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What is Home Loan?

Basic Fact Sheet

Is Security Required? Yes (the Home being purchased)
Is Guarantor Required? In most cases (income not mandatory)
What is the Tenure? 1 to 30 years
What is the Interest Rate? 9.4% to 11% (Diminishing)
Is Part Payment Allowed? Yes
Is Pre-Closure Allowed? Yes
Is Balance Transfer Allowed? Yes
What is the minimum Salary? Rs. 10,000 /- Net (pm)
How many days does it take? 5 to 15 days
What is the loan amount? Rs. 5,00,000 /- to Rs. 1,00,00,000 /- (and more)

When should you choose Home Loan?

It may be obvious that you would be choosing a Home Loan when you are planning to purchase a new Home / Property. However, one should not confuse this loan with Mortgage Loan, Plot Loan, Commercial Property Loan and other type of real estate related loans. Home loans enjoy the lowest interest rate among various loans in the market. Thus, if given a choice, one should always choose a Home Loan (if possible).

Who would be eligible for a Home Loan?

In short, anyone with an accountable and regular source of Income will be eligible for a Home Loan. Salaried and Self Employed are both eligible for Home Loan. There are occasions where one can be eligible for a Home Loan even without an accountable income, that is without filing Income Tax. In this case, the Banks rely mainly on customers saving habits and on other relevant proof to identify customer's income.