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  • Home Loan - Compare & Apply Best Interest Rates Online

    Home Loan - Avail home loans up to Rs. 10 crore with interest from 8.40% p.a., processing fees from 0.5%, and repayment tenure up to 30 years through BankBazaar.

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  • Unlock the full potential of extended loan terms and diverse repayment options when you apply for house loans up to Rs. 10 crores. Our competitive interest rates start at just 8.40% p.a.

    Experience a hassle-free journey with straightforward documentation, expedited processing, and top-notch customer service. Our swift response time of 30–45 minutes makes BankBazaar the ultimate destination for all your housing loan requirements.

    Choose from a variety of home loan options tailored to your needs, offering flexibility in interest rates, repayment tenures, and loan amounts.

    Bank Name
    Interest Rate
    Processing Fee
    Loan Amount/Tenure
    8.40% p.a. – 10.15% p.a.(Floating Rate)
    0.35% onwards (min. Rs.2,000; max. Rs.10,000),currently NIL during the campaign period(Processing Fee)
    -Loan Amount At the discretion of the bank1-30 YearsTenure Range
    8.60%* onwards(Floating Rate)
    0.5% or Rs.3,000, whichever is higher
    (Processing Fee)
    Contact the bank for detailsLoan Amount1-30 YearsTenure Range
    8.70% onwards(Floating Rate)
    0.50% or ₹15,000 Maximum(Processing Fee)
    ₹ Contact the bank for detailsLoan Amount1-30 YearsTenure Range
    8.75% p.a. onwards(Floating Rate)
    Up to 0.5% of the loan amount
    (min 10,000 in both cases, excluding taxes) (Processing Fee)
    ₹ Up to 90% of the cost of the property Loan Amount1-30 YearsTenure Range
    8.60% p.a. onwards(Floating Rate)
    For CIBIL >= 725, Rs.50,000/- + GST and For CIBIL < 725, Rs.60,000/- + GST
    For CIBIL >= 725, 0.25% of loan amount subject to maximum of Rs.20,000/- +GST
    and For CIBIL < 725, 0.30% of loan amount subject to maximum of Rs.24,000/- +GST(Processing Fee)
    ₹ 10L -₹ 3CrsLoan Amount5-up to 30 YearsTenure Range
    9.00% p.a. onwards(Fixed /Floating Rates)
    Up to 1% (Processing Fee)
    ₹ 10L -₹ 5CrsLoan Amount1-30 YearsTenure Range
    8.85% onwards (Floating Rate)
    Up to 2% of the loan amount + applicable tax (Processing Fee)
    Contact the bank for detailsLoan Amount1-30 YearsTenure Range
    9.30% p.a onwards (Floating Rates)
    0.50% onwards (Processing Fee)
    ₹ 10L onwardsLoan Amount1-30 YearsTenure Range
    8.75% - 13.88% p.a(Floating Rate)
    Contact the bank for details (Processing Fee)
    Up to ₹ 5CrsLoan Amount1-30 YearsTenure Range
    8.85% p.a onwards (Floating Rate)
    Up to 3% (Processing Fee)
    Rs.1 lakh – Rs.5 croreLoan Amount5-30 YearsTenure Range
    8.60% to 10.60% p.a.(Floating Rate)
    Contact the bank for information
    (Processing Fee)
    ₹ 1L -₹ Up to 10 CroreLoan AmountUp to 30 YearsTenure Range
    8.85% p.a. onwards(Floating Rate)
    0.50% (min. Rs.1,500; max. Rs.10,000) (Processing Fee)
    Rs.1 lakh – Rs.3 crore -Loan Amount30 YearsTenure Range
    8.75% p.a. to 9.60% p.a. (Floating Rate)
    0.5% of the loan amount(Processing Fee)
    -Loan Amount 10 Lakh to 10 Crore1-20 YearsTenure Range
    7.00% p.a. - 14.00% p.a.(Floating Rate)
    ₹ 10000+ taxes (Processing Fee)
    Up to ₹ 5CrsLoan Amount1 - 25 YearsTenure Range
    8.75% p.a. onwards (based on CIBIL score)
    Contact the bank for details (Processing Fee)
    ₹ 1L -₹ 4CrsLoan Amount1-25 YearsTenure Range
    8.60% p.a. onwards(Floating Rate)
    (One time fee)(Processing Fee)
    - Loan Amount1 - 30 YearsTenure Range

    *All loans are at the sole discretion of HDFC Home Loans.Terms and conditions apply.

    Top Home Loan Schemes & Offers

    1. Kotak Mahindra Bank - Best for Low-Interest Rate
      • Low-interest rates start from 8.75% p.a.
      • Processing fee of up to 0.50% of the loan amount
      • Loan tenure of up to 20 years
      • Zero prepayment charges
      • Balance transfer with top-up loan available
    2. Canara Bank Housing Loan - Best Interest Rate for Women
      • Low-interest rates for women starting from 8.85% p.a.
      • Maximum repayment tenure of 30 years
      • Processing fee of up to 0.50% of the loan amount
      • It Can be used to purchase or construct a house/flat
      • Zero prepayment charges
    3. Axis Bank Home Loan - Best Interest Rate for Salaried Employees
      • Low-interest rates starting from 9.00% p.a.
      • Loan amounts of up to Rs.5 crore
      • Maximum repayment tenure of 30 years
      • Processing fee of up to 1% of the loan amount
      • No prepayment/foreclosure charges
    4. HDFC Reach Home Loans for self-employed professionals
      • Attractive interest rates start from 8.45% p.a.
      • Flexible repayment tenure of up to 30 years
      • Processing fee of 2% of the loan amount
      • Minimal documentation with minimum income of Rs.2 lakh p.a.
      • Add a woman co-owner for lower interest rates
    5. SBI Privilege Home Loan for Government Employees
      • Low interest rates starting from 9.15% p.a.
      • Zero processing fee
      • Loan tenure of up to 30 years
      • Reduced interest rates for women borrowers
      • Interest concession when checkoff is provided
    6. HDFC Home Loans for Purchase
      • Low-interest rates starting from 8.60% p.a.
      • Flexible loan tenure of up to 30 years
      • Processing fee of up to 0.50% of the loan amount
      • Special arrangement for Indian army employees through a partnership with AGIF
      • Legal and technical counselling from experts
      • EMIs starting at just Rs.776 per lakh*
    7. PNB HFL Plot Loan - Best Home Loan for Plot and Construction
      • Attractive rates starting from 9.50% p.a.
      • Flexible loan tenure of up to 30 years
      • Processing fee of up to 0.5% of the loan amount
      • Loan enhancement in case of escalating costs
      • Quick loan application and approval process
    8. HDFC Home Loans for Existing Customers - Best Home Loan for Existing Customers
      • Low-interest rates starting from 8.60% p.a.
      • The Maximum tenure of 30 years
      • Processing fee of 0.5% of the loan amount
      • Quick loan disbursal
      • Can add a co-applicant to increase the loan amount
      • EMIs start at just Rs.776 per lakh*
    9. SBI Realty Home Loan - Best Home Loan for Land Purchase
      • Low-interest rates starting from 9.45% p.a.
      • The Maximum tenure of ten years
      • Processing fee of up to 0.35% of the loan amount
      • Maximum loan amount of up to Rs.15 crore
      • Interest rate concession for women borrowers
    10. HDFC Home Loans Balance Transfer - Best Home Loan Balance Transfer
      • Interest rates starting from 8.75% p.a.
      • Avail of an additional top-up loan of up to Rs.50 lakh
      • Loan tenure of up to 30 years
      • Processing fee of up to 0.5% of the loan amount
      • Adding a co-applicant can further maximise the loan amount
      • EMIs start at just Rs.776 per lakh*
    11. SBI Smart Home Top-Up Loan - Best Top Up home loan
      • Interest rates starting from 9.55% p.a.
      • Processing fee of Rs.2,000 + GST
      • Overdraft facility for loans above Rs.20 lakh
      • Loan tenure of up to 30 years
      • No prepayment penalty
    12. Union Awas Home Loan - Best for Low Credit Score
      • Interest starts from 8.75% p.a. for credit scores below 600 for loans of up to Rs.30 lakh
      • Moratorium period of up to 3 years for construction or purchase of a home
      • Loan tenure of up to 30 years
      • For agriculturists, quarterly/half-yearly/annual repayments instead of EMI can be availed
      • Open to permanent employees of educational institutions and agriculturists with a yearly income of up to Rs.48,000 p.a.

    Home Loan Eligibility

    Eligibility Criteria Requirement
    Age Minimum Age: 18 years and Maximum Age: 70 years
    Resident Type The applicant must be (anyone):
    • Resident Indian
    • Non-Resident India (NRI)
    • Person of Indian Origin (PIO)
    Employment The applicant can be (anyone):
    • Salaried
    • Self-employed
    Net Annual Income At least Rs.5-6 lakh depending on the type of employment
    Residence The applicant must have (anyone):
    • A permanent residence
    • A rented residence where they have resided for at least a year before to applying for a loan
    Credit score A good credit score of at least 750 or more obtained from a recognised credit bureau

    Documents Required for Home Loan

    Identity Proof (any one) Residence Proof (any one) Other Documents
    Driving License Copy of Electricity Bill/Water Bill/Telephone Bill Employer Identity Card
    PAN Copy of valid Passport/Aadhaar Card/Driving License Duly filled loan application form affixed with 3 passport size photographs
    Voter ID Loan account statement for the previous 12 months if the applicant has any other ongoing loan from other banks/financial institutions
    Valid Passport Bank account statements for all the bank accounts owned by the applicant for the last six months

    Income Proof Documents

    For Self-employed Applicant/Co-applicant For Salaried Applicant/Co-applicant
    Income Tax Returns for the last 3 years Salary Slips for the last three months
    Certificate of Qualification (for Doctors/CA and other professionals) Copy of Form 16 or Income Tax Returns for the last two years
    Balance Sheet audited by a certified CA and Profit and Loss account for the previous 3 years
    Business License Details
    Business address proof
    TDS Certificate

    Documents Required from all Non-Resident Indians (NRIs) Applicants

    Identity Proof (any one) Residence Proof (any one) Other Documents
    PAN Telephone bill Attested copy of the applicant’s/co-applicants’/guarantor’s valid passport and visa
    Valid Passport Electricity bill Proof of residence indicating the applicant’s current overseas address
    Driver’s License Water bill Employer Identity Card
    Voter ID Card Piped Gas bill If the applicant is employed in the Merchant Navy, the applicant is required to submit a copy of Continuous Discharge Certificate (CDC)
    Valid Passport PIO Card issued by the Government of India in case the applicant/co-applicant is a Person of Indian Origin (PIO).
    Driving License The completed loan application form duly filled with three passport size photographs of the applicant and co-applicants.
    Aadhaar Card The attestation of the documents can be done by: 1. Indian Embassy/Consulate 2. Overseas Notary Public 3. FOs/Representative Offices 4. Officials of Branch/Sourcing Units based in India

    Income Proof Documents for NRI

    For Self-employed Applicant/Co-applicant For Salaried Applicant/Co-applicant
    Proof of income if the applicant/co-applicant is a self-employed professional/businessman. Valid work permit
    Business address proof Employment contract (translated in English) attested by the employer/consulate/embassy/Indian foreign office if the contract is in another language.
    Balance Sheet and Profit and Loss accounts audited by a certified CA for the last 2 years Salary slips for the last 3 months
    Individual Tax Return for the last 2 years – Not applicable to NRIs/PIOs located in the Middle East countries. Bank statements indicating salary credit for the last 6 months
    Bank statement of the individual’s as well as the business/company’s overseas account for the last 6 months. Copy of the Identity Card issued by the current employer along with the latest salary slip (original).
    - Copy of the individual Tax Return for the last assessment year. - Not applicable to employees in the Merchant Navy and NRIs/PIOs located in the Middle East countries.

    Property Papers:

    1. Agreement of Sale (anyone):
      • Registered Agreement of Sale
      • Stamped Agreement of Sale
      • Allotment Letter
    2. Occupancy Certificate in case the property is a ready-to-move-in property
    3. Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
    4. Conveyance Deed in case of a new property
    5. Bank account statements indicating all payments made to the seller or builder

    Home Loan Fees & Charges

    Depending on the type of loan you are applying for, the following charges may be levied:

    • Processing fees: This is a one-time non-refundable fee to be paid to the home loan provider after the loan application has been approved. The processing charge varies depending on the bank and the loan scheme you are applying for.
    • Prepayment charges: The Prepayment penalty is the fee you will have to pay the lender if you plan on repaying your home loan before the completion of the loan tenure.
    • Conversion fees: Some banks also charge a conversion fee when you switch to a different loan scheme to lower the interest rate associated with your current scheme.
    • Cheque dishonour charges: The fee is levied when the loan provider finds that a cheque issued by the borrower is dishonoured due to insufficient funds in the borrower’s account.
    • Fees on account of external opinion: In some cases, you should consult an external expert, such as a lawyer or a valuator, for their opinion on the loan. This fee should be paid directly to the concerned person, not the lending institution. This fee should be paid directly to the concerned person, not the lending institution.
    • Home insurance: The premium should be paid directly to the concerned company during the term to ensure the insurance policy runs during the home loan tenure.
    • Default charges: Loan providers also penalise delayed repayments, i.e. if you fail to make your Equated Monthly Instalments (EMIs) or Pre-EMIs on time. The defaulting charges vary from one bank to another.
    • Incidental charges: This charge covers the expenses incurred by the bank to recover dues from a borrower who has failed to make his monthly instalments on time.
    • Statutory/regulatory charges: The fee includes all costs associated with the Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI), Memorandum of Entry and Deposit, and stamp duty. You can visit www.cersai.org.in to learn more about these charges.
    • Photocopy of documents: The fee is payable to the bank if you require a photocopy of your home loan documents for personal needs.
    • Change in loan term: Some banks also charge a nominal fee if you wish to change the tenure associated with your loan.

    Before you Apply for a Home Loan

    Home Loan EMI Calculator

    Check Home Loan EMI Calculator

    Our EMI calculator helps you calculate the amount you must pay the bank monthly. Input your loan amount, tenure, interest rate, and processing fee to get your EMI and loan amortisation details.

    Home Loan Interest Rates

    Current Home Loan Interest Rates

    Interest rates are the charges a lender will levy on you for borrowing a certain amount over a specific period. They directly impact your EMI. These rates will differ from one lender to another.

    Home Loan Processing Fees

    Check Home Loan Processing Fees

    Banks charge this fee for processing your loan application. It is non-refundable and is charged before disbursal. It’s calculated as a percentage of the loan or a fixed amount..

    Check Home Loan Eligibility

    Check Home Loan Eligibility

    Each bank has specific parameters based on which they approve a property loan for you. These include age, income, employment status, where you work, what builder you’re buying a house from, etc.

    Documents Required for Home Loan

    Check Documents Required for Home Loan

    For the housing loan to be sanctioned, you must provide your identity and address proof, income documents such as ITR and payslips, bank statements, and proof of house purchase..

    Pradhan Mantri Awas Yojana PMAY

    Pradhan Mantri Awas Yojana (PMAY)

    Pradhan Mantri Awas Yojana (PMAY) is a Government of India initiative that provides an interest subsidy of 6.5% on housing loans availed by the beneficiaries.

    Types of Home Loans in India

    Banks in India provide different types of housing finance options for various purposes. Here’s a list of the prominent types of housing loans in India based on a study of products offered by some of the top banks:

    1. New Home Loans: New Home Loans are offered to eligible customers looking to purchase a house or property for the first time.
    2. Pre-approved Home Loan: Banks offer Pre-approved home loans to eligible borrowers once their creditworthiness, income and financial position are considered considerable for an in-principal approval of the loan.
    3. Home Purchase Loans: Home purchase loans are given explicitly to borrowers looking to purchase a house or flat.
    4. Home Loan for Construction: A home loan is offered to customers looking to construct their own house on existing land.
    5. Plot Loans: Plot loans are offered to customers looking to purchase a piece of land or plot to construct a house.
    6. Home Loan Top Up: Home Loan Top Up is a facility offered by most banks and NBFCs that allows existing customers to borrow a certain amount above and over the existing home loan.
    7. Home Extension/Renovation Loans: Home loans for the extension or renovation of homes are offered to borrowers who wish to renovate/extend their existing house/property.
    8. Balance Transfer Home Loan: Individuals can use the balance transfer option to transfer their home loan from one bank to another. Most people choose this option to avail better interest rates.

    Home Loan Rejection

    Do's Don't
    Ensure that you have researched the loan you want to apply for Do not blindly sign the documents before you read every term and condition on it
    Read the fine print before taking the loan Do not forget to compare interest rates offered by different loan providers
    Look out for any charges applicable on prepayments and foreclosure Do not default on your monthly payments
    Make sure you pay the equated monthly instalments (EMIs) on time Do not apply for a loan just for the sake of it
    Ensure that you have a good credit score before you apply Do not sign the home loan agreement before reading the clauses
    Apply for a loan amount you are eligible for Do not request for a change in tenure unless you have considered all the aspects
    Submit all the necessary documents Do not submit an incomplete or mismatched loan application
    Ensure that you have stable employment Do not have too many ongoing loans

    What steps to take when your home loan application faces rejection?

    You can always re-apply for a home loan if your first loan application was rejected by the lender. However, there are a few aspects you must consider before doing so.

    Credit score: Since housing loans are generally long-term retail loans, lenders look into the applicant’s repayment capacity before approving or rejecting a loan application. Your credit score plays a major role in deciding your repayment capacity against a loan.

    If you have a poor score on your credit report, chances of your loan application being rejected are high. The unsatisfactory credit score gauges your creditworthiness which banks and financial institutions consider before processing your loan application. Hence, it is advised to go through your credit score and credit report before you apply for a loan.

    In case you have a poor credit score, consider improving your score by making your debt repayments on time before you reapply for a housing loan again. If you do not know what your current score is, you can get your credit score along with the credit report on BankBazaar.

    Loan Amount: Since purchasing/constructing a home is a one-time investment, we often tend to overlook the financial costs involved in it. Banks and financial institutions fix the maximum loan amount you are eligible for by taking your present monthly income. There is a high chance your application was rejected because of the loan amount you have applied for.

    If the loan amount applied for exceeds your eligible loan amount, the lender can decide to reject your application. In such cases, you can consider increasing the down payment on your home loan to bring down the loan amount.

    Other Ongoing Loans: Banks can also choose to reject your home loan application if you have too many other ongoing loans. Since home loan lenders see to it that not more than 50% of your monthly income is being contributed to your loan repayments, any other ongoing long-term loans can result in your application being rejected.

    Having too many ongoing loans will not only impact your personal finances but also your repayment capacity. Hence, it is advised to clear the ongoing loans, if any, before you apply for a housing loan.

    Co-applicant: There can be instances where applications are rejected due to low income. In such cases, you can consider adding a co-applicant such as a member of your immediate family. This will increase the maximum amount you are eligible for as the income and creditworthiness of the co-applicant will also be taken into account while deciding your eligibility.

    Employment: In some cases, the employment of the applicant can act as the deciding factor on whether the loan application is being approved or rejected by the lender. Your application can be rejected if the lender learns that you have been switching between jobs frequently.

    Unstable employment can sometimes prove to have a negative impact on your loan application. On the other hand, stable employment with a recognised institution on your application can have a positive impact.

    In case your housing loan application was rejected, and you have only been working with the current employer for a short period of time. You can consider giving it some more time before re-applying for another one.

    Documentation: Housing loans include a lot of documentation such as identity proof, residential proof, bank account statements, income tax returns, income proofs, property papers, documents approved by concerned authorities, etc. Your loan lender can reject your loan application even if one of the required documents are not submitted.

    You can always consult the banks’ customer relationship executives to assist you with proper loan documentation.

    What are the types of home loans available?

    • Home Purchase Loan - Suitable for those looking to purchase a new house/flat or an under-construction property.
    • Home Construction Loan - Can be availed by those looking to construct a house/property according to his/her plan.
    • Home Conversion Loan - Suitable for those looking to purchase and move to another property when they have already bought a house with a home loan.
    • Plot Loan - Can be availed by eligible borrowers looking to purchase a residential plot for the purpose of construction of a house/dwelling unit.
    • Home Improvement Loan - These loans are sanctioned to those looking to repair/improve/renovate an already existing property.
    • Home Extension Loan - Suitable for those looking to extend/expand/alter the structure of an existing property.
    • Home Loan Balance Transfer - Can be availed by those who wish to transfer their outstanding home loan balance from their existing lender to another lender due to reasons such as reduced interest rates or better customer service.
    • Home Loans for NRIs - These home loans cater to the housing needs of NRIs in the country. They also include PIOs and OCIs.

    FAQs on Home Loan

    1. What is a home loan?

      A home loan is a secured loan from a financial institution to buy a residential property. You can avail a home loan to buy a ready-to-move-in house, apartment, or one under construction. Home loans can be availed from both banks and Non-Banking Financial Companies (NBFCs).

    2. Which is the best bank for a home loan?

      Before signing up for a home loan product, it’s best that you compare loans offered by different banks and lending institutions. While comparing, consider the interest rate, Loan-to-Value (LTV) ratio, processing fees, and tenure offered by the bank. Use a home loan EMI calculator and calculate your EMI based on these factors. Compare multiple home loan products by various banks by using this method. Also, certain lenders roll out home loan offers with reduced interest rates from time to time. Keep an eye on that too while looking for a loan. Also, know your requirements first before applying. You can go through the above list to get an idea regarding which bank’s home loan would suit your requirement.

    3. How long it takes to get a home loan sanctioned?

      Usually, it takes 3 to 4 weeks to get a home loan sanctioned. However, you need to keep a few factors in mind for a better understanding. First of all, you need a pre-approval of your home loan from the concerned lender to get your loan sanctioned. However, pre-approval doesn’t always mean that your loan will be disbursed immediately and depends on certain external as well internal factors. For instance, your loan sanction can be delayed if there’s delay in submission of property or income-related documents.

    4. Which factors determine my home loan eligibility?

      Banks/financial institutions consider the following factors such as your age, annual income, occupational stability, resident type, number of co-applicants, credit score, ongoing loans if any, etc.when determining your loan eligibility.

    5. What is the difference between a fixed-rate and a floating-rate home loan?

      The rate of interest associated with fixed-rate loans remains unchanged during the entire tenure of the loan. On the other hand, the interest rates applicable on floating rate loans can be revised from time to time depending on the RBI key policy rates. The equated monthly instalments can increase or decrease depending on the prevailing RBI rates in the case of floating rate type loans.

    6. Can I prepay my outstanding home loan amount?

      Yes, partial or full prepayment is possible. Floating-rate loans usually have no prepayment fee, but fixed-rate loans may incur a penalty of up to 2%.

    7. Can I avail tax deductions on my home loan?

      Yes, you can avail tax benefits on both the interest and principal component paid against your home loan. As per Section 80C of the Income Tax Act, you can avail deductions up to Rs.1.50 lakh on the principal amount repaid annually. Under Section 24 of the IT Act, taxpayers are also eligible for benefits up to Rs.2 lakh on the interest repaid against a home loan annually.

    8. Who can be a co-applicant?

      The co-applicant can be an immediate family member such as your spouse, your parents or even your major children. It is also mandatory for all co-owners of the property to be co-applicants while applying for a loan. However, the co-applicant need not be a co-owner.

    9. What is Pre-EMI?

      Pre-EMI is the interest paid until the entire loan amount is disbursed, after which regular EMIs, comprising principal and interest, apply.

    10. What is MCLR?

      Marginal Cost of funds-based Lending Rate is the benchmark rate set by a lending institution below which they cannot provide loans to their customers.

    11. Can I switch from a fixed rate to a floating rate during my home loan tenure?

      Yes, you can switch from a fixed to floating rate of interest on your home loan during the repayment tenure. However, you will be charged a conversion fee by the lender in such cases.

    12. When does my loan repayment period begin?

      The loan repayment period begins only after the loan provider has disbursed the entire home loan amount. However, you will be required to pay the interest i.e. pre-EMI on the partially disbursed loan on a monthly basis, in most cases.

    13. Can I take 2 home loans at the same time?

      Yes, you can take 2 home loans at the same time provided that your lender approves your eligibility to manage 2 Equated Monthly Instalments (EMIs) at the same time. However, the tax benefits on the second house will be different and you will be required to establish the property as self-occupied or let-out property.

    14. Can I get 100% financing on a home loan?

      No. Banks/financial institution do not grant 100% of the property value as home loan. Home loan lenders establish a margin on their loan i.e. the percentage of the cost that the lending institution will be covering. For example, if the margin on the loan is set at 10%, the bank will cover 90% of property value. In such cases, you will be required to a make a down payment of the balance amount, i.e. 10% in order to cover for the rest of the cost.

    15. Does having a personal loan affect home loan eligibility?

      When determining your home loan eligibility, the lender makes sure that your monthly repayments are not being affected by any other ongoing loans such as personal loan, two-wheeler loan, etc. However, other ongoing loans ultimately tend to affect your eligibility as your overall spending power is reduced. If your other loan commitments exceed 50%-60% of your monthly income, your home loan application may be rejected.

    16. Is personal loan better than home loan?

      For buying a house, a home loan is more suitable due to higher amounts. Personal loans are ideal for non-specific personal needs.

    17. Can I buy a house with two loans?

      No, availing two home loans for the same property is considered fraudulent and prevented by authorities.

    18. How do joint home loans work?

      A joint home loan can be availed by adding a co-applicant such as your spouse, parents, or an immediate family member on your application. Adding a co-applicant will increase your home loan eligibility as the lending institution will also be considering the co-applicant's income and credit score when determining your loan eligibility. All co-owners of the property are required to be the co-applicant for a loan. However, the co-applicants need not necessarily be the co-owner of the concerned property.


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