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for salaried & self-employed professionals
and non-professionals
* Interest rates are floating and subject to bank approval.
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You are eligible for a home loan if you are a salaried individual, self-employed professional or a businessman. Loan eligibility is determined based on income, age, qualifications, number of dependants, co-applicant income, assets, liabilities, employment stability and savings history. Eligibility also depends on the value of the property selected by you.
Banks and housing finance companies generally fund up to 75% – 90% of the property value depending on the loan amount, applicant profile, income and bank policies.
EMI (Equated Monthly Installment) is the fixed
monthly payment towards both principal and interest.
Pre-EMI is the interest-only payment applicable
during the construction period until full loan disbursement.
In case of a floating rate change, banks may either revise your EMI amount or adjust the loan tenure. Most banks prefer changing the tenure while keeping EMI stable, unless otherwise requested.
The property being purchased or constructed is taken as the primary security. No additional collateral is usually required for a home loan.
Yes, you can prepay or foreclose your home loan. As per RBI norms, there are no prepayment charges on floating rate home loans taken by individual borrowers.
