Home Loans

A home loan is a financial product offered by banks and housing finance companies that enables individuals to purchase, construct, or renovate a residential property. In India, home loans have become one of the most popular loan products due to increasing urbanization, government support for housing, and the desire for home ownership among the growing middle class. With flexible repayment options and competitive interest rates, home loans are a key component of personal finance planning for many Indian families.

Types of Home Loans

Indian banks and financial institutions offer a variety of home loan options tailored to meet different needs:

  1. Home Purchase Loan: The most common type, used to buy a new or resale residential property.

  2. Home Construction Loan: For those who own land and want to construct a house on it.

  3. Home Improvement Loan: For renovating or repairing an existing home.

  4. Home Extension Loan: For expanding the current residential property, such as adding extra rooms or floors.

  5. Land Purchase Loan: Used to buy a residential plot for future construction.

  6. Balance Transfer Loan: Allows borrowers to transfer their existing home loan from one lender to another for better interest rates and terms.

Key Features

  • Loan Amount: Depending on the borrower’s eligibility, banks usually finance up to 75%–90% of the property’s cost.

  • Tenure: Home loan tenures in India can extend up to 30 years, offering flexibility in repayment.

  • Interest Rates: Offered on a fixed or floating basis. Floating rates are linked to the RBI’s repo rate and may fluctuate over time.

  • EMI (Equated Monthly Installment): The monthly repayment amount, which includes both principal and interest components.

  • Tax Benefits: Under Sections 80C and 24(b) of the Income Tax Act, borrowers can claim deductions on principal and interest repayment, respectively.

Eligibility and Documentation

Eligibility for a home loan is determined based on several factors:

  • Income and Employment: Salaried individuals, self-employed professionals, and business owners are all eligible, depending on their income level and stability.

  • Credit Score: A good credit score (usually 750 and above) improves the chances of loan approval and better interest rates.

  • Age: Most banks require the borrower to be between 21 and 65 years old.

Common documents required include:

  • Identity and address proof

  • Income documents (salary slips, IT returns)

  • Property documents (sale deed, agreement, etc.)

  • Bank statements

Government Schemes

The Indian government supports home ownership through initiatives like PMAY (Pradhan Mantri Awas Yojana), which offers interest subsidies to eligible borrowers under the Credit Linked Subsidy Scheme (CLSS), especially for first-time homebuyers from the economically weaker and middle-income groups.

Conclusion

Home loans in India have made owning a house more accessible than ever before. With a wide range of options, simplified application processes, and digital services, banks are making it easier for individuals to turn their dream of owning a home into reality. Choosing the right lender, understanding the terms, and planning your finances carefully are key to making the most of your home loan journey.

How we plan a Dream Home for you?

We follow these simple steps and dream of your own Home comes true

Check your eligibility and maximum loan you can avail

Here

Check Your monthly EMI with maximum tenure

Here

Check for your Documents and Forms

Here

Home Loan

“No matter where you are financially, quality time is always available and with just a bit of love and creativity you can easily create a home.”

Whether you are salaried, self-employed or business class all we need a Home. To fulfil your dream of home, Chandigarh Home Loan provides help you to purchase your new dream home, plot and construction loan easily. Banks and NBFCs provide up to 70% of the cost of the home, plot and construction and you must make an initial payment (down payment) amounting to the remainder. Banks/NBFCs provide Home Loan at very economical rate of interest with long repayment tenors.

Home Loan

Chandigarh Home loan helps you to get the Home Loan for your dream Home.

Contact Us

Plot loan

When you want to construct your dream home, first you need a plot of land. Chandigarh Home loan helps you to purchase that plot of your dream home.

Contact Us

Construction Loan

For construction of your dream home you need loan, Chandigarh Home Loan makes it easier for your dream Home.

Contact Us
For more awareness and information, Watch our Insight/Informed Customer Videos and read Blogs.

Insights/Informed Customers

Everything has its own price. You needs to shell out money in order to get financial services. Chandigarh Home Loan eliminate middleman by educating individual about different Loan Product available in the market & risk associated with them. We educate individual how he can take loan with better pricing. We don’t charge single penny from individual as we connect to individual through our digital initiative to every citizen of India, where they can pick right product with better pricing for themselves.

Benefits Of Co-applicant Home Loan

A co-applicant is an additional person considered in the underwriting and approval of a loan or other type of application. Applying for a loan with a co-applicant can help to improve the chances of loan approval and also provide for more favorable loan terms. Most of the banks in India allow a few specified relations to be co-applicants. Brother-brother, father-son, mother-son, husband-wife, etc. are acceptable combinations to be borrowers and co-applicants.

Process of Home Loan

In this video we explained what documents required for home loan so that you can arrange the documents before applying for home loan. we explained all document like identity proof, address proof, income proof, property documents for buildup property, property documents for plot cum construction, property documents flat in society.

Step-by-Step Guide on how to check your CIBIL Score

Understanding your CIBIL Score is crucial for maintaining your financial health and getting loan approvals. We will walk you through the entire process of checking your score online, explain what factors affect it, and offer tips to improve it. Whether you’re applying for a loan or simply monitoring your credit, this guide will help you stay informed. Watch the full video to learn everything you need to know about your CIBIL score!