Your home is now our responsibility!

Home loans last for a minimum tenure of 10 yrs. and a maximum period of 30 yrs. The duration depends on the customer’s fulfillment of the eligibility criteria and amount that the lender approves.

A self-employed or salaried professional with a regular source of income can apply for a home loan. One must be at least 21 years old. He/she should not exceed 60 years of age when the loan ends. Specific details like age limits, income levels, etc. may vary as per the lender.

The basic factor is the individual’s repayment capacity. The other key factors that hold weight include:

• Income level of the borrower
• The applicant’s age
• Employment stability
• Resident status
• Spouse’s income
• No. of dependants
• Credit history & score
• Current status of loans

Parents, spouse and children can be joint borrowers in case of a home loan.

This number is fixed at 6. Only family members such as parents, siblings and spouse can be co-borrowers. Choose a co-borrower with a good credit history and score compared to an average one.

The rate of interest varies with market conditions. A floating rate home loan is tied to a base rate and has a floating element. The floating interest rate is revised if the base rate is revised upwards or downwards depending on the market conditions.

A fixed-rate home loan is one where the interest rate is fixed throughout the duration of the loan. The interest rate doesn’t vary as per the market fluctuations. During the earlier period of the loan’s duration, a major constituent of the monthly installment is used to service the interest while the principal is served in the later parts of the duration.

Issue post-dated cheques for the duration of the home loan. Get the amount automatically deducted from one’s salary. The borrower can issue instructions ECS (Electronic Clearing System) wherein the EMI is automatically deducted from the bank every month.