Home Loan

• Home loans are secured mode of finance that give you funds to buy or build home.
• It provides you the financial support and helps you buy the house for yourself and your loved ones.
• Generally, these loans come with longer tenures (20 years to 30 years). 
• Your credit score is checked before the loan request is approved by the lender.
• Currently, Home loan interest starts from 7% p.a and onwards.
• Home loans are as follow:

1. Plot Loan: It is taken to buy a plot of land.
2. Home Construction Loan: It is taken to build a new house.
3. Home loan balance transfer: It allows you to switch lenders and transfer your outstanding loan. It is taken by lender if rate of loan is cheaper than current lender.
4. Top Up loan: It allows lender to take loan over and above the loan outstanding amount.

Eligibility Criteria for Home Loans for Salaried Individuals:

• Age Limit : 21 to 60 Years
• Minimum Salary : Rs 25,000/-
• Nationality : Indian
• Minimum Cibil Score : 750 or More
• Minimum Job Experience: 2 Years

Eligibility Criteria for Home Loans for Self-employed Individuals:

• Age Limit : 21 to 65 Years
• Minimum Income : Rs 3,50,000/-
• Nationality : Indian
• Minimum Cibil Score : 750 or More
• Minimum ITR: 2 Years