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Home Loan


One of the basic necessities of a human being is shelter and accommodation. Unlike other necessities, these don’t come cheap. Buying a house, flat or other housing properties has become quite a lot expensive. This is where Home loans act as a saviour. The home loan meaning is nothing but an agreement from a borrower and a lender that allows you to borrow money that can be used to purchase a house or other accommodation. 

Finding which home loan is best in India can be a real dilemma. This is largely due to the fact that there are several banks and financial institutions that provide these. However, if you wish to get a home loan, it is crucial that you understand it inside out. Take a lot at everything about home loans.  

Home Loan Process

The process of acquiring a home loan is fairly straightforward. However, it involves a lot of documentation. The process may vary depending on the bank or the financial institution lending you the loan. As a result, check with the exact party involved to identify the process. Here are the common steps involved in the home loan process – 

  • Visit a bank or a reputed financial institution offering home loans.
  • Check if you are eligible to apply for the loan. Officials at the institution will be able to help you with this. 
  • Find out the loans you will be able to obtain. This will depend on your credit score and a few other factors. 
  • Acquire all the necessary documents required for the application process. 
  • Apply for a loan at the bank or the financial institution. 
  • The bank will consider your case and check if they can grant you the loan. 
  • Pay the necessary home loan processing fee and the downpayment. 
  • Once the loan is sanctioned, you can obtain the amount in full or in instalments along with the home loan details regarding the EMI, term, interest, etc. 

Home Loan Eligibility

In order to be able to apply for a home loan, you will have to meet certain home loan eligibility criteria as required by the bank or the financial institution. This mainly depends on your repayment capacity. Let’s take a look at some of the factors that affect your eligibility –

  • You will have to meet the required age criteria. This is usually 25-70 for self-employed individuals and 23-62 for salaried individuals.  
  • You will have to meet the home loan minimum salary requirements. The higher your income, the higher the loan amount you can obtain. 
  • You must be salaried or be self-employed under a private sector company, public sector company, or an MNC.
  • You must be an Indian citizen, NRI, or a Person of Indian Origin (PIO).
  • Your eligibility can depend on the number of co-applicant’s as well. 
  • In case there are co-applicants, they will have to meet the minimum income requirements as well. 
  • A major part of your eligibility will depend on your credit score. You will have to meet the minimum CIBIL score required. Usually, a minimum of 750 is required. The higher the score, the better interest rates and features you will obtain. 
  • Your chances of getting the loan will also depend on any existing loans and history. 

Please note that the eligibility criteria will vary according to the bank or the lending institution

Home Loan Rate of Interest

Home loan rate of interest is the rate charged by the lender for letting you borrow the amount. The exact home loan interest rates in India vary significantly depending on the bank or financial institution lending you the loan as well as on your eligibility such as income, CIBIL score, etc. Typically, there are two types in which the home loan ROI function –

  • Floating ROI – In this case, the interest rates can vary according to the market conditions. Although in most cases the interest rate decreases, it may also increase and increase your EMI. 
  • Fixed ROI – A fixed ROI means that your interest and EMI is constant throughout the term of the loan. 

Documents Required for Home Loan

In order to be able to obtain a home loan, you will have to submit the following home loan documents. Although, based on your eligibility and the lending institution, you may have to submit additional documentation.

  • Identity proof – PAN card, Voter ID, Aadhar card, valid passport, etc.
  • Residence proof – rent agreements, electricity bills, etc. 
  • Duly filled loan application form.
  • Passport size photographs.
  • Applicant’s bank account statements for the past 6 months.
  • Loan statements in case the applicant possesses another loan. 
  • Income Tax Returns forms.
  • Certificate of qualifications (self-employed). 
  • Business license (self-employed).
  • Salary slips (salaried)
  • Property papers – Agreement of sale and other relevant documents.

What are the benefits of Home Loan?

Here are some of the common home loan benefits –  

  • Due to the minimal documentation and faster processing, home loan transfer is significantly easy.
  • Home loans can be obtained with flexible interest rates that can help repayment. 
  • Loans for purchasing property or homes can be obtained for different terms ranging from a few years to even more than 10 years.
  • Since your purchasing property is used as collateral, you will not require any other collateral. 
  • The wide age criteria allow almost anyone who is eligible to obtain a home loan. 

Home Loan Prepayment and Repayment

Thanks to the varying terms available, you will have plenty of options to choose for the home loan repayment schedule. However, in certain cases, if you feel that you have surplus funds and feel that you can pay back the loan (parts or full) before the full tenure, you can do so with the home loan prepayment option. This will reduce your principal owed as well as lower the EMIs or the remaining loan period. 

Why Choose Terkar Capital for Home Loan?

If purchasing your dream home is what you require, Terkar Capital is your one perfect stop. Being one of the top home loan Consultant in Pune, we offer you the most affordable home loans. We provide you with complete customer support, best interest rates, flexible loan terms, fast processing, safe transaction, and a completely transparent process. 

For More Details Please contact our Experts

If you have any questions, please do not hesitate to ask us. Please also call us or email us before visiting to make sure that you will be served with our best services.

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