Home Loan

Home loans help you achieve your dream of owning a home.


    Need Help in choosing right product

ORplease reach out to us at (022) 4891 3051

Every person wishes to buy a house of his own. But, not everyone is fortunate to live this dream.

After all, purchasing a home is a big financial decision. With the rates of real estate touching sky high, it becomes difficult to purchase a home merely with our savings. This is when home loans come to our rescue.

Home loans are a long-term financial commitment and, therefore the interest rate offered will make a huge difference with regards to the payout over the long run. The interest rates on home loans not only factor in the lenders own cost of funds, but also the ‘risk’ associated with the applicants. In short, lenders offer home loans at a lower interest rate to individuals with a good credit profile. Applicants with a poor credit history are charged a higher rate of interest on the home loans. Women applicants are provided discounted interest rates by most of the banks.

Types of Home Loan interest rates

Fixed rate of interest

Fixed rate of interest

The fixed rate of interest denotes that the rate of Interest will remain same throughout the tenure of the loan irrespective of the market conditions. A fixed rate of interest provides certainty, but they could be expensive. People who are good at budgeting should opt for a fixed home loan interest rate. This type of home loan interest rate will also offer security as well as certainty in case of long term planning.

Floating rate of interest

Floating rate of interest

The floating Home Loan interest rate is beneficial since it offers a lower interest rate than the fixed interest rate. In case of floating interest rate, the rate is adjusted based on the market conditions, and such readjustments can happen many times during the tenure of the loan. The change in interest rates can be adjusted either by changing the EMI amount or the tenure of the loan. For example, if the interest rate is reduced, you can either reduce your EMI or the tenure.

Home Loans - Imp information

Mentioned below is the step-by-step procedure to apply for car loan offline:

  • Step 1: Fill in the home loan application form & then attach the required documents

  • Step 2: Payment of the processing fee

  • Step 3: Discuss the details with the bank

  • Step 4: Get all your documents validated

  • Step 5: Next comes the home loan approval procedure

  • Step 6: Processing of the offer letter

  • Step 7: Processing the papers of the property which will be followed by a legal Check

  • Step 8: Getting a technical check done for the estimation of the site

  • Step 9:  The last step of the home loan procedure involves about the final loan deal, getting the agreement signed and then getting the home loan disbursed.

  • The full form of EMI is Equated Monthly Installment. It comprises of the repayment of the principal amount as well as the interest payment on the amount that is outstanding of your home loan. Your EMI reduces with a longer loan tenure. Here, longer indicates 30 years.

  • Home loan EMI calculators will give you a fair understanding about the ratio of the principal amount to the amount of the interest due, depending on the effect of the tenure as well as the interest rates. Home loan EMI calculator will also offer an amortization table which will elucidate the repayment schedule. With the help of the Home loan EMI calculator, you will get a complete break-up of the amount of the principal as well as the interest.

Some of the frequently asked questions on Home Loans

Mentioned below are the features of a Home loan:

  • Purpose: To buy a house either from a builder or for extension of your existing house or for the purpose of resale and construction.
  • Loan amount: The amount of home loan can be availed from Rs.2 lac to Rs.200 lac based on your income, eligibility as well as repayment capacity.
  • Security: Home loan is a type of secured loan for which collateral is required.
  • Loan tenor: The maximum tenure of the home loan is 20 years.


Mentioned below is the list of documentation that is needed for application of Car loan:

  • Duly filled application form
  • PAN card
  • Latest photograph in the prescribed size
  • Last three months’ pay slips
  • Latest statement of income tax returns
  • Last six months Bank account statement
  • Business ownership documents if the applicant is self-employed

Valid identity proof:

  • Aadhaar card
  • Voter’s ID
  • Valid ID card issued by your employer
  • Valid passport
  • Valid driving license
  • PAN card


Valid address proof:

  • Telephone bills
  • Ration card
  • Property tax assessment
  • Gas connection bills
  • Electricity supply bills
  • Water supply bills
  • Passbook attested by the branch manager

Listed below are some of the benefits of home loan:

1. Sense of pride and accomplishment

Purchasing a home on your own holds a sentimental value since it is one of the biggest financial investments. The total value of the home that we invest in is thereby making it the most important as well as the biggest component of our investment portfolio!


2. Capital Appreciation

Investing is a property leads to capital appreciation. This is one of the strongest reasons for applying for a home loan. Even if you buy a house by applying a home loan and then rent out the same, you would certainly benefit due to rate of inflation. In short, purchasing a home would also give you a protection and security from the rising inflation in the long run.  


3. Low interest rate

Investing in a home is a decision which is long-term. Gone are the days when housing loan or home loan used to be available for a term of 10 years to 20 years. Today, certain banks offer home loan for a term as long as 27 years.  There are chances that with low interest rate, you too may benefit at certain point in your home loan payment cycle.

There also would be times when the home loan interest rate may fall drastically, thereby making it easier for you to prepay the home loan amount.


4. Tax Benefit for the Interest paid

According to Section 24(b) of the Income Tax Act, 1961 you are allowed a deduction of up to Rs. 2 lakh a year for interest payable against your home loan for a fully constructed house/flat.

The interest that is payable for the pre-construction or the pre-acquisition period will be deductible in 5 equal annual instalments that would begin from the year in which the house has been either constructed or acquired.


5. Tax Benefit for the Principal Repayment

The repayment of the principal amount of up to Rs. 1.5 lakh on your home loan would be allowed as a deduction from the gross total income under Section 80C of the Income Tax Act.

A loan disbursement is done based on the construction stage of the property of the house. If the property is of resale or it’s a ready property, the loan disbursement will be done in full. In short, the bank or the home loan lender will deliver the entire or complete payments to the recipient through a cheque.

Eligibility Criteria ..

• Nationality-Indian Residents, NRIs &  Person of Indian Origin
• Credit Score–You need to have a credit score of 750 or above
• Age Criteria–You should be min 18 yrs & max 70 yrs old
• You should have a minimum work experience of 2 years
• In case you are self-employed, then you should have a min 3 yrs of business continuity
• You should have a minimum salary of Rs.25,000 per month
• Loan-to-Value (LTV) Ratio should be up to 90% of property’s value

Your Policy

You may have bought an insurance policy, yet have thousands of queries and doubts. Our ‘Your Policy’ section is the fastest way to resolve your insurance related doubts and queries. All you need to do is attach your active insurance policy and write to us about your queries. We never let our customers down..

Fill your details below:

If you need help in making claim please reach out to us at

(022) 4891 3051 OR Email us with your Needs?

Calculate your Needs?

Many questions may come in your mind before deciding on the Loan. ‘How much Loan I would need, how many years I shall invest for, what would be the EMI’s, etc. Loans Calculators are life-savers. They help you know your needs and assess the potential costs. Grey Font brings to you various Loans Calculators and interactive tools to help you calculate your needs. In order to get better results, ensure to enter a value in all the possible fields.


Contact Us

We want to hear from you