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What document required for Home loan?

Following document required for Home loan

Link to home loan page or

Salaried Self Employed
1 Photo 1 Photo
Pan card Pan card
Aadhar Card , Passport, Driving License Aadhar Card , Passport, Driving License
4 month salary slips 3 year ITR CA attested
2 years Form 16 1 year bank statement
6 month bank statement Business Proof
  Business Profile
All Agreement All Agreement

Approved plan or Occupation Certificate Approved plan or Occupation Certificate

What other document require for Balance Transfer?

All above documents require for Balance Transfer of your Loan 2 extra document require is as follow. Link to Balance transfer page

List of document (List given by old bank whom all original document submitted)

One year bank statement from EMI deducted

What is interest rate and Processing fee?
Bank Intrest Rate Prossesing Fee
ICICI 9.55% 0.5% or maximum 10,000+service tax (12.36%)
HDFC 9.55% 0.5% or maximum 10,000+service tax (12.36%)
AXIS 9.60%  
HSBC 9.50% (Salaried), 9.50% - (Self Employed) 10,000+service tax (12.36%)
STANDARD CHARTERD 9.60% Rs.5500/- + Service tax
LIC HOUSING 10.10% (Fixed for 2 yrs)

Up to 50 lacs : 10,000 +(Service tax) 50 lacs & above : 15,000 +(service tax)

When can I apply for a Home Loan?

You can for apply for Home Loan at anytime. You may apply for it after you have decided to acquire/construct a property, and even in case, the property has not been selected or the construction has not commenced, you can still apply. What's more, you can also avail for Home Loan facility if you want to renovate or expand your home.

Your Home Loan eligibility is determined by your repayment capacity, taking into consideration, factors such as: Your:
  • Income
  • Qualifications
  • Age
  • Spouse's income
  • No. of dependants
  • Stability and continuity of occupation
  • Assets/Liabilities
  • Savings history

The most important concern of banks in determining your loan eligibility is that whether or not you are contentedly able to pay off the amount you borrow.

Can I take a Home Loan for construction in one city while working in another city?

Yes, you can take loan for construction in one city while working in another. The banks usually service this loan after getting details of the plot legally verified.

What are the bases of interest rates calculation?

The interest on Home Loans is usually calculated on Monthly Reducing or Yearly Reducing balance. In Monthly Reducing Balance, the principal on which you pay interest reduces every month as you pay your EMI. However in Yearly Reducing Balance, the principal is reduced at the end of the year, therefore you continue to pay interest on a certain part of the principal which you have actually paid back to the bank, which basically means the EMI for the Monthly Reducing system is effectively lesser than the Yearly Reducing system of calculating the interest.

Can I repay my loan ahead of schedule?

Yes, you can pay your loan ahead of schedule, if you want to. However, it must be noted that banks charge a fee for early redemption of loan. This fee can vary between 1-2% of the loan amount being pre-paid.

Who can be a Co-Applicant?

A Co-Applicant(s) is/are the Co-Owners of the property in respect of whom the financial assistance has been sought. However all co-applicants need not be co-owners. Usually co-applicants are: husband/wife, father/son, mother/daughter etc.

Do I get a tax benefit on Home Loan?

Yes, you are eligible for tax benefits on the principal and interest components of the loan under the Income Tax Act, 1961. However as the benefits could vary each year, do check out the current benefits available.

Who can avail a Mortgage Loan?

Both Salaried as well as Self-Employed people can avail Mortgage Loan, irrespective of the income.

What is the difference between a Home Loan and Loan against Property?

There is a huge difference between a Home Loan and a Loan against property. Home Loan is taken only for the purpose of buying a residential property whereas a Loan against Property can be taken for any purpose.



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