What is a Home Loan?

A Home Loan is a loan taken from a Bank or NBFC to assist a person buying a house or a flat in Delhi. You can also avail home loan for home improvement (renovation), add new built-up area (home extension) or for conducting home repairs.

Home Loan Eligibility?

You can avail a Home Loan from most of the Banks or NBFCs if you are:

  • Above 24 years of age and below 60 years of age at the time of application
  • Salaried individuals
  • Self-employed professionals
  • Self-employed non-professionals or businessmen

 How much Loan Amount that you can get?

The Home Loan amount that you can get depends on the market value of the property. Usually, a Bank or NBFC funds you up to 80% of the property evaluation.

The minimum Home Loan amount is INR 2,00,000 and the maximum funding goes up to INR 10,00,000 depending on the property evaluation.

 What is the ROI in Home Loans?

The Rate of Interest varies for different classes of borrowers. The current rates are as follows:

  • Salaried and self-employed professional

The lowest rate is 8.35% if there is a lady applicant else 8.45%

  • Self-employed non-professionals

The lowest rate is 8.75%

How much EMI do you have to pay and what is the loan tenure?

Your equated monthly installments or EMI depends on 3 variables:

  • Loan Amount
  • Rate of Interest
  • Loan Tenure

To understand the EMI structure, you can use our EMI Calculator to understand the outflow for your home loan.

What is the document checklist?

Standard documentation required for a Home Loan would include:

  • Application form duly filled and signed
  • Photograph
  • Identity proof
  • Education Proof


  • KYC documents
  • Office ID card
  • 3months latest salary slips
  • 6months bank statements of salary account
  • Last year FORM-16
  • Property papers
  • Existing loan track & schedule


  • KYC documents
  • GST certificate
  • 3years ITR with financials
  • 1year bank statement – current & savings
  • Property papers
  • Existing loan track & schedule

What is Home Loan Balance Transfer?

This feature is for those who have an ongoing home loan from some Bank or NBFC. There are times when you avail the loan at the fixed rate or at a rate which seems to be higher now. Then there is always an option of the balance transfer. In this, your loan gets transferred to another bank or NBFC with an advantage of lower rate of interest. You can enjoy the following benefits:

  • Lower ROI and lower EMI
  • Enhancement of your loan amount
  • Longer tenure

How to Top-up your Home Loan?

A top-up Home loan helps you use the amount of renovation or conducting home repairs. This feature is available if you transfer your existing loan with the good track to another bank or NBFC. The top-up of maximum 25% of the original housing loan amount can be availed after completion of at least one year of your existing loan.

By | 2018-06-14T12:37:06+00:00 May 31st, 2018|Blog|
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