Home   /  Services   /   Loans

8. Housing Loan


  • A home loan is an amount of money that an individual borrows from a bank or financial institution at a certain rate of interest to be repaid in the form of EMIs every month.
  • The property is taken as a security by the bank for the Home Loan.
  • The property can either be commercial or personal in nature.
  • When the borrower cannot pay the dues, the lender will possess all the legal rights to recover the outstanding loan amount by sale of the property in question.
Types of Home Loans
  • 1.  Home Purchase Loan:
  • This is the loan that an individual takes for purchasing a home.

  • 2.  Home Improvement Loan:
  • This loan covers expenditure related to repairs of your home or even renovation.

  • 3.  Home Construction Loan:
  • This loan comes in handy when you are building a new house.

  • 4.  Land Purchase Loan:
  • Someone wishing to buy a plot of land for constructing his/her own house can avail this loan.

  • 5.  Home Extension Loan:
  • This is the loan that an individual should apply for when they want to add another room, garage, bathroom, kitchen or another floor to their home.

  • 6.  Joint Home Loan:
  • These are loans taken by two people or even more. For instance, spouses can apply for joint home loans.

  • 7.  Home Loan Balance Transfer:
  • You can use this mechanism to switch your outstanding loan amount to a different lender with better terms and conditions and lower interest.

  • 8.  Top Up Home Loan:
  • This kind of loan helps you borrow some more money above the outstanding loan amount

Documents Required

  • KYC documents
  • Latest passport-sized photographs
  • Identity Proof: PAN Card, Aadhaar Card, Passport, Driving License, etc.
  • Address Proof: Passport, Voter’s ID card, driving license, utility bills, etc.
  • For Salaried Individuals : Form 16 and Pay slip of last 6 months and Last 3 years’ Income Tax Returns
  • For Self Employed Individuals : Last 3 years’ Income Tax Returns and Audited Financial Statements
  • Last 1 years’ bank statement
Property Documents :

  • NOC from Society/Builder
  • A detailed estimate of the cost of construction of the house
  • Registered Sale Deed, Allotment Letter or Stamped Agreement of Sale with the Builder (original document)
  • Occupancy Certificate (in case of ready-to-move-in properties)
  • Property Tax Receipts, Maintenance Bills and Electricity Bills
  • Receipts of the advance payments made towards the purchase of flat (original document)
  • An approved copy of the building plan (key plan/floor plan in case of purchase of flats)
  • Original of the land tax paid receipt and possession certificate as issued by the revenue authority
  • Payment receipt or bank account statements showing payments made to the Builder or Seller