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Home Loan

A shelter is a basic necessity for all individuals. Having our own living abode, called Home is what we all aspire for. Home loan is what makes this dream of ours a reality by providing us with the much required financial assistance.

Home loan, also called housing loan is the finance borrowed from banks by an individual or joint applicants for a fixed tenure at a particular rate of interest. Home loans occupy the top selling product/service for banks & financial institutions, and multiple lending institutions provide home loans with attractive features.

At Value Money, we help you choose the right and the best home loan, which suits your requirement. So, you don't have to make any efforts, just fill in your requirement at Value Money, and we will choose the best for you.

Types of Home Loan

Home Loan is not just for buying a new home, it can serve a myriad of other purposes too. Some of them are listed below:

Loan for Plots

You can avail this type of loan for purchase of plots on which you can later construct a home.

Loan for New or Re-sale Property

The most common type of loan usually borrowed for purchase of new or re-sale property with interest rates between 8.55% and 11.25%.

Balance Transfer

If you feel that the current loan provider is overcharging you then switch to another bank offering a lower home loan interest rate with balance transfer.

Home Extension Loan

If you just want to make an addition to your existing property like an additional room then opt for a home extension loan to reduce the interest burden.

Home Conversion Loan

If you have a pre-existing loan and are moving into a new home then simply transfer the existing loan to a new home with the same financier along with the additional loan amount.

NRI Home Loans

Indians settled abroad looking for a property in India can get NRI home loans at attractive interest rates from various banks in India.

Bridging Loans

These are short-term loans which allows you to pay for the short-term expenses that may arise while moving from an old home to a new home.

Home Loan Process

From applying for a home loan, to getting a loan scantioned, the entire process can sometime get cumbersome. We break down the home loan process to make it easy for you to understand the steps before applying

Step 1 : The bank assesses your eligibility depending on your credit history and income verfication and arrives at the loan amount you can avail

Step 2 : Your submitted documents are verified by legal authorities. This process may take time

Step 3 : Valuation of the property to be bought + valuation of the property kept as security with the bank is assessed by a legal officer

Step 4 : You will have to wait till your loan application is scrutinized and approved. Generally, you will receive approval in 7-10 days of time. Some schemes & banks do provide instant approvals too

Step 5 : Once the loan is sanctioned, you will have to sign the loan agreement accepting its terms & conditions. Once done, the loan is disbursed. The loan will be credited either as lumpsum or in installments as per the agreement

These are the major steps involved in the home loan process. However, the process can differ a little from banks to banks

Eligibility Criteria & Documentation

Your eligibility decides the amount of loan you can avail. Your income, existing liabilities, CIBIL score all play a factor in deciding if you shall avail a housing loan or not

Age Limit

Min. age is 21 years. However the max. age can range from 55 years to 65 years depending on the banks


A steady income is what a bank looks for. You can generally avail 60 times of your net monthly income

Cibil Score

A Cibil score of 750+ is usually considered a good score

Assets & Liabilities

A bank needs to verify if whether you can repay the loan. It takes into account the assests you possess and the liabilities you owe.

Loan Amount

Your loan limit is restricted to upto 80%, for a property value above Rs.20Lacs

Please check the documentation requirement for home loan disbursal

Identity Proof (Any One)

  1. Aadhaar Card/ e-Aadhaar Card
  2. Passport
  3. Driving License
  4. Voter ID
  5. PAN Card

Age Proof (Any One)

  1. PAN Card
  2. Passport
  3. Certificate from Statutory Authority

Residential Address Proof (Any One)

  1. Telephone Bill
  2. Electricity Bill
  3. Piped Gas Bill
  4. Ration Card
  5. Election Card
  6. Passport
  7. Driving License
  8. Certificate from Statutory Authority

Additional Documents For Salaried

  1. Income tax returns for last 3 assesment years along with computation of income
  2. Audited balance sheet + profit & loss account statements for last 3 years duly certified by CA
  3. Proof of business existence + business profile overview if you own a business
  4. Last 6 months' operative a/c statements of both the entity and the individual
  5. Educational qualification certificate

Documents of Property

  1. Copy of the agreement letter
  2. Payment of receipt made to the developer

Other Documents

  1. Form 16/ income tax returns
  2. Processing fee cheque

The documents mentioned above are majorly indicative in nature. Additional documents if necessary can be asked for, as per the particular bank's requirement. For any more query get in touch with us.

Interest Rates

Home Loan interest rates can be classified into fixed rate and floating rate. It also varies as per category of the borrower as follows

Women Borrowers

If you are a woman then you just got luckier! Most banks offer concessional home loan interest rates to women borrowers of at least 0.05%

Salaried Individual

Being a working professional has it’s own perks too. Some banks like HDFC offer special interest rates of 8.5%* on housing finance if you are working for a private firm, MNC, government company or other firm


If you are a businessman, in most cases, your business stability and income will determine home loan interest rates. Many banks such as State Bank of India and HDFC charge the same interest rate to self employed as well as salaried individuals

Weaker Section

Home loans at a reduced interest rate of 6.5% is offered by banks to the economically weaker sections of the society under the Pradhan Mantri Awas Yojana

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List of Personal Loan providers in India

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