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Home Loan


What is a Home Loan?

Buying a house is one of the biggest achievements of human's life.  It nearly takes an entire life span to fulfill the dream of purchasing own house.  It is a huge task to buy the best house and involves a lot of research and planning. One of the grave tasks is to arrange funds for the same. In that case, you will either use your savings or borrow funds at a certain rate of interest. Earlier, the borrowing of the funds was a cumbersome process but today the lending institutions have simplified the entire cycle of availing a home loan. The banks are providing home loans with the several benefits that include low and attractive interest rates, high loan amount, quick turnaround period and easy repayment options.

Today, almost every bank and the financial institution are offering Home Loan, but before that you need to understand what exactly is a Home Loan and how is it beneficial for you?



Key Facts about Home Loan


Rate of interestMCLR linked rate of interest starting at 8.35%
Loan tenorRanges between 5 to 30 years, higher than any other loan types
Nature of Home Loan Secured against property being purchased(unlike Personal Loan which is unsecured in nature)
Prepayment or foreclosure   
  • Partial repayment before maturity date is possible
  • Home Loan full foreclosure is also available at NIL fee
Income Tax BenefitsIncome Tax benefit on principal and interest amount under Section 80C and Section 24
Loan to value ratio75% to 90% of property value
Processing feeRanges between 0.25% to 2% of loan amount



You can avail Home Loan from the respective bank or financial institution for the following:

  • Buying a  property within the residential development which is currently under construction.
  • Purchasing a ready-made property from a builder or the current owner of the property.
  • Purchasing a plot in a private development, from a current owner or from a government development authority
  • For the construction of the property one owns.
  • Purchasing a plot as well as financing the construction of the home on it.


Home Loan eligibility factors and key documents:

Eligibility: Before sanctioning a home loan, banks will check your eligibility based on certain factors to decide whether you are eligible to apply for a loan or not. Based on the eligibility check, your home loan amount will be sanctioned.


Eligibility Factor 
  • 21 years and above at the time of loan application
  • 65 years at loan maturity
Credit Score/ Credit History 
  • Credit Score above 650
  • Credit History includes repayment of existing and past loans and credit cards payments
Type of employment/ stability 
  • Salaried or self-employed
  • Job or business stability- at least 2 years
Income (Higher the income, higher will be loan amount) 
  • Salary in case of salaried employees
  • Business turnover, annual income, net-profit etc. in case of self-employed

The above-mentioned factors affect your loan amount considerably. Once your loan application is accepted you need to furnish some key documents that will support your identity and stability as a citizen of a country. Some of the key documents are listed below:


Type of Document 
Age proof 

Anyone of:

  • PAN Card
  • Aadhar Card
  • Voter ID
  • Driving license
  • Passport
Address proof 

Anyone of:

  • Registered Rent Agreement
  • Driving license
  • Lease or Passport
  • Aadhar card
Income documents  
  • Salary slips in case of salaried employees
  • Income Tax Return in case of self-employed 
Other documents  
  • Loan application form
  • Photographs
  • Signature ID proofs



Types of Home Loans

Home Purchase Loan: This type of a Home Loan is availed for purchasing a new house. mymoneymantra offers the best home loan deal to the borrowers with an exemplary experience.

Home Loan For Purchasing a Land: This type of a Home Loan is availed to purchase a piece of land either for construction or investment. This loan is usually availed for the purchase of vacant plot.

Home Construction Loan: The loan specially availed for the construction of a house is Home Construction Loan. The banks typically offer this type of loan for constructing a house on an existing land only.

Home Improvement Loan: The borrowers can also avail a Home Loan for renovating, improving, or repairing their current house. The interest rates charged for this type of a home loan is similar to the general home loan.

Home Extension Loan: A loan taken for extending an existing house is Home Extension Loan.



Why take a home loan via mymoneymantra and how do we help?

Information about the home loan is available all over the internet and it is also mentioned above in fair detail but the important question that may come to your mind is- what role mymoneymantra plays in getting you the best loan deal and how? Today almost every bank and NBFC claims to offer you the best deal. Out of several options available in the market, you may get confused which bank to go with and what benefits are necessary for you. The best loan deal not only covers the low rate of interest but also covers various other loan terms including processing fee, documentation, loan turnaround time, foreclosure terms and conditions, and other transaction charges.

Mymoneymantra is a leading player in this marketplace having over 28 years of experience that helps you to bag the best loan offer covering all loan benefits. Our Mortgage Specialists take care of your trust and help you to obtain the loan that is perfect for you and your requirements.

  1. The respective Relationship Manager keenly analyses your profile and documents including financial statements, previous repayment track etc.
  2. Over three decades our specialists have been working to develop a thorough understanding of various bank policies and programmes. Hence, we are able to guide our customers to the loan that is perfect for them.

You can contact mymoneymantra and get your best home loan deal sealed.


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Note on part prepayment
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