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Home Purchase Loan is availed to purchase a flat, house, bungalow etc. A home purchase loan, also known as a mortgage, is a loan specifically designed to help you buy a house. This type of loan allows you to borrow money from a lender to cover the cost of the home, which you then repay over time, usually in monthly installments, with added interest.

Types of Home Purchase Loans

Fixed-Rate Mortgages: The interest rate remains the same throughout the loan term, making monthly payments predictable.

Adjustable-Rate Mortgages (ARMs): The interest rate changes periodically, often starting lower than fixed rates but can increase over time.

Home Construction Loan is availed to cover the expenses pertaining to construction of your new house. A home construction loan is a type of loan designed specifically to finance the building of a new home. Unlike traditional mortgages, which provide a lump sum of money to purchase an existing home, construction loans provide funds in stages as the home is being built. Here's an overview of how home construction loans work and what to consider if you're thinking about applying for one.

Home Extension Loan is availed to extend homes/add extra rooms and can be availed by both existing and new customers.

Home Improvement Loan is availed to enhance/renovate your present home in ways like tilling and flooring, internal and external plaster, painting etc.

Residential Plot Loan is availed to purchase a plot of land through direct allotment or on resale.

Pradhan Mantri Awas Yojana is an initiative of the GOI to make affordable housing available to the economically weaker section, low income group and middle income group, SCs, STs and OBCs as defined in the scheme.

Home Loan for NRI/PIO will help the NRIs avail home loan for investment in real estate.

Home Loan Balance Transfer enables you reduce your EMIs on existing home loans by transferring your outstanding loan (sometimes also availing a top-up loan) to another financial institution providing a lower rate of interest or longer tenure.

Isn’t it the dream of every individual to own a home? No prizes for guessing, it indeed is! Home loan helps in arranging the finance which goes a long way in helping all such individuals in fulfilling their dream of owning a home.

However, it must not be forgotten that in cases of home loans, the banks use your home as security against the loan. As the home is used as security, the home loans can be termed as secured loans that pose very little risk to the banks. In cases of defaults, the banks can dispose the property to recover the loan amount.

As it is a secured advance, the interest rate of home advance is lower than unsecured loans as in the case of personal advances. The amount one can take varies in accordance with the income of the applicant, his record as a consumer, the city he intends to buy his home in and other components. The home loan can also be applied mutually with spouse, relatives or others as co-candidates.

Since it is a secured advance, the interest rate in case of home loans is lower than unsecured loans. The loan amount one can opt for varies with the income of the applicant, his credit score, the city he intends to buy his home in and other components. The home loan can also be applied mutually with spouse, relatives or others as co-applicants.

Home loans, in most cases, have longer repayment time that can extend from 5 to 30 years. This is decided at the time of extending the loan.

What is interesting to note here is the fact that prepayment of home loans is also possible. There are some banks that charge prepayment fees while there are others that donot. As a result, it is advised that evaluation of home loans should be done carefully in order to access the best home credit available. Credfy.in is one of the best home loan finance distributors in India that helps you in zeroing in on the best deals availablefrom the best lenders and at the best terms. All you need to do is get in touch with us and we would be more than happy to help you get aloan that will best serve your purpose.

Home loan eligibility criteria are the set of criterion that the loan applicant needs to satisfy so that he may be granted the loan. Every lender has its own eligibility criteria. However, they judge the applicant's credibility on the basis of some common criteria like work experience, age, credit history, income etc.

Some of the Important Home Loan Eligibility Criteria to Get Instant Home Loan:

Target Group: Any Indian who is self-employed or salaried can apply for a home loan.

Age: It is important for the loan applicant to be at least 21 years old at the time he applies for the loan.

Income: It is important for the applicant to have a regular source of income. A regular income helps the provider in evaluating the borrower’s repayment capacity. In cases of self-employed individuals, the profit earned is the major determinant in their bid for a home loan.

Employment Experience: This is related to the applicant’s professional stability or the work experience of the applicant.

Credit History: This is another important determinant in one’s pursuit for a home loan. Understand that a clean credit history results in swift loan approval.

Assessing your home loan eligibility before applying is a far better option as you then know your eligibility status. Credfy.in home loan eligibility conditions will help you check whether or not you are eligible for a home loan. We can help you get maximum home loan in just 5 days at lowest interest rates.

S.NO Bank/NBFC Bank/NBFC Code Home Loan (ROI) Salaried Home Loan (Processing Fees) Salaried Home Loan (ROI) Self Employed Home Loan (Processing Fees) Self Employed
1 YES BANK SMC Investments & Adviors Ltd 10.50% 0.50% 10.50% 1.00%
2 KOTAK MAHINDRA BANK 185292288 8.85% 10000+GST 9.00% 0.25%
3 FULLERTON INDIA MA066 10% 0.50% 9.25% 0.50%
4 ADITYA BIRLA HOUSING FINANCE LTD. DAPANHF0068 9% 0.25% 9.25% 0.50%
5 CAPRI GLOBAL CAPITAL LTD. SMC Investments & Adviors Ltd 13% 1% 14% 1%
6 CITI BANK Via RKPL 8.50% 10000+GST 8.50% 10000+GST
7 RELIANCE HOME FINANCE 4002020 11% 1% 11% 1%
8 RATNAKAR BANK (RBL BANK) PANASMCI 9.50% 10000+GST 9.75% 0.50%
9 DEUTSCHE BANK DR415 8.85% 10000+GST 9.00% 0.25%
10 TATA HOUSING FINANCE LTD. TCHFL 8043057 9.10% 10000+GST 9.50% 0.50%
11 EDELWEISS SMC Investments & Adviors Ltd 9.50% 0.50% 10% 0.50%
12 PNB HOUSING FINANCE LTD. 7380000056 9.10% 0.25% 9.50% 0.50%
13 HDFC Ltd.4 HDFC Ltd- 58CSM 9.00% 10000+GST 9.50% 0.25%
14 INDIABULLS FINANCIAL SERVICES COMPANY DSH1153 12% 1% 13% 1%
15 BAJAJ HOUSING FINANCE LTD. 38806 9.25% 0.25% 10% 0.50%
16 SBI HOME LOAN HLMC SBI P ST ND 8.65% 10000+GST 8.65% 10000+GST
17 L & T HOUSING FINANCIAL SERVICES SMC Investments & Adviors Ltd 9.50% 0.50% 10% 1%
18 ICICI HOME FINANCE COMPANY LTD. 246217 10% 0.50% 10% 1%
19 VASTU HOUSING FINANCE DEL046 13% 1% 13% 1%
20 PRIMAL CAPITAL HOUSING FINANCE LTD. DADEL00368 8.75% 10000+GST 8.90% 0.25%
21 LIC HOUSING FINANCE DXS000-SMC 9.10% 0.25% 9.50% 0.25%
22 HERO FINCORO LTD SMC Investmetns & Adviors Ltd 9.50% 0.25% 10% 0.50%
23 AXIS BANK DSA2330DEL 8.85% 10000+GST 9.10% 0.25%
24 IDFC First 21605 8.85% 10000+GST 9.10% 0.25%
25 DCB BANK DEL0293 9.50% 0.25% 10% 1%
26 BANK OF BARODA SMC Investments & Adviors Ltd 8.65% 10000+GST 8.85% 0.25%
27 STANDARD CHATERED SMC Investments & Adviors Ltd 8.65% 10000+GST 8.85% 0.25%
28 FEDERAL BANK SMC Investments & Adviors Ltd 8.65% 10000+GST 8.85% 0.25%
29 SHRIRAM HOUSING FINANCE LTD. SMC Investments & Adviors Ltd 11% 1% 12% 1%
30 DBS BANK SMC Investments & Adviors Ltd 8.65% 10000+GST 8.85% 0.25%

Credfy.in has tie-ups with India’s No 1 home loan providers and has always tried to make availing loan an entirely hassle-free process. We have, therefore, designed our Home Loan Application process in a way that it is uncomplicated and easy to use. All that you need to do is to follow the below given steps and you can complete your home loan application and get it submitted online without any difficulty.

The important factors that assist our loan eligibility tool include loan purpose. This helps us in narrowing down the appropriate product option. You need to put in the details regarding the property you wish to buy. This may be a loan for plot purchase and construction, residential plot loan, flat purchase loan, home loan for resale property, house under construction loan or home renovation loan.

Once you have provided the details regarding your home loan requirement, you are required to provide your personal details. This might include the city where you reside, your net monthly salary, where you wish to buy the property and your contact details. Once you have filled all the relevant information, you can click on the “Unlock Best Offers” link and move to the next stage of your application process.

Here you will require filling in more details. These will help our eligibility tool to narrow down your loan options even more. The information you will require to fill in here includes your current bank account provider, current EMI payouts, and complete name as per PAN number, date of birth, PAN Card number, pin code of current residence and whether you have a co-borrower for the loan.

Once you have filled in all the relevant information, you are required to click on the button below to view the best offers available for you. What more, you stand to receive an Experience Credit Report from us free of cost as this will help us in determining the best offers for you as well as increase the chances of your success in receiving a home loan payout.

Credfy.in is India’s fastest growing home loan company which offers you a wonderful opportunity to compare home loan from public/private sector banks, home loan from NBFC and apply housing loan online. Given below are the steps how the users should approach the entire scenario.

Define loan parameters as these will be helpful in receiving free quotes instantly and in a manner that it can be understood without any difficulty.

Compare offers as this will help in zeroing in on the best lender.

At Credfy.in the rate of interest is always monitored and updated. This brings to notice any changes made by financers instantly.

Credfy.in collaboration with prominent financial institutions and banks helps you benefit from exclusive discounts and deals offered by these institutions.

Our home loan eligibility calculator allows you to check home loan eligibility and get instant e-approvals.

Credfy.in home loan EMI calculator helps you determine repayment amount as well as a schedule which also provides amortization tablets.

User reviews on the site help you gain an insight into the services offered by different institutions.

Apply online for selected home loan product directly through Indikaloan.com

Receive regular e-mails and SMS which gives regular updates for smooth processing of the home loan.

Can I avail home loan for the entire value of the property?

No. Banks normally keep 20% margin while offering a home loan. So, the lender might agree to provide 80% of the property value while you have to arrange for the remaining 20%. In some instances, the lender might offer you up to 90% of the property value.

Are there any tax benefits on home loans?

Yes. Section 80C and Section 24 of the IT Act provide tax benefit on both the loan principal amount as well as the interest paid towards loan repayments.

Who can co-sign a home loan with me? Can my friend co-sign a home loan for a flat?

Family members like father, mother, siblings, etc. can co-sign a home loan. Your spouse or adult children can also be co-signors. As per existing rules in the country, your friend cannot co-sign a loan as he/she is not a blood relative or otherwise related to you.

How many people can co-sign a home loan with me?

As of now, up to 7 people can co-sign a home with the primary applicant. However, it is important for all of them to be blood relatives.

Are there any prepayment charges in case of a home loan?

In cases of floating rate home loan, there is no pre-payment penalty as per RBI directives. However, a penalty may be applied in case of prepayment of the fixed-rate home loan. You can visit the Home Loan FAQs page for additional details on home loans.