• Bank Name
  • Rate of Interest
  • Tenure
  • Processing Fee
9.00% - 12.00% Reducing
5-15 Years
0.75% Of Loan Amount
10.00% - 14.00% Reducing
5-15 Years
1.5% Of Loan Amount
10.00% - 15.00% Reducing
5-15 Years
1.50% Of Loan Amount
11.00% - 18.00% Reducing
5-15 Years
1.50% Of Loan Amount

Home Loan Eligibility

Eligibility Criteria Requirement
Age Minimum Age: 18 years and Maximum Age: 70 years
Resident Type The applicant must be (any one):
  • Resident Indian
  • Non-Resident India (NRI)
  • Person of Indian Origin (PIO)
Employment The applicant can be (any one):
  • Salaried
  • Self-employed
Net Annual Income At least Rs.5-6 lakh depending on the type of employment
Residence The applicant must have (any one):
  • A permanent residence
  • A rented residence where he/she has resided for at least a year prior to applying for a loan
Credit score A good credit score of at least 750 or more obtained from a recognised credit bureau

Home Loan Documents Required

Identity Proof (any one) Residence Proof (any one) Other Documents
Driving License Copy of Electricity Bill/Water Bill/Telephone Bill Employer Identity Card
PAN Copy of valid Passport/Aadhar Card/Driving License Duly filled loan application form affixed with 3 passport size photographs
Voter ID   Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions
Valid Passport   Bank account statements for all the bank accounts owned by the applicant for the last six months

Income Proof Documents

For Self-employed Applicant/Co-applicant: For Salaried Applicant/Co-applicant:
Income Tax Returns for the last 3 years Salary Slips for the last three months
Certificate of Qualification (for Doctors/C.A. and other professionals) Copy of Form 16 or Income Tax Returns for the last two years
Balance Sheet audited by a certified C.A and Profit and Loss account for the previous 3 years  
Business License Details  
Business address proof  
TDS Certificate  

Documents Required from all Non-Resident Indians (NRIs) Applicants

Identity Proof (any one) Residence Proof (any one) Other Documents
PAN Telephone bill Attested copy of the applicant’s/co-applicants’/guarantor’s valid passport and visa
Valid Passport Electricity bill Proof of residence indicating the applicant’s current overseas address
Driver’s License Water bill Employer Identity Card
Voter ID Card Piped Gas bill If the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC)
  Valid Passport PIO Card issued by the Government of India in case the applicant/co-applicant is a Person of Indian Origin (PIO).
  Driving License The completed loan application form duly filled with three passport size photographs of the applicant and co-applicants.
  Aadhar Card The attestation of the documents can be done by: 1. Indian Embassy/Consulate 2. Overseas Notary Public 3. FOs/Representative Offices 4. Officials of Branch/Sourcing Units based in India

Income Proof Documents for NRI

For Self-employed Applicant/Co-applicant For Salaried Applicant/Co-applicant
Proof of income if the applicant/co-applicant is a self-employed professional/businessman. Valid work permit
Business address proof Employment contract (translated in English) attested by the employer/consulate/embassy/Indian foreign office if the contract is in another language.
Balance Sheet and Profit and Loss accounts audited by a certified CA for the last 2 years Salary slips for the last 3 months
Individual Tax Return for the last 2 years – Not applicable to NRIs/PIOs located in the Middle East countries. Bank statements indicating salary credit for the last 6 months
Bank statement of the individual’s as well as the business/company’s overseas account for the last 6 months. Copy of the Identity Card issued by the current employer along with the latest salary slip (original).
  Copy of the individual Tax Return for the last assessment year. - Not applicable to employees in the Merchant Navy and NRIs/PIOs located in the Middle East countries.

Property Papers:

  1. Agreement of Sale (any one):
    • Registered Agreement of Sale
    • Stamped Agreement of Sale
    • Allotment Letter
  2. Occupancy Certificate in case the property is a ready-to-move-in property
  3. Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
  4. Conveyance Deed in case of a new property
  5. Bank account statements indicating all payments made to the seller or builder

Home Loan Fees and Charges

Depending on the type of loan you are applying for, the following charges may be levied:

  • Processing fees: This is a one-time non-refundable fee that is to be paid to the home loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.
  • Prepayment charges: Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure.
  • Conversion fees: Some banks also charge a conversion fee when you decide to switch to a different loan scheme in order to lower the interest rate associated with your current scheme.
  • Cheque dishonour charges: The fee is levied when the loan provider find that a cheque issued by the borrower is found to be dishonoured due to reasons such as insufficient funds in the borrower’s account.
  • Fees on account of external opinion: In some cases, you might want to consult an external expert such as a lawyer or a valuator for his/her opinion on the loan. This fee should be paid directly to the concerned person and not the lending institution.
  • Home insurance: The premium should be paid directly to the concerned company during the term to ensure that the insurance policy is running during the home loan tenure.
  • Default charges: Loan providers also charge a penalty on delayed repayments i.e. if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.
  • Incidental charges: This charge covers for the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
  • Statutory/regulatory charges: The fee includes all charges associated with Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and stamp duty. You can visit www.cersai.org.in to know more about these charges.
  • Photocopy of documents: The fee is payable to the bank if you require a photocopy of your home loan documents for any personal needs.
  • Change in loan term: Some banks also charge a nominal fee if you wish to change the tenure associated with your loan.