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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
Given below are the features of the home loan:
The sum of a home loan is defined by the value of the property and your capability to reimburse the obligations.
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.
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.
An applicant's interest rate may differ depending on different factors, including market conditions, monthly income stability, and of course the credit score.
The early loan repayments are allowed on certain house loans, and no penalties are associated with it
Many of the home loans come with tax advantages that might decrease your tax burden.
You can save your money by changing out your current loan for a new one with better conditions.
Which banks to apply for Home Loans
There are few banks that offer lower interest rates which you can consider while applying for a home loan in India.
| Name of Lender | Interest Rate (p.a.) |
|---|---|
| IDFC First Bank | 7.5% p.a. onwards |
| Axis Bank | 7.90% p.a. to 9.30% p.a. |
| HDFC Bank | 8.00% p.a. to 8.95% p.a. |
| Kotak Mahindra Bank | 9.5% p.a. onwards |
| IIFL | 11.50% p.a. to 25% p.a |
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 (any one): It includes PAN Card, Passport, Aadhaar Card, Voter’s ID Card, Driving License.
- Proof of Age (any one): Aadhaar Card / Pan Card / Passport/ Birth Certificate/ 10th Marksheet/ Bank passbook/ Driving License
- Proof of Residence (any one): 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.
- Pay Slip for the Employee and Tax Federal Return for the Self Employed Person
- 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.
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Identity Proof:
Passport (mandatory)
Overseas Citizen of India (OCI) card (if applicable)
Voter ID or Driving License (if available)
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Address Proof:
Current overseas address proof (utility bill, bank statement, etc.)
Indian address proof (if applicable, such as a rented house agreement)
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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)
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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
How to apply for home loan
My Mudra can help you to apply for a home loan with simple steps. It is a hassle free process, follow below mentioned steps to get an instant home loan.
How to Check Home Loan Eligibility Online
An eligibility calculator is available on the online portal of My Mudra. Through which an applicant can check its eligibility. You need to provide general information such as your age, income, employment status, the duration of the loan, and other monthly obligations, to understand the approximate sum you will have to pay.
It is your CIBIL score that may affect your home loan approval. Lenders mainly look for the applicants that have a good credit score. The repayment of loan amount in time shows the financial discipline, it also increases the chances of the loan approval by the banks and NBFCs. A good credit score can land an applicant with not only the approval but also with the lower interest rates and favourable terms.
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.
Frequently Asked Questions on Home Loan
With My Mudra a home loan of Rs 20 lakh has a range of EMI depending on the tenure and interest rate which is between Rs 15000 - Rs 17000.
There are few banks that provide the home loan with lower interest rates are; SBI, HDFC, ICICI. They are chosen as the best home loan lenders in India by the borrowers.
You can follow simple steps to get an instant home loan. You have to visit the online website of My Mudra, fill the application form, upload all the necessary documents and submit the application.
Home Loans provide you tax benefits, the favourable interest rates as well as the possibility to create additional assets of potential value such as a home.
Home loan is a type of loan through which a borrower receives funds to buy a home or renovate the existing one. The loan amount is then repaid through instalments within a given period of time.
The home loan eligibility criteria depends on the certain factors that are - income, current age, credit history and the employment status.
Credit score of the applicant should be 750 or above, if they are applying for a home loan in India.
Documents that a borrower needs to apply for home loans are identity proof, bank account statement, residence proof and property related documents.
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