternatives as Part of Our Effort to Providing Additional Value to Them.
Monthly EMI
₹ 8,676
Different Types of Home Loan
A Home Loan For All Your Needs
From construction loan to balance transfer, home extension, and others, choose from a wide assort of home loans right here.
Get Your Housing Loan Approved
IN 3 EASY STEPS
Apply digitally with Investkraft for the lowest home loan interest rate
Get Started
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.
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Frequently Asked Questions
At Investkraft, we provide home loans with a maximum loan repayment tenure of 30 years. However, there are several other things that 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.
- New property buying
- Constructing a home
- Carrying our 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 may 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 or the bank's loan adviser.
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 favor of the financial institution or bank disbursing the loan.
Benefits of Availing Investkraft’s Home Loan
- Affordable EMIs
- Choose from attractive interest rates
- Faster home loan approval
- No prepayment charges
- Floating & fixed interest rates
- Low processing charges
- No hidden fee
- Longer repayment tenure
