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What is Home Loan??
• A sum of money borrowed from a financial institution or bank to
purchase a house. Home loans consist of an adjustable or fixed
interest rate and payment terms.
• The two most widely used types of home loans are fixed-rate loans
and adjustable-rate loans. A fixed-rate loan keeps the same interest
rate for the life of the loan, which means that the principal and
interest portions of the monthly payment stay the same.
• Adjustable-rate mortgages begin with a lower interest rate for the
first few years and then adjust to market rates after the initial period
1. In the following cities, you must be drawing a monthly net salary
of Rs. 80,000 or more
Delhi/NCR and Mumbai
2. In the following cities, you must be drawing a monthly net salary
of Rs. 60,000 or more
Bangalore and Chennai
3. In the following cities, you must be drawing a monthly net salary
of Rs. 45,000 or more
Hyderabad, Pune, Ahmedabad and Kolkata
4. In the following cities, you must be drawing a monthly net salary
of Rs. 40,000 or more
Aurangabad, Coimbatore, Jaipur, Surat, Baroda, Nasik
Documents for Salaried
• Passport / PAN Card / Driving license / Photo credit card (front only)
/ Banker verification letter ( Only online).
• Passport / Driving license / Ration card / Latest mobile bill / Letter
from employer (with HR /Admin sign).
• Passport / Voters ID card / Driving license / PAN card.
• Appointment letter / Form 16 / Promotion letters/ transfer /
confirmation letters / previous salary slip of previous employer.
• Appointment letter / Form 16 / 1 year old salary slip of current
• Employee ID card and visiting card.
• Latest 3 months salary account bank statement.
• Salary slips of last 3 months Latest 2 months salary slip.
• What are the eligibility conditions for a home loan?
To qualify for a home loan, most of the lending institutions in India require you to be:
a) An Indian resident or NRI
b) Above 21 years of age at the commencement of the loan
c) Below 65 when the loan matures
d) Either salaried or self employed and
e)Worthy of credit facility.
For more details, refer module on "What are you getting into?"
• What is a floating rate?
This is the rate of interest that fluctuates according to the market lending rate. This means
you stand the risk of paying more than you budgeted for in case the lending rate goes up.
• What are the repayment period options?
Repayment period options range generally from 5 to 20 years.