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What is Home Loan?

A home loan is money borrowed from a bank, for the purchase of a house or residential land. In a home loan, the bank agrees to lend money for a specific time period, at a certain rate of interest each month. Home Loan is repaid in the form of EMIs (Equated Monthly Installments). A home loan is a secured loan where the property purchased is taken as security for the money borrowed. A home loan is a cost effective way of borrowing money and taking ownership of a house.

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Advantages of a home loan:

  • A home loan makes home loan ownership affordable.
  • A mortgage is a cost-effective way of borrowing.
  • The rate of interest of a home loan is lower than any other loan.
  • It is easy to get as it is approved on behalf of collateral or asset.
  • You will get tax benefits on the principal and interest part of the loan, upto Rs. 2 lakhs.

Types of home loan in India

Home loans are offered by lenders for not only the purchase of a house, but for other purposes as well. Take a look at the list below:

  • Loans for purchase of land
  • Loans for purchase of home
  • Loans for construction of a house
  • Loans for house expansion
  • Loans for house repair

Process to apply online Home loan

Documents required for Home Loans

Given below is the list of documents required by the bank to apply for a home loan:

  • Complete Home Loan Application Form with one passport size photograph.
  • Photo Identity Proof: Passport/ Driving License/ Voter ID/ PAN.
  • Residence Ownership Proof: Sale deed or rental agreement.
  • Income Proof: salary slip, bank statement and Form 16.
  • Bank Statement: bank statement of the past 6 months.
  • Property Documents: Sale deed, Katha, transfer of ownership.

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