Make Your Dream Home a Reality

Generally, a credit score of 700 or above is considered good for home loan approval. However, some lenders may approve loans for scores between 650-700 with higher interest rates. Key factors that affect approval include:

• Credit history and repayment track record
• Income stability and employment history
• Debt-to-income ratio
• Property value and location

Typically, you need to pay 10-25% of the property value as down payment. The exact percentage depends on:

• Property value and type
• Your credit profile
• Lender's policies
• Loan scheme (different for first-time buyers)

Essential documents for home loan application include:

• Identity proof (PAN card, Aadhaar card)
• Address proof (Passport, Utility bills)
• Income proof (Salary slips, ITR for last 2 years)
• Bank statements for last 6 months
• Property documents (Sale deed, NOC from builder)
• Employment proof (Appointment letter, Form 16)

Several factors influence home loan interest rates:

• Credit score and history
• Loan amount and tenure
• Employment type and income stability
• Property type and location
• Market conditions and RBI policies
• Relationship with the lender

The home loan approval process typically takes 7-15 working days, depending on:

• Document verification time
• Property legal assessment
• Technical evaluation
• Your profile and credit history

Some lenders offer fast-track approval in 3-4 days for premium customers.

Yes, you can prepay your home loan. However, consider these points:

• No prepayment charges for floating rate loans
• Fixed rate loans may have 2-3% prepayment charges
• Minimum prepayment amount varies by lender
• Some lenders require notice period for prepayment

Maximum home loan tenure typically extends up to 30 years, subject to:

• Your age at loan maturity (usually 60-70 years)
• Property age and condition
• Loan amount and EMI affordability
• Employment type and income stability

Home loan balance transfer involves these steps:

• Apply with new lender with better interest rates
• Submit current loan statements and documents
• Property valuation by new lender
• Loan approval and documentation
• NOC from current lender
• Transfer of loan balance

Home loan borrowers can avail these tax benefits:

• Interest deduction up to ₹2 lakhs under Section 24(b)
• Principal repayment deduction under Section 80C
• Additional deduction for first-time buyers
• Joint loan benefits for co-borrowers

Home loan eligibility is calculated based on:

• Monthly income and existing EMIs
• Age and remaining service years
• Credit score and history
• Property value and location
• Employment type and stability
• Co-applicant's income (if any)