Home Loan Comparison | Housing, Home Loans India

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Property Value * :

Annual Turn Over * :

Loan Amount * :

Gross Annual Income * :

Term of Loan * :

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Loan EMI
Loan Eligibility
Loan payoff
Loan comparison
Balance Transfer

Loan amount required

INR

Annual Interest rate (%)

Loan period in years

years

Monthly payment
26,712
Total Interest payable
23,08,712
Total loan payment
(principal + Interest)
48,08,712

PMT #	Payment Date	Beginning Loan Balance	Termly Payment	Extra Payment	Total Payment	Termly Principal Payment	Termly Interest Payment	Ending Loan Balance	Cumulative Interest

Monthly Payment

INR

Annual Interest rate (%)

Loan period in years

years

Loan Amount
25,04,056
Total Interest payable
34,95,948
Total loan payment
(principal + Interest)
60,00,000

PMT #	Payment Date	Beginning Loan Balance	Termly Payment	Termly Principal Payment	Termly Interest Payment	Ending Loan Balance	Cumulative Interest

'Number of months to be debt free'

Credit Card \ Loan Balance :

Credit Card \ Loan Interest Rate (%) :

Payment per Month :

Desired Month until Debt Free (Months) :

'Payment per month required' to be debt free

Credit Card \ Loan Balance :

Credit Card \ Loan Interest Rate (%) :

Desired Month until Debt Free (Months) :

Payment per Month :

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Loan 1

Loan amount required

INR

Annual Interest rate (%)

Loan period in years

years

More Details

Monthly payment
23,960
Total Interest payable (₹)
32,50,433
Total loan payment
(principal + Interest) (₹)
57,50,433

Loan 2

Loan amount required

INR

Annual Interest rate (%)

Loan period in years

years

More Details

Differences

Monthly payment :

Total loan payment (principal + Interest) :

Yearly Payments
(12 Months) :

Total Interest payable :

Monthly payment (₹)
21,799
Total Interest payable (₹)
19,23,823
Total loan payment
(principal + Interest) (₹)
39,23,823

Existing Loan :

Loan amount required

INR

Annual Interest rate (%)

Loan period in years

years

More Details

Monthly payment
14,725
Remaining Interest to be Paid
12,99,491
Total loan payment
(principal + Interest)
26,50,437

New Loan :

Loan amount required

INR

Annual Interest rate (%)

Loan period in years

years

More Details

Differences

Monthly payment :

Yearly Payments (12 Months) :

Remaining Interest to be Paid :

Remaining Amount to be Paid (Principal + Interest) :

Balance Number of Payments :

Monthly payment
87,773
Remaining Interest to be Paid
11,649,140
Remaining Amount to be Paid (Principal + Interest) (₹) 11,649,140

Home Loan Guidance Materials

Up to 25 Lacs
10.28%
Change
▼ 0.19
Last quarter
10.47%

30 Lacs to 75 Lacs
10.36%
Change
▼ 0.24
Last quarter
10.6%

Above 75 Lacs
10.47%
Change
▼ 0.23
Last quarter
10.7%

Disclaimer: Data based on market research. Excludes promotional offers.

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Income

An annual income of at least Rs. 1,50,000 (Rs. 1.5 lac) is the preferred requirement.
The source of income has to be regular, sufficient and continuous for consideration of loan repayment.
Loan amount

Banks nowadays categorize their loan amount as below and above Rs. 75 lacs, but normally the amount that can be borrowed ranges from Rs. 1,00,000 ( Rs. 1 lac) to Rs. 10,00,00,000 ( Rs. 10 crore).

For salaried person – the loan amount can be either 40-65 times their gross monthly salary or EMI up to 50%-70% their gross monthly salary, subject to applicable margin or whichever is higher.

For self employed person/businessmen – the loan amount can be up to 5 times gross annual income (+ depreciation) of last 3 years, subject to repayment of any other term liabilities.
Age
- Minimum age varies from bank to bank but the standard minimum age is at least 21 years.
- The maximum age (at the time of loan maturity) differs depending on your profession.
- Salaried individuals - 60 years.
- Self employed and professionals - 65 years.
- Government pensioners - 70 years.
Maximum term of Loan

The maximum loan tenure is 30 years for floating rate and 20 years for fixed rate.
Maximum Loan to Value (LTV)
- According to the Reserve Bank of India (RBI),
- Loans up to Rs.20 lacs, maximum LTV is 90%
- Loans above Rs.20 lacs and up to Rs.75 lacs, maximum LTV is 80%
- Loans above Rs.75 lacs, maximum LTV is 75%
Repayment capacity – the following categories determine a person’s repayment capacity
- Age
- Income
- Education Qualification
- Number of dependants
- Spouse’s income
- Assets and liabilities
- Stability and continuation of occupation
- Savings
Home Loan provided for purchase of;
- Flat,
- Row house
- Bungalow from developers,
- Existing freehold property,
- Properties in an existing or proposed co-operative housing society or apartment owner’s association (not more than 35 years old),
- Refinance (balance transfer) of an existing home loan from another financial institution,
- Extend existing house,
- Renovation/repairs to existing house.

The documents required to avail a home loan: The documents required to avail a home loan differ depending on whether you’re salaried employee, a self – employed businessman or a self – employed professional. But there are certain documents required that are common across all professions. They are –

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The complete loan application form along with photographs.
Proof of Identity (any one required)
- Voter ID
- Passport
- Driving license
- PAN card
- Photo credit card
- Election / voters card
- Aadhar Card
Age proof (any one required)
- School leaving certificate.
- Birth certificate.
- Employees ID card (only for PSU / government employees).
- Passport.
- Driving License.
Proof of residence (any one required)
- Electricity bill.
- Telephone bill.
- Ration card.
- Allotment of Staff Quarter Letter from employer.
- Bank statement/pass book with address.
- True copy of gas connection book.
- Additional documents required based on profession (salaried / self-employed businessman / self-employed professional).
Salaried Individuals
- Proof of Income - Latest salary slip showing all deductions or Form 16 along with recent salary certificate.
- Copy of bank pass books / bank statements for the past 6 months including front page where the Salary were credited.
- Education qualifications (latest degree).
Self – employed businessman
- Proof of income - IT returns for the last 3 years and computation of income for the last 3 years certified by a CA.
- Certificate & Proof of business existence along with Business Profile.
- Copy of last 3 years Balance Sheet and Profit & Loss account of the Firm duly certified by CA.
- Copy of all bank pass books / bank statements for the past 12 months including front page.
- Education qualifications (latest degree).
Self – employed professional
- Proof of income - Copy of last 3 years Income Tax Returns of the applicant along with computation of income duly attested by a Chartered Accountant.
- Copy of all bank pass books / bank statements for the past 12 months including front page.
- Copy of last 3 Years Balance Sheet and Profit & Loss Account of the firm duly attested by a Chartered Accountant.
- Education qualifications (latest degree).
List of Documents related to property
- Copy of Registered Agreement / Allotment letter
  
  In case of self construction.
- Copy of conveyance deed of plot on which borrower wants to construct.
- Construct along with copy of property card, 7/12 etc.
- Estimate of construction and time required duly certified by Architect. In case of loan against property.
- Latest Valuation Report from certified valuer, along with all above documents.
List of document required for an NRI to avail a home loan
- Passport copy with valid residence visa page.
- Salary certificate from the employer In case of ready Flat / under construction Flat- mentioning name as in passport, date of joining, Passport number, designation and latest salary and perquisites, in English.
- For self employed Individuals, documents that show their current business like Trade License, Registered Power of Attorney or agreement with sponsor etc.
- Work Permit/ Labour contract copy / Photocopy of Identity card or any other proof of work / employment issued by concerned Govt. authorities.
- Copy of all overseas bank statements for the last 6 months, if any.
Documents required for guarantor (wherever applicable)
- Personal assets and liabilities statement.
- Any one of proof of identity (mentioned above).
- Any one of proof of proof of residence (mentioned above).
- Signature identification from his/her present bankers.

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What’s an EMI?

EMI stands for equated monthly installments. It is a fixed amount that must be paid by a borrower to a lender at a certain date of each month. EMI is used to pay off both interest and principal each month, so that over the loan tenure, loan is fully paid off.
What are the eligibility conditions for a home loan?
To avail a home loan from a bank or any other lending institute in India you need to be;
- Above 21 years of age at the commencement of the loan.
- Below 65 years when the loan matures.
- Either a resident of India or an NRI.
- A salaried individual or a self employed businessman or a self employed professional.
- Capable of credit facility.
What is a fixed rate of interest?

The rate of interest is said to be fixed for a loan when the interest rate doesn’t fluctuate during the period of the loan. Since the interest rate remains constant you don’t stand to either benefit or lose when the rate drops or increases respectively.
What is a floating rate of interest?

Floating rate of interest fluctuates depending on the prevailing money market conditions. This means that there is a chance of either paying more or less than what you budgeted for in case there is a change in the lending rate.
What are the types of home loans available?
There are various types of home loans available. They are:
- Land purchase loans - Land purchase loans are sanctioned to buy a plot of land on which the borrower wishes to construct her/his house.
- Home loans - These are loans that are used to finance the purchase of a new/re-sale home. This is the most popular and common variant of home loan.
- Home construction loans – This is a type loan that lets you construct a house according to your own requirements rather than purchasing an already constructed one.
- Home expansion/extension loan – This loan is basically for those who want to expand their existing house. It may be adding extra space to construct a new room, a floor, a bigger bathroom or enclosing a balcony.
- Home improvement loan - Home improvement loans are availed by individuals who already own a house but lack the funds to renovate it.
- Home conversion loans –This type of loan is meant for those who have already purchased a house by taking a loan but now want to buy and move to another house.
- NRI home loans - NRI home loans help non-resident Indians to obtain housing finance and buy residential property in India.
- Balance transfer loans - Balance transfer option allows an individual to transfer his home loan from one bank to another bank.
- Stamp duty loans - Stamp duty loans are provided to pay off the stamp duty charges on the purchase of a property.
- Bridge loans - Bridge loans are short term loans which are meant for people who already own a residential property but are planning to buy a new house.
- Refinance loans - This loan helps you pay off the debt you have incurred from private sources such as relatives and friends, for the purchase of your present home.
What are the interest rates offered for home loans? What are: Daily Reducing, Monthly Reducing and Yearly Reducing?

Loans are usually repaid in equated monthly installments (EMI). The EMI is calculated using a method in which the outstanding principal is reduced as you pay and the interest charged on the outstanding balance. Lending companies use different time periods to calculate the outstanding principal.

Daily reducing - In this method, the principal gets reduced everyday i.e. you have to pay daily installments. The EMI in the daily reducing method may be less but it is impractical to make daily payments.
Monthly reducing - In the monthly reducing system, the principal is reduced with every monthly payment and the interest is calculated on the remaining balance. Most loans are computed on a monthly reducing basis.

Annual reducing – in this method too, the EMI is paid monthly but the adjustment towards interest and principal is made at the end of the year. This doesn’t work in favor of the borrower’s interest, because though the principal amount is getting reduced every month, the lender continues to charge interest on the balance that was outstanding the previous year.
What are the other costs that usually accompany a home loan?
Home loans involve the following additional charges:
- Processing fee - A processing fee has to be paid to the housing finance company or the lending institute for the home loan. This is generally a percentage of the loan amount
- Pre-payment penalties - Prepayment is early repayment of a loan by a borrower. In such cases a pre-payment charge is demanded by some banks/companies, which is usually between 1% and 2% of the amount being pre-paid.
- Commitment fee – It is a fee charged by a lender to a borrower for an undisbursed loan. Normally a fixed percentage of the undisbursed loan amount is taken as commitment fee
- Miscellaneous Costs - some lenders may charge extra fees for documentation or a consultant.
- Registration of mortgage deed.
What is the time required for loan application approval?

The time taken to approve a loan varies depending on the type of loan and the company giving it. Normally it takes about 3-15 days.
What are the loan repayment period options?

Usually the repayment period spans from 5 to 20 years. Some banks have special schemes that offer more than 20 years (up to 30 years) while some give repayment tenure of as low as 1-2 years (for a low amount)
Are securities required for home loans?

Mostly the Asset created out of the loan is a Security to the loan. However some lenders ask for security such as life insurance policies, FD receipts and share or savings certificates but mostly the property you’re buying becomes the security and the deed to the lender until the entire loan is repaid.
Can I make joint application for home loans?

Most lending companies examine the total income of the applicants in order to decide the loan amount. But some lenders don’t find it necessary for the co-applicants to be co-owners of the property
What is the best way to select the cheapest home loan?

After calculating the total amount payable under the different loan options available, for fixed loan tenure, figure out the loan option under which the total amount payable is the least compared to the rest. That will be the cheapest loan option
How do banks/HFCs decide on the loan amount?

Normally, 80% of the cost of property is given by the lending companies (90% if loan amount below 20 lacs). The rest has to be paid by the borrower himself. The borrower’s age, income, number of dependents, monthly outgoing and repayment capacity determines the amount for which he is eligible and it varies from case to case.
Do I require a guarantor to get a home loan?

A guarantor is someone who agrees to be responsible for the payment of someone else's debt should the latter default on payments. Some institutions ask for 1 or 2 guarantors.
Should one go for long term home loan?

It is advised that you should go for loan tenure between 10 to 20 years because the interest amount over term of loan will be lower (compared to 25 or 30 year term loan) and you’ll own the home in half the time. But, the payments (EMIs) will be relatively higher.
What are the incentives offered by lending institutions

a) Some of the lending institutions sanction the loan in-principal before your property is identified and evaluated.
b) Accident charges are covered for free.
c) Some lenders may not charge any pre payment penalty.
d) Some lenders may not demand any processing fee.
e) Property is insured for free.
What is the time required for loan disbursement?

Normally loans are disbursed between 3-15 days after all the required documentation and procedures are complete, including proof that 15%-20% of the cost has been paid upfront to the seller of the property.
What is Reverse Mortgage

Reverse mortgage (or lifetime mortgage) is a loan that can only be availed by senior citizens. Reverse mortgage, as its name suggests, is precisely the opposite of a typical mortgage, such as a home loan.
In a normal mortgage, you borrow a large sum of money and then pay it back over a period of time using Equated Monthly Installments (EMIs). Reverse mortgage loan allows senior citizens to receive payments at regular intervals from a lender against the mortgage of his house while he continues to remain the owner and occupies the house till he want to stay or till death.
What is Security requirements

Normally lender takes first mortgage on property to be financed. Borrower has to deposit title deeds and/or other collateral security as required. If the property is under construction, interim security may also be required

What are the tax benefits of home loans?

Home loan consists of two components – interest repayment and principal repayment, and you can get tax benefits on both only on fulfilling certain conditions.

According to section 80C, you can claim tax deduction against principal repayment of up to Rs 1 lac, if you have taken loan from a specified lender (Banks, Housing Finance Companies, Central & State government, LIC, National Housing Bank, Public Company or a Public Sector Undertaking). Amount paid towards Stamp Duty and Registration is considered for tax deduction even if person has not taken loan.

Section 24(b) of the Income Tax Act allows you Rs. 1.5 lacs deduction for interest payable on loan borrowed (Self occupied property), to either buy or construct a house property, or even for repair or reconstruction of an existing residential property. If Property is not self occupied, there is no maximum limit.

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Loan amount and interest rate
- Most banks nowadays distinguish the loan amount as below and above ₹ 75 lacs and the interest rate is given according to it. Some banks lend a maximum amount up to ₹ 10 crores, whereas some sanction an amount that is as low as ₹ 1 lac.
- The interest rates are of two types – fixed and floating. The rate of interest is said to be fixed for a loan when the interest rate doesn’t fluctuate during the period of the loan. A floating rate of interest fluctuates depending on the prevailing market conditions.
- The minimum interest rate that a bank charges is the base rate. The current base rate of major banks in India ranges from 10% - 10.50%.
Margin requirement and Loan availability
- Margin requirement and Loan-to-value ratio (LTV) is a term used to indicate the ratio of a loan to the value of an asset purchased.
- Example – suppose a person wants to buy a property of ₹ 20 lacs, the LTV ratio provided by banks is 90%. So the bank will give him a loan of ₹ 18 lacs (90% of ₹ 20 lacs). The LTV ratio given by banks depends on the loan amount borrowed. For amount up to ₹ 20 lacs it is usually 90%. It is 80% for amount above ₹ 20 lacs but below ₹ 75 lacs. And for any amount above ₹ 75 lacs it is 75%
- Loan availability – you can check the amount you can be eligible for (can afford), by using the Loan Eligibility Calculator available on the website.
Repayment timeframe
- Repayment timeframe is the period of time in which the loan amount borrowed is to be repaid to the lender. It is also known as loan tenure. The maximum loan tenure offered by banks is not more than 30 years, however in some special cases it does exceed 30 years. The minimum loan tenure is anything up to 5 years.
Processing fees
- Processing fee is an extra fee that has to be paid to the lender for the home loan. It is usually a small percentage of the home loan amount but it is taken before the loan is sanctioned, when all the required documents are submitted by the borrower.
- Some banks ask for an amount (₹ 5000, ₹ 10000) but most banks charge a percentage of the loan amount as processing fees that ranges from 0.25% to 2% depending on the loan amount. (Higher the loan amount, more the processing charge). There a few banks who don’t ask for any processing fees.
Pre – payment charges
- This is a fee charged by the lender when the borrower repays the loan amount before the agreed loan tenure. However, the RBI has asked banks to stop charging penalty on prepayment of home loans taken on “floating” interest rates.
Charges for late payment
- A penalty for late payment is charged when the monthly installment (EMI) amount is not repaid within the scheduled date. A percentage of the loan amount is charged for late payment and ranges from 1% to 3% for each instance of late payment.

Home Loan Eligibility

Loan Eligibility means is an individual eligible to take a loan. Loan eligibility is checked through two important criteria and they are income and age of the person. The minimum age of a person should be at least 21 years to apply for loan and maximum retirement age or less whichever is early to repay the loan. Minimum age requirement is different with various banks. The income of a person helps to determine whether the person is eligible to take loan which he wants and whether will he be able to repay the loan. Below is the loan eligibility of Canara Bank Home Loan, SBI Home Loan andAxis Bank Home Loan. 1. Home Loan Eligibility of Banks / Financial Institutes

Banks / Financial Institutes	Eligibility
	Salaried Employee	Self Employed- Professional	Self Employed- Business Person
Canara Bank Home Loan	» Age group of 18 - 55 years to avail loan.	» Age group of 18 - 55 years.	» Age group of 18 - 55 years.
	» The upper age limit is relaxed in some cases but the entire loan amount has to be repaid before the age of 70 years.	» The upper age limit is relaxed in some cases but the entire loan amount has to be repaid before the age of 70 years	» The upper age limit is relaxed in some cases but the entire loan amount has to be repaid before the age of 70 years
	» Minimum 3 years of service
SBI Home Loan	» Minimum age of 18 years to avail loan.	» Minimum age of 18 years to avail loan.	» Minimum age of 18 years to avail loan.
SBI Home Loan	» Maximum age of repayment of loan is 70 years	» Maximum age of repayment of loan is 70 years	» Maximum age of repayment of loan is 70 years
Axis Bank Home Loan	» Person having a permanent job with government or reputed companies.	» Minimum age of 24 years to avail loan	» Minimum age of 24 years to avail loan
	» Minimum age of 24 years to avail loan	» Maximum 65 years of age or less whichever is earlier to repay the loan	» Maximum 65 years of age or less whichever is earlier to repay the loan
	» Maximum 60 years of age or less whichever is earlier to repay the loan

How is home loan eligibility of Indian Bank, GIC Bank & India bulls determined?

BANKS	ELIGIBILITY
INDIAN BANK	Minimum age is 18 years and Maximum age is 60 years
	Income to Loan Ratio:
	* 36 times of Monthly Income or 60 times of Net Monthly
	* Spouse Income can also be considered for calculating if he / she has steady income
	* 60% of future rental income, if any from the house property shall also be included (rent receivable to be certified). (Take home Income should be more than 40% of monthly income.)
GIC HOUSING FINANCE	The age should not exceed 60 years
INDIA BULLS HOME LOAN	Maximum term of loan is 20 years subject to the retirement age (retirement age is normally 60 years)
INDIA BULLS HOME LOAN	( If a person is of 50 years he cannot get loan for 20 years , he can only get loan of 10 years accordingly )

2.Documents Required For Home Loan:

Salaried Employee

Documents	Canara Bank	SBI Bank	Axis Bank
Salary Certificate / Salary slip	✔	✔	✔
TDS Certificate (Form 16)	✔	✔	✔
Two years filed IT returns		✔
Loan application form	✔	✔
2-3 passport size photo	✔	✔
Sale deed	✔
Sale Agreement	✔
Valuation of the property report by bank	✔
NOC certificate from society/ allotment letter from Society	✔
Identity proof photo copies(Passport/ Pan card/ driving licence)	✔	✔	✔
Residence Proof Photo copy (Telephone bill/ electricity bill)	✔	✔	✔
last six months bank account statement	✔	✔	✔
Assets & liabilities of an individual(Personal)		✔

	INDIAN BANK	LIC HOUSING FINANCE	ICICI Bank	GIC HOUSING FINANCE	INDIA BULLS
Complete Application Form with 3 passport size photograph	✔	✔	✔	✔	✔
Assets and liabilities statement in the banks format from applicants, co-applicants & guarantors	✔	✔	✔	✔	✔
Proof of identity Pan card, Passport, driving license	✔	✔	✔	✔	✔
Residence Proof Electricity bill, telephone bill, passport , voters ID, Property tax receipt	✔	✔	✔	✔	✔
Employment/ Business proof	✔	✔	✔	✔	✔
Salary certificate minimum of last 3 months	✔	✔	✔	✔	✔
Applicants at least 6 months bank account statement	✔	✔	✔	✔	✔
Any other source of income	✔	✔	✔	✔	✔
Any kind of tax returns for the past 3 years	✔	✔	✔	✔	✔
Sale/ sale deed	✔
Building plan which has been approved	✔
13/30 years title deed documents	✔
Revenue records containing proof	✔
Wherever property tax receipts required	✔
Latest payment premium receipt with a photocopy of LIC policies		✔
Profession practice certificate	✔	✔	✔	✔	✔
Guarantor's proof of income	✔	✔	✔	✔	✔
Details of family members	✔	✔	✔	✔	✔
Processing fee				✔	✔

Self Employed- Professional

Documents	Canara Bank	SBI Bank	Axis Bank
Two- three years filed IT returns	✔	✔	✔
Balance sheet and other financial statements of past two- three years	✔		✔
A summary about nature of business, type of organisation etc.	✔
Business address proof		✔
Advance income tax payment challans photocopy		✔
Loan application form	✔	✔
2-3 passport size photo	✔	✔
Sale deed	✔
Sale Agreement	✔
Valuation of the property report by bank	✔
NOC certificate from society/ allotment letter from Society	✔
Identity proof photo copies(Passport/ Pan card/ driving licence)	✔	✔	✔
Residence Proof Photo copy (Telephone bill/ electricity bill)	✔	✔	✔
last six months bank account statement	✔	✔	✔
Assets & liabilities of an individual(Personal)		✔

Self Employed- Business Person

Documents	Canara Bank	SBI Bank	Axis Bank
Two- three years filed IT returns	✔	✔	✔
Balance sheet and othe financial statements of past two- three years	✔		✔
A summary about nature of business, type of organisation etc.	✔
Business address proof		✔
Advance income tax payment challans photocopy		✔
Loan application form	✔	✔
2-3 passport size photo	✔	✔
Sale deed	✔
Sale Agreement	✔
Valuation of the property report by bank	✔
NOC certificate from society/ allotment letter from Society	✔
Identity proof photo copies(Passport/ Pan card/ driving licence)	✔	✔	✔
Residence Proof Photo copy (Telephone bill/ electricity bill)	✔	✔	✔
last six months bank account statement	✔	✔	✔
Assets & liabilities of an individual(Personal)		✔

SELF EMPLOYED - PROFESSIONAL & NON - PROFESSIONAL

	INDIAN BANK	LIC HOUSING FINANCE	ICICI HOME LOAN	GIC HOUSING FINANCE	INDIA BULLS HOME LOAN
Complete Application Form with 3 passport size photograph	✔	✔	✔	✔	✔
Assets and liabilities statement in the banks format from applicants, co-applicants & guarantors	✔	✔	✔	✔	✔
Proof of identity	✔	✔	✔	✔	✔
Residence Proof	✔	✔	✔	✔	✔
Employment/ Business proof	✔	✔	✔	✔	✔
Income Statement	✔	✔	✔	✔	✔
Applicants at least 6 months bank account statement	✔	✔	✔	✔	✔
Any other source of income	✔	✔	✔	✔	✔
Under self-employed Balance sheet of last three financial years	✔	✔	✔	✔	✔
A deep information about the business Year of existence , branches, legal aid , finance etc.	✔	✔	✔	✔	✔
Any kind of tax returns for the past 3 years Income tax , wealth tax Profession tax	✔	✔	✔	✔	✔
Sale/ sale deed	✔	✔	✔	✔	✔
Building plan which has been approved	✔
13/30 years title deed documents	✔
Revenue records containing proof	✔
Wherever property tax receipts required	✔	✔	✔	✔	✔
Photocopy of Investments		✔
Latest payment premium receipt with a photocopy of LIC policies		✔
Any other bank loan Photocopy	✔	✔	✔	✔	✔
Profession practice certificate	✔	✔	✔	✔	✔
Guarantor's proof of income	✔	✔	✔	✔	✔
Details of family members	✔	✔	✔	✔	✔
Processing fee				✔	✔

Tenure of Home Loan

Short term home loan
It is a loan in which the loan amount is repaid over a short period of time (1 - 10 years). In a short tenure loan, the period of re-payment i.e. "numbers" of EMIsare less, but the "amount" of EMI is much more.

Long term home loan
In a long tenure loan you repay the borrowed amount over a long period of time i.e. 15-30 years. Here the period of repayment i.e. "numbers" of EMIs are more, but "amount" of EMI is less. If you'resure about your future financial position, you should opt for a long term loan.

Advantages of short term home loan
People usually like to get rid of liability of housing loan as early as possible. In a long tenure loan, installments are paid over15 to 30 years. It becomes difficult to purchase new assets asexisting loan's EMI may take away major portion of take home pay. Some-times adverse money market condition may result in higher amount of repayment, as interest rates rise would result in higher EMIs payout (for floating rate loans).
Short tenurehome loans allow you to repay the loan in shorter duration and hence the interest amount on the loan is less compared to higher term loan.
Your age may also come in the way of maximum tenure. A 45-year-old salaried person cannot avail a 20-year home loan since he will be long past retirement by then. So he will be eligible only for a shorttermloan.

Advantages of long tenure home loan
Even if loan eligibility/affordability is not a constraint, you can opt for longer loantenure but select one with no prepayment penalty option. This way you retain the flexibility of low EMIs and at the same time you can pre-pay the loan whenever you have surplus funds.
You may be able to save a lot of interest by choosing a short tenure loan over a long term loan, but you will have to pay higher monthly installments (EMIs) which may prove to be stressful for your limited monthly finances.

Conclusion- Availing home loan with short tenure repayment period or long term repayment period have its own advantages and disadvantages. However it is difficult to take the decision.
In the light of present scenario of fluctuating interest rate, uncertain money market and no prepayment penalty it is suggested that one should go for availing housing loan with a long tenure repayment period but prepay the loan early, partly or fully, as and when one's financial position improves.

Home Loan Calculator

Home Loan Eligibility or Housing Loan Eligibility

What is Home Loan Eligibility? Its helps the banks and financial institutes to determine whether an individual can take a home loan and repay it back on time. If an individual is eligible or not, it is determined by the income and age of the individual. The minimum age of a person should be at least 21 years to apply for home loan and maximum is normally retirement age. Minimum age requirement is different with various banks. The income of a person helps to determine whether the person is eligible to take loan for the amount he wants and whether will he be able to repay the home loan.

Housing Loan or Home Loan Eligibility Calculator Eligibility Calculator

Housing loan eligibility calculatoror Home Loan Eligibility Calculator can be used to determine the maximum amount of loan can be available to an individual and value of home an individual can buy. Home Loan Eligibility Calculator or Housing Loan Eligibility Calculator can be found in most of the banks website. A bank is always going to calculate an individual’s eligibility,the home loan eligibility is explained above. To calculate your home loan eligibility you have to know your monthly or annual income, term of loan and interest rates which can be found on the website of the bank itself. This will give the maximum loan amount you can get. The home loan eligibility calculator uses the Income to Loan ratio to determine the maximum loan amount available to individuals. Income to loan ratio is the most important ratio to calculate the loan amount given by the banks. The income to loan ratio normally ranges from:

» 36-60 times the gross monthly salary for salaried individual, subject to maximum loan to value ratio whichever is higher.
» 3-5 times the gross annual income(plus depreciation) of last 3 years, subject to repayment of any other loans,for self-employed professionals or business individuals.

Home Loan Eligibility Calculator

Maximum loan amount available to an individual can also be determined by Home Loan Eligibility Calculator from the website https://www.takebestloans.com/home-loan/. Over here you just need to know the amount you want to pay as EMI from your income and you can determine the max loan amount you can get on the EMI. Generally banks have criteria that the EMI should be up to maximum 50-60% of the monthly income. The interest rate and term of loan is to be selected by you. The range and average interest rates that all banks are giving can be found on our website. The term of loan you have to decide and remember one thing; longer the term of loan, the loan amount increases available to you. It is explained below with example: Suppose Mr. Zaveri wants to buy a home and he doesn’t know how much amount of loan he should take. He has an income of Rs. 1 lakh per month and he is willing to pay only Rs. 40,000 as EMI. The interest rate is 10.25% and loan period for 20 years. Click calculate, the Loan amount appears on right as Rs. 40,74,799 which means he is eligible to take a loan up to Rs 40.7 lakhs.

	Enter Value
Termly Payment (EMI)
Annual Interest Rate (%)
Loan Period in Years
Number of Payments per Year
Start Date of Loan (dd/mm/yyyy)

	Loan Summary
Loan Amount
Scheduled Number of Payments
Total Interest Payment
Total Loan Payment (Principal + Interest)

Thus the loan eligibility may increase or decrease, by increase or decrease of

- EMI
- Term of repayment at given income.

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What are the tax benefits of home loans?

Short term home loan

Long term home loan

Advantages of short term home loan

Advantages of long tenure home loan

Home Loan Eligibility or Housing Loan Eligibility

Housing Loan or Home Loan Eligibility Calculator Eligibility Calculator

Home Loan Eligibility Calculator

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