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Home Loan

Home Loan

We Are SurePath Financial Pvt Ltd

For buying, building, or renovating a house. Comes with lower interest rates and long repayment terms, but also includes paperwork and eligibility checks.

Home loan is a secured loan facility, which banks and HFCs offer for purchasing, constructing, renovating, repairing and extending an existing/ new residential property. The loan is backed by the underlying property till the loan repayment. In case of default by the borrower, the lender has the legal right to take the concerned property into possession and then auction the property to recover the unpaid loan amount.

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Home Loan Eligibility Criteria

✅ Nationality: Indian Residents, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs)

✅ Credit Score: Preferably 730 and above

✅ Minimum Age: 18 years with some lenders setting the minimum age of 21 years

✅ Maximum Age: Usually 70 years at the time of loan maturity with some lenders extending the tenure till 75 years of age

✅ Work Experience: At least 2 years (for salaried)

✅ Business Continuity: At least 3 years (for self-employed)

✅ Minimum Salary: At least Rs. 25,000 per month (varies across lenders & locations)

✅ Loan Amount: Up to 90% of property value

Get Summary EMI

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Features and Benefits of Home Loan

We Are SurePath Financial Pvt Ltd

Enabling home ownership sooner: Home prices in India are usually multiple times higher than an individual’s annual disposable income, making it challenging for most people to buy a housing property on their savings alone. In such a case, a home loan can help you buy your dream home sooner without having to wait till you accumulate money for your dream home. Moreover, utilizing all your available savings/investments upfront for home purchase may adversely impact your other financial goals. With a home loan, you can manage your finances better by committing only a portion of your annual income towards home purchase.

Longer repayment period: When compared to its alternatives like personal loans, home loan offers longer repayment period usually extending up to 30 years. Such a longer repayment period helps in spreading out the total loan amount over a greater number of months, resulting in more affordable EMIs.

Lower interest rates: Home loan interest rates are significantly lower than personal loan interest rates. Home loan interest rates start from 8.30% p.a. whereas personal loan interest rates start from 10.50% p.a. Lower interest rates lead to reduction in the overall interest cost on the loan, making it more affordable for the borrowers. Some banks/ HFCs also offer interest concessions of 0.05% to their women home loan applicants.

Tax benefits: As per Section 80C of the Income Tax Act, home loan borrowers can claim tax deduction of up to Rs. 1.5 lakh on principal repayments made in a financial year. As per Section 24(b), a deduction of up to Rs. 2 lakh can be claimed on home loan interest payments made in a financial year. However, it’s important to note that home loan borrowers choosing the new tax regime are not eligible to claim tax deductions under these Sections.

No prepayment charges: Most banks/HFCs offer home loans at floating interest rates. Due to this, they do not levy any prepayment/foreclosure charges when borrowers prepay or foreclose their home loans. Even in case of most fixed rate home loans, lenders waive off prepayment/foreclosure charges, provided the prepayment is made from borrowers’ own fund sources.

Interest-only home loans: Many lenders offer interest-only home loan schemes wherein borrowers pay just the interest component of the loan during the initial years of the loan tenure and later on makes the regular EMI payments commence until the loan maturity. These home loan schemes are best suited for those who are living on rent and plan to buy an under-construction property. This is also beneficial for those who currently lack adequate monthly surpluses to pay their loan EMIs and have near certainty regarding their income increase in the near future.

Frequently Ask Questions


Consumers can avail home loans directly from the banks and HFCs. As many home loan lenders now-a-days facilitate online home loan application processes, consumers can consider applying for them through such lender’s official websites, mobile apps or internet banking platforms. Alternatively, consumers can also get a housing loan through online financial marketplaces to fetch home loan offers from multiple lenders from a single platform, depending on the consumers’ credit profiles.
Currently, home loan interest rates start from 7.85% p.a. The final interest rate at which the bank or HFC will offer a home loan will depend on the applicant’s credit score, loan amount, employment profile, employer’s profile, LTV ratio, etc.
Home loan companies offer home loans to all resident and non-resident Indians. They can be salaried or self-employed professionals/non-professionals.
The property documents required to avail home loans may vary on a case-to-case basis. The documents for home loans availed for buying a new house will vary from the documents for home loans availed for house construction. For a detailed home loan document list.

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