Fulfil Your Home Dream | Best Home Loan in India | Fincrif

A home loan, usually referred to as a mortgage, is a kind of loan given by financial organizations, like banks or mortgage lenders, to assist individuals or families in buying a property. It is a long-term loan that must be repaid over a long period of time, usually between 15 and 30 years, with consistent monthly payments and there are many best banks for home loans where you can apply.

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Home Loan Eligibility Criteria

A home loan eligibility criteria has a set of requirements that are almost equivalent to those for any other bank loan. The following criteria must be met in order for a home loan amount to be eligible:

S.no Criteria Salaried Self-Employed
1 Age 21 to 60 years 30 to 70 years
2 Minimum per annum Income Rs. 1 lakh per annum Rs. 1.5 lakh per annum
2 Tenure duration 12 - 360 months 12 - 300 months
2 Minimum experience 3 years 4 years

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Documents required for Home loan

Get a home loan by providing simple documents . Here are the list of documents required for applying for a home loan :

Identity proof ( any one )

  • Adhaar card
  • PAN card
  • Voter ID
  • Passport
  • Driving license

  • Property documents

  • Sales deed, stamped agreement of sale, or allotment letter
  • NOC from the housing society or builder
  • Possession certificate and land tax receipt form the land/ land revenue/ revenue department
  • Detailed estimation of the construction cost
  • Bank account statement or payment receipt detailing payment made to the seller or builder
  • Occupancy certificate (for constructed apartments)

  • Address proof (any one)

  • Any of the above identity proof documents with the permanent address
  • Electricity bill
  • Telephone bill
  • Post-paid mobile bill
  • Water tax
  • Property tax receipt

  • Passport sized photograph

  • 5 maximum photographs
  • Type Of Home Loan

    Home Purchase Loan

    If you wish to purchase a property that has already been built or that is currently being built, you should choose this financing. You may obtain a home loan from a lender for up to 90% of the property's worth in accordance with RBI regulations.

    Plot Loan

    If you want to buy a piece of land or construct a house, this loan is an option. When you provide the necessary documentation pertaining to the acquisition of the land, the first installment of the loan is disbursed. The progress of the house's development will determine any additional payments.

    Loan for Home Renovation

    Even for renovation or repair costs, you can obtain a home loan. The repayment period is typically shorter in this situation. This is due to the fact that the funding provided for a house renovation is generally less than for a full residence. However, the interest rate for loans for home improvements is normally the same as for a regular loan for real estate.

    Home Construction Loan

    If you require financing for building, this lending instrument is available. This kind of loan is only available if you already own a plot of land and intend to build a house there. The disbursal is based on the stage of construction, just like a composite loan.

    Loan for home extensions

    This lending facility is an option if you want to increase the size of your house. Financial institutions often distribute funds through this type of lending in an amount that can reach 90% of the expected cost of construction. This distinguishes it from a loan for home renovations because the sanction amount depends on the loan size and the Loan-To-Value ratio.

    Step-Up Loan

    Typically, young professionals who have recently started their careers will take out this form of loan. Your first EMI payment is reduced using this lending programme. The key benefit of this type of loan is the ability to gradually increase the EMI amount.

    Interest saver loan

    A loan overdraft facility is comparable to this. Your home loan account is here immediately connected to your bank. Prepayments reduce the amount of interest due by any money put in the bank account above the EMI amount.

    How to apply for home loan online

    Here are few steps , that you have to follow for applying online home loan

    Step 1. Share your details

    Firstly fill up all the details and personal information related to the loan requirement.

    Step 2. View Offers

    A list of qualified home loan offers will show up in accordance with the information provided. From the list of available home loan options, compare interest rates, processing costs, and the maximum loan size.

    Step 3. Submit the application

    Fill out an application for the home loan package that best fits your financial needs. You will receive a confirmation of your home loan application, along with a reference number for future use, once your application has been filed successfully. Our loan specialist will then contact you within 24 hours to proceed with your application.

    FAQ - FinCrif Freqently Asked Questiones

    When your credit score is between 650 and 749, lenders may decide to give you a house loan after learning more about your other financial circumstances. However, the minimum CIBIL Score necessary for a home loan is often 650. Scores between 550 and 649 are considered ordinary and need improvement.

    As there is no rule prohibiting you from servicing more than one home loan at a time, you are free to have as many home loans as you need in India. You can apply for 5 different house loans from 5 different lenders if you wish to buy, let's say, 5 properties all at once.

    When it comes to the distinction between fixed and floating interest rates, one should be aware that fixed interest rates favor borrowers with consistent financial support and the ability to repay the loan quickly. Younger people who are willing to face long-term market risks benefit more from floating interest rates.