What is a Home Loan?
A home loan is a type of loan in which the borrower can borrow money for building a new home, renovate the existing home or to purchase one.
Home loans can be taken from banks and NBFCs at fixed interest rates. Then the loan amount is repaid by the borrower through EMIs within a period of time.
How Home Loans works at My Mudra
My Mudra is the best place for people who want to avail the lowest interest home loan. Home loans provided at 8.5% R.O.I with the minimum documents required and quick disbursal in your bank account.
With secured funds, be the owner of your dream home instantly. Let your dream of owning a house become true with us.
Features of Home Loan
Discover the advantages and core characteristics of availing a home loan through My Mudra.
Loan Amount:
The sum of a home loan is defined by the value of the property and your capability to reimburse the obligations.
Repayment Alternatives:
Home loans are available at fixed and variable rates with many repayment alternatives in India. The interest rate of home loans are flexible in rates and are subject to change over time.
Loan Tenure:
Home loans provide long repayment terms, and it depends on the lender. The loan repayment tenure varies from 10 to 30 years. Longer tenure has lower monthly payments, which results in higher interest rates on your home loan.
Interest Rates:
An applicant's interest rate may differ depending on different factors, including market conditions, monthly income stability, and of course the credit score.
Prepayment Options:
The early loan repayments are allowed on certain house loans, and no penalties are associated with it
Tax Perks:
Many of the home loans come with tax advantages that might decrease your tax burden.
Refinancing Options:
You can save your money by changing out your current loan for a new one with better conditions.
Eligibility for a home loan in India
Eligibility criteria for a home loan is as given below:
Age
A salaried candidate should be aged between 18-70 years to get a home loan.
Income
An income of at least Rs. 25,000* is needed for qualifying for a loan. The sum amount can be entirely of the applicant or it can be the sum of the income of the applicant and the co-applicant.
Credit Score
The minimum required credit score online for a home loan application is 750 and above.
Employment
Both the employees who receive a fixed monthly salary and even those individuals who are self-employed can get home loans in India.
Documents Required for Home Loan (Indian Residents)
The documents are needed for home loan online application by different banks are given below:
Proof of Identity
PAN Card, Passport, Aadhaar Card, Voter’s ID Card, Driving License.
Proof of Age
Aadhaar Card / Pan Card / Passport/ Birth Certificate/ 10th Marksheet/ Bank passbook/ Driving License
Proof of Residence
Bank pass book, voter id card, ration card, passport, telephone bill, electricity bill, water bill, Gas connection bill, LIC policy receipt or any letter received from any public authority of the customer.
Income Proof
Pay Slip for the Employee and Tax Federal Return for the Self Employed Person
Property Documents
Client documentation of the property of the applicant
Documents Required for Home Loan (Non Indian Residents)
When Non-Resident Indians (NRIs) apply for home loans in India, they need to be ready with a specific set of documents to complete the application process.
Identity Proof
- Passport (mandatory)
- Overseas Citizen of India (OCI) card (if applicable)
- Voter ID or Driving License (if available)
Address Proof
- Current overseas address proof (utility bill, bank statement, etc.)
- Indian address proof (if applicable, such as a rented house agreement)
Income Proof
- Salary slips for the last 3-6 months (if employed)
- Employment certificate from the employer
- Bank statements for the last 6 months (showing salary credits)
- Tax returns or Form 16 for the last 2-3 years
- Profit and loss statements and balance sheets (if self-employed)
Other Supporting Documents
- KYC documents (Know Your Customer) as per bank requirements
- Power of attorney (if someone is representing you in India)
- NRI declaration form (specific to the lender)
- Any other document as requested by the lender
Eligibility and income criteria may vary depending on lender policies and applicant profile.
How to Apply for
Home Loan?
My Mudra can help you to apply for a home loan with simple steps.
Visit Website & Apply
Visit My Mudra website, apply for a home loan by clicking the link and fill all the required details.
Expert Guidance
Our executive will get in touch with you and brief you about the whole process of getting a home loan online.
Digital Documentation
Complete all documentation online and track your application through our portal.
Quick Approval
Through My Mudra get quick approval and disbursement of your loan.
Home Loan EMI Calculator
An Equated Monthly Instalment (EMI) calculator is a digital metre which shows the calculation of your monthly EMIs, a simple online tool that makes EMI calculation very easy and fast.
To get the results from the Home Loan EMI Calculator, you just have to provide three basic information related to the loan that has to be availed: loan amount, repayment tenure (in years), and rate of interest. After providing the details press Enter button and you will know your EMI calculation instantly.
This EMI calculation process will help you plan your budget so that before the due date you can pay your EMIs on time.
Loan Details
Results
Frequently Asked Questions
Everything you need to know about Home Loans from My Mudra.