Get a home loan from 7.90% p.a. with up to a 30-year tenure on Grow Rupiz.
Buying a home is one of the biggest milestones in everyone’s life. And securing the right home loan is the most important thing to transform that dream into a reality. If you are looking for a home loan to buy your dream house, you may come across various home loan products that vary in terms of loan tenures, interest rates, and eligibility criteria. With so many options, you are more likely to get confused about finding the most suitable home loan. Should you get a home loan from a government bank, a private bank, or a House Finance Company (HFC)? This is another thing that you need to brainstorm about beforehand.
If you are not sure which home loan is best for you and how to get it as quickly as possible, do not worry much. We are here to help you. As a leading financial service provider in Delhi, we at Grow Rupiz specialize in helping individuals and families find the best home loan products from India’s leading banks and House Finance Companies (HFCs). Whether you are a first-time homebuyer, looking to upgrade your home, or planning to invest in property, we will help you with every step of the process.
What is a Home Loan?
A home loan is a secured loan facility that you can take from a bank or HFC to buy or build a house. Most Indian banks and Housing Finance Companies (HFCs) offer home loan facilities to individuals for purchasing residential property. You can also borrow a home loan for renovating, repairing, and extending an existing or new residential property. When you take out a loan for buying or renovating a home, you will have to make a down payment of 10-25% of the total cost of the house purchase. The remaining amount (75-90%) will be divided into EMIs as per the loan tenure. Usually, the tenure of a home loan in India ranges between 5 years and 30 years. The home you buy with a loan acts as security for the loan. In case of default, the lender has the legal right to take back the concerned property.
Although home loans make it easier to own a house without paying the full amount upfront, make sure to apply for a home loan only if you are capable of repaying the loan EMIs on time. Do remember that most Indian banks and housing finance companies offer housing loan plans based on your income, credit score, CIBIL score, and job type.
Public Sector Banks – Home Loan Interest Rates 2025
| Name of Lender | Loans Up to Rs. 30 Lakh | Loans Above Rs. 30 Lakh to Rs. 75 Lakh | Loans Above Rs. 75 Lakh |
| State Bank of India (SBI) | 8.00%-9.20% p.a. | 8.00%-9.20% p.a. | 8.00%-9.20% p.a. |
| Bank of Baroda | 8.00% – 9.65% p.a. | 8.00% – 9.65% p.a. | 8.00% – 9.90% p.a. |
| Canara Bank | 8.00% – 10.75% p.a. | 7.95% – 10.75% p.a. | 7.90% – 10.65% p.a. |
| Punjab & Sind Bank | 8.05% – 11.25% p.a. | 8.05% – 11.25% p.a. | 8.05% – 11.25% p.a. |
| Punjab National Bank | 8.05% – 9.85% p.a. | 8.00% – 9.75% p.a. | 8.00% – 9.75% p.a. |
| Union Bank of India | 7.85% p.a. to 10.25% p.a. | 7.85% p.a. to 10.25% p.a. | 7.85% p.a. to 10.25% p.a. |
| Bank of Maharashtra | 7.85% to 10.65% p.a. | 7.85% to 10.65% p.a. | 7.85% to 10.65% p.a. |
Private Sector Banks – Home Loan Interest Rates 2025
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh |
| IDBI Bank | 8.40% p.a. onwards | 8.40% p.a. onwards | 8.40% p.a. onwards |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards |
| HDFC Bank | 8.45% p.a. onwards | 8.45% p.a. onwards | 8.45% p.a. onwards |
| Axis Bank | 8.75%-12.80% p.a. | 8.75%-12.80% p.a. | 8.75%-9.65% p.a. |
| IDFC FIRST Bank | 8.85% p.a. onwards | 8.85% p.a. onwards | 8.85% p.a. onwards |
| RBL Bank | 9.00% p.a. onwards | 9.00% p.a. onwards | 9.00% p.a. onwards |
| Federal Bank | 8.55% p.a. onwards | 8.55% p.a. onwards | 8.55% p.a. onwards |
Housing Finance Companies (HFCs) – Home Loan Interest Rates 2025
| Name of Lender | Loans Up to Rs. 30 Lakh | Loans Above Rs. 30 Lakh to Rs. 75 Lakh | Loans Above Rs. 75 Lakh |
| PNB Housing Finance | 8.50% – 14.50% p.a. | 8.50% – 14.50% p.a. | 8.50%-11.45% p.a. |
| LIC Housing Finance | 8.00% p.a. onwards | 8.00% p.a. onwards | 8.00% p.a. onwards |
| Bajaj Housing Finance | 7.99%-17.00% | 7.99%-17.00% | 7.99%-17.00% |
| Tata Capital Housing Finance | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Piramal Capital Housing Finance | 9.50% onwards | 9.50% onwards | 9.50% onwards |
| Godrej Housing Finance | 8.55% onwards | 8.55% onwards | 8.55% onwards |
| Aditya Birla Capital | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| L&T Finance Limited | 8.65% p.a. onwards | 8.65% p.a. onwards | 8.65% p.a. onwards |
| Sammaan Capital (Indiabulls) | 8.75% onwards | 8.75% onwards | 8.75% onwards |
| Easy Home Finance | 8.95% onwards | 8.95% onwards | 8.95% onwards |
| Cholamandalam Investment and Finance | 10.50% onwards | 10.50% onwards | 10.50% onwards |
| India Shelter Home Loan | 11.59% onwards | 11.59% onwards | 11.59% onwards |
| Home First Finance | 11.90% onwards | 11.90% onwards | 11.90% onwards |
Note: The rate of interest listed above is as on 2nd June 2025. However, the rate may differ and is subject to change. The final rate of interest will be decided by the lender based on credit score and income.
Housing Loan Processing Fees and Other Charges
| Charge Type | Description | Typical Range |
| Processing Fee | One-time fee for processing the loan application | Rs. 5,000 – Rs. 10,000 or 0.25% – 1% of loan amount |
| Administrative Fee | Sometimes charged separately for admin work | Rs. 2,500 – Rs. 5,000 (if applicable) |
| Legal and Technical Charges | For property verification and legal checks | Rs. 3,000 – Rs. 10,000 (as per actual) |
| Prepayment / Foreclosure Charges | Fees for paying off the loan early (for non-individual borrowers or fixed-rate loans) | 2% – 4% of outstanding amount (mostly waived for floating rates) |
| Late Payment Charges | Penalty for missing EMI payments | 1% – 2% per month on the overdue amount |
| Conversion Charges | For switching from fixed to floating rate or vice versa | Rs. 1,000 – Rs. 5,000 or a % of the loan |
| Documentation Charges | Cost for handling and maintaining physical records | Rs. 500 – Rs. 2,000 |
| Stamp Duty on Loan Agreement | Charged as per state laws | Varies by state (typically Rs. 200 – Rs. 1,000) |
| CIBIL Report Charges | For checking the credit score | Rs. 50 – Rs. 500 (often included in processing fee) |
Process to Apply for a Home Loan in India
Check Your Eligibility
Make sure you meet the eligibility criteria to avail of a home loan. Lenders (banks and HFCs) always check your age, income, job type, credit score (CIBIL), or any existing loans or EMIs to decide your loan eligibility.
Choose the Right Lender
Different banks and HFCs differ in their interest rates, processing fees, and other charges. Hence, it is always wise to compare interest rates, loan terms, processing fees, and service quality from different banks and HFCs. This will help you make an informed decision in choosing the right lender.
Submit Application
Fill out the home loan application form. You can do this online or offline. Plus, provide basic details about income, employment, property, the loan amount needed, and repayment tenure.
Provide Required Documents
Next, submit the required documents. Lenders ask for documents like identity proof, address proof, income proof (salary slips/IT returns), bank statements, property documents, and photographs.
Pay Processing Fee
It is a non-refundable fee charged by a bank or HFC to start your application. Usually, it ranges between 0.25% to 1% of the loan amount. A few lenders also waive this fee in certain cases. So, check about this fee beforehand.
Loan Verification & Approval
The lender verifies your documents, credit score, and conducts a legal and technical check on the property that you want to purchase.
Sanction Letter Issued
If your application is approved, you will receive a sanction letter mentioning the loan amount, interest rate, EMI, tenure, and terms.
Sign Agreement & Disbursement
After signing the agreement and submitting all final documents, the loan amount will be disbursed — either in full or in stages (for under-construction properties).
Eligibility Criteria for Home Loans
To be eligible for a home loan, you need to meet specific criteria set by the lenders. The criteria may vary from lender to lender. However, the most common eligibility criteria include age, income, credit score, and employment status. The lenders will check these factors to assess your ability to repay the loan. Let’s take a more detailed look at the home loan eligibility criteria.
- Age: Whether you are a salaried or self-employed person, your age should be between 21 and 65 years. This means the minimum age and maximum age to apply for a home loan in India are 21 years and 65 years, respectively.
- Nationality: Any individual who is an Indian resident, NRI (Non-Resident Indian), or a PIO (person of Indian origin) can apply for a home loan in India.
- Credit Score: To apply for a home loan, your credit score should be 730 or above. Some lenders also offer low-CIBIL-score home loans. But in the case of a low credit score, the interest rate can be higher, or the loan amount can be lower.
- Employment Type: If you are a salaried person, you must be employed in a stable job with a consistent income. Your minimum salary should be Rs. 25,000 per month. However, this can vary across lenders and locations. If you are self-employed, you must have a stable business or profession with a history of good income, preferably at least Rs. 3,00,000 per annum.
- Loan Amount: Lenders will determine the loan amount based on your income and repayment capacity. In general, they can approve the loan amount up to 90% of the property value.
- Loan Tenure: Most banks and HFCs in India offer a maximum home loan tenure of up to 30 years.
Apart from the above factors, lenders also consider the property you want to buy and its location.
Documents Required for Home Loan Application
| Documents Category | For Salaried Applicants | For Self-Employed Applicants |
| Mandatory Documents | Application Form, PAN Card | Application Form, PAN Card |
| Proof of Identity | Aadhaar Card, Driving License, Voter ID Card, Government Employee ID Card, Passport | Passport, Voter ID Card, Driving License, Government Employee ID Card, Aadhaar Card |
| Proof of Address | Utility Bills, Voter ID Card, Aadhar Card, Government Employee ID Card, Driving License, LIC Policy Statement, Bank Statement or Passbook, Ration Card, Property Tax Receipt | Driving License, Utility Bills, Government Employee ID Card, Voter ID Card, Aadhar Card, Bank Statement or Passbook |
| Proof of Income | Salary slip (3 to 6 months), Form 16 (last 1–2 financial years), Bank statement (6 months), ITR (past 2–3 assessment years), Employment letter, EPF account statement (optional) | Income Tax Returns (last 2–3 assessment years), Profit & Loss Statement (certified by chartered accountants), Balance sheet (last 2–3 years, audited by a CA), Bank statements (past 6 months), Business registration certificate, Professional certificate |
| Date of Birth Proof | Birth Certificate, Passport, PAN Card, Aadhaar Card, Voter ID Card, Driving License, School Leaving Certificate, 10th Class Certificate | PAN, Passport, Birth Certificate, SSC Marksheet, Driving License, Aadhaar Card, Voter ID Card, School Leaving Certificate |
| Signature Proof | PAN Card, Passport, Bank Passbook, Banker’s Verification, Notarized Affidavit | PAN Card, Passport, Bank Passbook, Banker’s Verification, Notarized Affidavit |
Types of Housing Loans in India
Banks and HFCs offer various types of home loans to cater to the different needs of home buyers. Below is a list of some common types of home loan schemes available in India.
| Home Purchase Loan | This is the most common type of home loan. Salaried and self-employed individuals can apply for this loan scheme to buy a new or resale residential property, including ready-to-move-in homes, under-construction homes, and residential plots to build a new house within a set time frame. |
| Home Construction Loan | Under this housing loan scheme, individuals can borrow a loan to construct a house on a plot of land already owned by them. |
| Plot Purchase Loan | This loan scheme allows individuals to obtain a loan to buy a residential plot or land. Some banks and HFCs may combine this loan with home construction loans. |
| Home Improvement or Renovation Loan | This loan is suitable for those individuals who are looking for funds for repairs, renovation, painting, electrical work, tiling, and plumbing in their existing homes. |
| Home Extension Loan | Existing homeowners can avail of this loan scheme to add extra space, such as additional rooms or floors, to their homes. It is a suitable option when your family is growing and you need more space. |
| Composite Loan | This is a combination of plot purchase and home construction loans. Usually, this loan is disbursed in phases, first for land and then for construction. |
| Balance Transfer Loan | Under this scheme, homeowners can transfer their existing home loan to another lender (bank or HFC) for a lower interest rate. This scheme can save money in the long run by reducing EMIs or loan tenure. |
| Top-Up Home Loan | Existing home loan consumers can apply for top-up loans to get additional funds over the existing home loan. This fund can be used for any purpose, such as home renovation, education, wedding, etc. |
| Step UP or Flexi Home Loan | Under this housing loan scheme, borrowers pay only interest during a specified pre-EMI period and make full EMI payments thereafter. |
| Pradhan Mantri Awas Yojana (PMAY) Subsidy Loans | This housing loan scheme is available for economically weaker sections (EWS), low-income groups (LIG), and middle-income groups (MIG). It offers interest subsidies under the Credit Link Subsidy Scheme (CLSS). Plus, it is subject to eligibility criteria, such as income, property size, etc. |
Difference Between Fixed Rate and Floating Rate Home Loan
| Fixed Interest Rate | Floating Interest Rate |
| EMIs stay the same for the whole loan time, no matter how interest rates change. | EMIs go up or down depending on changes in the bank’s benchmark rate. |
| Helps in better planning of money because payments stay the same. | If EMIs suddenly increase, it can disturb your family’s monthly budget. |
| Good choice when interest rates are low and may go up in the future. | Good choice when interest rates are high now and may go down later. |
| You won’t get any benefit even if the interest rates go down. | You get the benefit of lower EMIs if interest rates come down. |
| Banks usually charge a higher rate compared to floating rate loans. | Floating rate loans usually come with lower interest rates than fixed ones. |
| Banks can take extra charges if you pay off the loan early or before time. | As per RBI rules, banks and housing finance companies can’t take any extra charges if you pay early or close the loan. |
Top Features of Home Loans in India
| High Loan Eligibility & Coverage | Finance up to 75% to 90% of the property’s market value.Salaried and self-employed individuals are both eligible.Eligibility depends on monthly income, credit score, age, employment status, and existing liabilities. |
| Long & Flexible Repayment Tenure | Loan tenure: up to 30 years. It depends on your repayment capacity.A longer tenure reduces the EMI burden.A shorter tenure helps save on interest payments.Some lenders allow flexible EMI structures (step-up, step-down, or delayed start). |
| Attractive Interest Rates | Fixed and floating rate options:Fixed Rate: EMI remains constant, suitable for budgeting.Floating Rate: Changes with market conditions; often lower over the long term.Many banks & HFCs offer repo rate-linked loans for greater transparency. |
| Top-Up Loan Facility | Top-up loan at competitive rates after repaying part of your home loan. Funds for renovation, education, medical expenses, or even business purposes. |
| Balance Transfer Option | Transfer the existing loan to another bank offering lower interest rates. This reduces your EMI or loan tenure.Some lenders offer additional top-up loans during a balance transfer. |
| Prepayment & Foreclosure Flexibility | Most floating-rate home loans can be prepaid or foreclosed with no penalties.Prepayment helps reduce the principal and save on interest in the long run. |
| Minimal Documentation and Online Processing | Digital platforms have made it easy to apply, upload documents, and track application status online.Many lenders provide instant eligibility checks and approval-in-principle letters online. |
Major Benefits of Housing Loans in India
| Real Estate Ownership with Low Upfront Cost | Own a home without paying the full value upfront.Down payments as low as 10%–25%Opportunity to invest in property early in your career |
| Income Tax Benefits | Up to Rs. 1.5 lakh/year on principal repayment under Section 80C.Up to Rs. 2 lakh/year on interest payments under Section 24(b).Additional Rs. 50,000 (80EE) or Rs. 1.5 lakh (80EEA) deduction for first-time buyers, depending on the loan and property value. |
| Improved Financial Discipline & Credit Score | Consistent EMI payments build financial discipline and a strong credit history.A good credit score (750+) improves eligibility for future loans at better terms. |
| Capital Appreciation & Wealth Creation | Real estate values generally appreciate over time, helping grow your net worth.The home you purchase today could be a valuable long-term investment. |
| Joint Home Loan Advantages | Apply with a co-applicant (spouse or parent). This enhances loan eligibility.Individually claim tax benefits, effectively doubling the savings. |
| Housing Loan for Diverse Needs | Construction, renovation, extension, plot purchase, etc.Custom solutions for different stages of property investment. |
| Access to Government Subsidies [Under Pradhan Mantri Awas Yojana–PMAY] | Get interest subsidies up to Rs. 2.67 lakh.Applicable to first-time homebuyers from EWS, LIG, MIG I & II categories. |
Tax Benefits on Home Loans
Owning a house is a big dream for many people, especially because the prices of homes are going very high. Still, the Indian Government is trying to help people buy homes by starting some good plans. One such scheme is the Home Loan that also gives tax benefits. When someone takes a home loan, they can save money on tax under Section 80C of the Income Tax Act. They can get a tax benefit of up to Rs. 1.5 Lakh. This helps in saving money over a long time and makes things easier.
Repayment Components of a Home Loan
When you take a Home Loan, you have to pay EMIs every month. These EMIs have two main parts:
- The money you borrowed (principal amount)
- The extra money you pay to the bank (interest)
The tax benefits on home loans are given differently on these two components. These tax savings come under different Sections of the Income Tax Act.
Different Home Loan Tax Sections
There are three Sections of the Income Tax Act that provide deductions on home loans in India.
| Section | Components of the Home Loan | Maximum Rebate |
| Section 80C | Deduction on the principal repayment | Rs. 1,50,000 per annum |
| Section 24(b) | Deduction on the interest paid | Rs. 2,00,000 per annum |
| Section 80 EE | Deduction for the interest paid on home loan (for first-time buyers) | Rs. 50,000 per annum |
Top Reasons Why Home Loan Applications Get Rejected
There are many reasons why your home loan application might get rejected. Some of the main reasons are explained below:
Low credit score:
Your credit score shows how well you have managed loans or credit cards in the past. If your score is low, it means you may not have handled money responsibly before. This makes banks or lenders think you are risky and they may not give you the loan. Usually, people with a credit score of 730 or more have a better chance of getting their loan approved.
Low ability to repay the loan:
Banks or lenders want to be sure that you can pay back the loan. So, they check if the total EMIs (monthly loan payments), including the new loan, are within 50-55% of your monthly income. If your EMIs go over this limit, your chances of getting the loan become low.
Problems with the property:
If the property you want to buy does not match the lender’s rules, your loan can get rejected. For example, if the property has a legal problem, does not have clear ownership papers, is very old, or is not approved by the local authorities, the bank will not approve your loan.
Applying for many loans or credit cards in a short time:
Every time you apply for a loan or credit card, the bank checks your credit report. These checks are called hard enquiries. Too many hard enquiries in a short time can lower your credit score. A low score can reduce your chance of getting a home loan.
Job or employer not eligible:
Some banks have a list of jobs or companies they prefer to give loans to. If your job or your employer is not on that list, the bank may not approve your home loan.
What to Do If Your Loan Application Gets Rejected
If the bank says no to your home loan application, don’t lose hope. You can try again and do better next time. Here are some easy steps to help you improve your chances of getting a loan when you apply again:
- Try to keep your credit score at 730 or more
- Look carefully at your credit report to check if there are any mistakes
- Add a family member who earns money as a co-applicant
- Pay more money for the home as down payment
- Check and compare home loan offers from different banks and housing finance companies before you choose
- Don’t apply for too many loans in a short time
- Make sure all your EMIs, including the one for this home loan, stay within 55–60% of the money you earn every month (after tax)
Do’s and Don’ts of Getting Home Loan Approval Faster
Do’s (Things You Should Do)
- Keep your documents like D proof, income proof, bank statements, and address proof ready and correct.
- Maintain a good credit score (730 or above).
- Choose the right loan amount and ask for a loan that matches your income.
- Compare home loan schemes from multiple banks and HFCs to see who offers the best interest rates and deals.
- Pay existing loans on time. This shows you are responsible.
- If possible, make a larger down payment to reduce the (Loan-to-Value) LTV ratio.
- Add a co-applicant for higher loan eligibility
Don’ts (Things You Should Avoid)
- Do not give wrong information or incorrect documents.
- Do not apply for a home loan without checking your credit score.
- Do not take a home loan amount more than you can afford to repay.
- Do not miss EMI payments. Missing EMI can harm your credit history.
- Do not change jobs often. Making frequent job changes shows the banks your income is not stable.
- Do not apply for many loans at once because it can lower your credit score.
FAQs on Home Loans
Q: What is a home loan?
A home loan is a type of loan that you take from a bank or a finance company to buy a house. It is called a secured loan because the house you buy is kept as security. You can take a home loan to buy a house or flat that is ready to live in or one that is still being built. You can get a home loan from both banks and Non-Banking Financial Companies (NBFCs).
Q: How to avail a home loan?
Individuals can take home loans directly from banks or Housing Finance Companies (HFCs). Today, many lenders allow you to apply for home loans online. So, people can apply by using the lender’s official website, mobile app, or internet banking. Another option is to use online financial marketplaces. These websites show home loan offers from different lenders in one place, based on the person’s credit score and credit history.
Q: Who is eligible for a home loan?
All salaried or self-employed residents (Indians) and non-resident Indians (NRIs) are eligible for home loans in India.
Q: How long does it take to get a home loan sanctioned?
In general, it takes 3 to 5 weeks to get a home loan sanctioned in India.
Q: What are the property papers required for a home loan?
The property papers needed to get a home loan can be different for each person. It also depends on what kind of property you are buying. Here is a list of common property papers.
Agreement of sale (any one):
- Allotment Letter
- Stamped Agreement of Sale
- Registered Agreement of Sale
- Occupancy Certificate if the house is ready to move in
- Copy (blueprint) of the Approved Plan and the Registered Development Agreement of the builder
- Conveyance Deed if it is a new property
- Bank account statements showing all the payments made to the builder or seller
Q: Which bank is best for getting a home loan?
For most people, picking a bank that gives the lowest interest rate is the best way to save money on a home loan. But apart from interest rates, you should also look at things like how long the loan is for, how much money you can borrow, the LTV ratio, processing fees, how fast the loan gets approved, and how quickly the money is given. Instead of checking each bank’s website one by one, people can save time by using online sites like Grow Rupiz to compare interest rates, loan terms, fees, and more in one place.
Q: What is the difference between a fixed-rate and a floating-rate home loan?
In a fixed-rate home loan, the interest rate stays the same for the full loan period. It does not change even if market rates go up or down. But in a floating-rate loan, the interest rate can change from time to time based on the RBI’s main policy rates. So, the monthly EMIs can go higher or lower depending on the current RBI rates when you take a floating-rate loan.
Q: Can I prepay my outstanding home loan amount?
Yes, you can pay back part of your home loan or even the full amount before the loan ends. For floating-rate loans, there is usually no extra charge for prepayment. But for fixed-rate loans, you may have to pay a penalty of up to 2%.
Q: What is the maximum home loan amount that I can get?
Some banks or lenders use a method called the Multiplier Method to decide how much home loan you can get. In this method, they give you a loan amount based on a fixed number times your monthly income. They can give up to 72 times your monthly income or 6 times your yearly income (for people who are not salaried). Other banks use the EMI/NMI Ratio. This means your total EMI payments must be within 55–60% of your monthly income. Some banks use both these methods together to decide how much loan you can get.
Q: Can I buy a house with two loans?
No, you can’t get two home loans for the same house. It’s not allowed and is seen as cheating by the law and banks.
Q: Can I get 100% financing on a home loan?
No, banks and other lenders don’t give you the full amount of the home’s price as a loan. They usually give a part of the cost, and the rest has to be paid by you. This part that the bank covers is called a loan margin.
Q: Can I take 2 home loans at the same time?
Yes, it’s possible to have two home loans at the same time, but only if the bank checks and confirms that you can pay two EMIs (Equated Monthly Installments) every month. But remember, the tax benefits for the second home are different. You will also have to tell if the second home is for you to live in or if you plan to rent it out.
Q: Who can be a co-applicant?
A co-applicant can be someone close to you in the family. It can be your husband or wife, your parents, or even your children if they are adults.
Q: Which factors determine my home loan eligibility?
When banks or finance companies check if you can get a home loan, they look at things like your age, your yearly income, your job stability, where you live, how many co-applicants are there, your credit score, and if you already have other loans.
Q: What are my home loan options with a poor or low credit score?
If your credit score is low, it’s hard to say which loan you will get because different banks have their own rules. So, people with low credit scores should compare different home loan offers. They should look at the interest rates, how long the loan is for, the fees they need to pay, and other things before choosing.
Q: How much credit score should I have to get a housing loan?
Most banks prefer giving home loans to people who have a credit score of 730 or more. This high score shows that you are good at paying back money, which makes banks trust you more. That’s why banks usually give better interest rates to people with good scores. But even if your score is low, some banks may still give you a loan, but at a higher interest rate. So, it’s important to check your credit score often.
