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Home Loan

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Home Loan


What is a Home Loan?

  • Buying a home could be one of the biggest achievements of a person's life. In most cases, it takes an entire lifespan to fulfill the dream of purchasing one's own home.
  • Selecting the ideal property involves a lot of research and planning. 
  • Arranging funds is probably the toughest and the trickiest part of the process.
  • You could dip into your savings for the entire payment OR
  • Decide to get a Home Loan at a good interest rate

A decade or so earlier, borrowing from a bank used to be a cumbersome process but today financial institutions have simplified the entire Home Loan application and disbursement process.

  • All leading financial institutions offer Home Loans with attractive interest rates, flexible repayment periods, quick turnaround times and unique product features.
  • Before finalising on a lender, one must understand the intricacies of a Home Loan
  • How should I compare what each bank is offering me?
  • Is there anything in the fine print I should be worried about?

Let mymoneymantra help you get the ideal Home Loan - let's seal the deal!


Key Facts about Home Loan


Rate of interestMCLR linked rate of interest
Loan tenure5 to 30 years
Nature of Home Loan Secured against property being purchased 

Partial Prepayment


       Partial repayment refers to repaying a part of the outstanding loan amount before the maturity date.


Home Loan full foreclosure refers to closing a loan in full before the maturity date and is available at NIL fee.

Income Tax BenefitsIncome Tax benefit can be claimed on principal and interest amount of Home Loan under Section 80C and Section 24 of the Income Tax Act, 1961.
Loan to value ratio (LTV)Varies between 75% to 90% of the property's value
Processing feeRanges between 0.25% to 2% of the sanctioned loan amount



You Can Avail a Home Loan for:

  • Buying a property within a residential development 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 the current owner or from the government development authority
  • Construction of one's own property
  • Purchasing a plot as well as financing the construction of the home


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. 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 should be 650 or above
  • 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 the Loan Amount) 
  • Salary in case of salaried employees
  • Business turnover, annual income, net-profit etc. in case of self-employed basis latest filed financials


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 as a citizen of a country. Some of the key documents are listed below:

Type of Document 
Age proof 
  • PAN Card
  • Aadhar Card
  • Voter ID
  • Driving license
  • Passport
Address proof
  • Registered Rent Agreement
  • Driving license
  • Lease or Passport
  • Aadhar card
Financial documents  
  • Last 6 months salary slips in case of salaried employees
  • Last 3 years 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 Home Loan is availed for purchasing a new house. 

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

Home Construction Loan: This loan is availed for the construction of a house.

Home Improvement Loan:  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 a conventional Home Loan.

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


Why Take a Home Loan via mymoneymantra and How Do We Help?

Information about Home Loans is available on the internet and we have also given you some relevant information above but the important question is - How can mymoneymantra help in getting you the best loan deal?

Today every bank and NBFC claims to offer you the best deal. This is indeed a confusing ordeal for most people, but we are here to help you at every step. The best loan deal not only covers the low rate of interest but also covers various other loan terms including processing fee, documentation, loan turn around time, foreclosure terms and conditions, and other transaction charges.

mymoneymantra is a leading player in this marketplace. We are armed with over 28 years of experience to help you bag the best loan offer covering all loan benefits. Our Mortgage Specialists take special care to help you obtain the loan that is the best fit for you.

  1. Each Relationship Manager thoroughly analyses your profile and document kit that includes among other things your financial statements and previous repayment track.
  2. Over the decades, our specialists have been working to develop an in-depth understanding of various bank policies and offers. 

Contact mymoneymantra and seal the deal!


EMI Calculator

EMI Calculator

Loan EMI

Total Interest Payable

Total of Payments
(Principal + Interest)

Eligibility Calculator

Eligible Loan Amount:


Monthly Repayment:


Total Interest Payable:


EMI Calculator

Balance Transfer Calculator

Payout in first loan


Payout in new loan


Total gross saving


Prepayment Amount Calculator

Loan repaid


Loan balance


Pre-payment penalty


Total pre-payment to be made


How soon can I payoff my loan

Note on part prepayment
Amount - How much do you want to part prepay?
Month - When do you want to prepay? If you availed your loan in Jan’16 and want to part pay in Jan’17, then please enter 12 months.

Loan repaid in


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