Home Loan

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In Rs.
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Product Overview

Home loan is secured against the value of property. It may be for any purpose either from constructing a brand new house to renovating old one. Home loan balance transfer Facility is available for customer to reduce the burden of increased interest rate.


A home loan is used:

  • To buy a plot of land for construction

  • To build a house on an already owned land

  • To buy a new home/flat

  • To renovate your home

  • To pay off an existing home loan from another bank/FI

  • Or, balance transfer with topup for improvement/renovation etc.


Types of Home Loans

There are variety of offers available on a Home loan, and the availability varies as per the customer requirements.

  • Home Purchase loans : A loan borrowed for the purpose of purchasing a new home. It may be buying a flat or purchasing an already built house.

  • Home Construction Loan : Home Loans can be availed for the construction of a new home. If a borrower start constructing his house and he would purchase a plot within a year, most HFCs will include the cost of land as a component to value the whole cost of the property.

  • Home Improvement Loan : This loan is taken for home renovations and repair works in the home that have already been purchased by a borrower. It may be lend for internal works like tiling and flooring, plumbing, electrical work, painting or external works like structural repairs, waterproofing, etc.

  • Home extension Loan : A Loan helps borrower to meet the expenses for any modification to the existing house like addition of an extra room or an upper storey etc.

Home Loans are available for other purpose like Home conversion loans, Land purchase loans, Stamp duty loans, Bridge loan and Refinance Loans.


  • The loan is secured with the collateral of the property which is to be purchased. The property will be mortgaged to the bank which lends the loan

  • The maximum repayment tenor varies upto 30 years. However, most banks lend only upto 20 years

  • Home loan includes registration charges also.

  • The loan attracts a processing fee, which is a certain % of the sanctioned amount.

  • There are also prepayment charges in case the loan is repaid before the stipulated tenor.

  • The EMI recovered month on month is apportioned to the interest and then to the principal.

  • Any self employed professionals/businessmen, Individuals can apply.

  • Age > 21 years

  • Income proof to be provided for repayment capacity

  • Credit history should not show any adverse remarks like suit filed/ write off etc on both loans and cards.

  • Minimum of three years business, with atleast 2 years in same line of business is necessary.

  • The business should be profit making and this determines your loan amount eligibility.

  • Application form duly signed with photograph

  • Identity, age, and address proof

  • Bank statement for the last 6 months

  • Processing fee cheque

  • Proof of business continuation

  • Company profile

  • Proof of qualification and business existence proof

  • Last 3 years IT returns with computation of tax

  • Last 3 years CA certified, audited financials (Balance-sheet & P&L)

  • Post sanction documentation by the bank/FI