Overview Features & Benefits Eligibility Criteria Documentation Q & A


A Home Loan is a secured loan that is obtained to purchase a property by offering it as collateral. Home loans offer high-value funding at economical interest rates and for long tenures. They are repaid through EMIs. After repayment, the property's title is transferred back to the borrower.
Deciding on a home loan can be almost as stressful as finding the perfect property as there are so many different options and lenders to choose from. CreditsIn , empower you to own your dream home by helping you to compare the different types of home loan options available and their pros and cons .

Features & Benefits

1. Tax benefits.
2. Lower interest rate.
3. Due Diligence of property.
4. When you go through a bank to purchase a house, the bank will conduct thorough checks on the property from the legal perspective and check if all the documents produced are valid.
5. Long repayment tenure.
6. No prepayment penalty.

Eligibility Criteria

Nationality - Indian
Age Criteria 23 years to 62years
Cibil Score Lenders usually consider 650 as the minimum CIBIL Score required for a home loan. However, a score ranging between 650 and 749 is considered good, and lenders may offer you a home loan after inquiring into your other financial details. Scores ranging between 550 and 649 are average and need working on
Occupation Salaried, Self Employed professionals and self-employed non professionals are eligible to apply


* Identity Proof
* Resident Proof
* Bank Account Statement/Passbook for last 6 months.
* Signature verification by bankers of the applicant.
* Liabilities statement and Personal Assets.
* Property detailed documents
* Salary Certificate (original) from employer. (salaried individuals)
* Form 16/IT Returns for the past 2 financial years. (salaried individuals)
* IT Returns/Assessment Orders copies of the last 3 years. (self employed professionals / Self employed Businessmen)
* Proof of business address for non-salaried individuals. (self - employed professionals)
* Challans as proof of Advance Income Tax payment. (Self Employed Professionals / Self - Employed Businessmen)

Frequently Asked Questions

1) What type of home loans are offered by banks, and which one would be an ideal option for you?
Many home loan lenders in India offer various home loan schemes to cater to the housing needs of individuals coming from different sections of society. Some of the most popular home loan options offered by banks are home loans for renovation and extension of an existing house, home loans for under constructed property, home loans for ready to move-in property, home loans for NRIs, etc. You can select the ideal one meeting your purchase criteria post comparing the various home loan schemes offered by the Bank.

2) What is the tenure of a home loan?
Home loans are provided for a minimum tenure of 5 years and a maximum tenure of 30 years. The tenure offered to you for your home loan would depend on the loan amount that is sanctioned to you by the lender along with other factors.

3) Who can be joint borrowers in case of a home loan?
Immediate family members such as your parents, spouse and children are allowed to be joint borrowers in case of a home loan.

4) Can I apply for a joint loan with my friend?
No your friend does not qualify. A lender would only allow you to apply for a joint loan if the application is co-signed by one or more members of your immediate family.

5) What is floating rate home loan?
Floating rate home loan also referred to as 'adjustable rate home loan', these loans are linked to the lender's benchmark rate, which, in turn, moves in sync with the market interest rate. If there is a change in the benchmark rate, the interest rate on the loan also changes proportionately.

6) What is a fixed rate home loan?
The term fixed-rate refers to a home loan that has a fixed interest rate for the entire term of the loan. This means that the home loan carries a constant interest rate from beginning to end. Fixed-rate home loans are popular products for consumers who want to know how much they have to pay every month. Fixed-rate home loan may be open or closed with specific terms of 15 or 30 years or they may run for a length of time agreed upon by the lender and borrower.

7) Is a Fixed interest Rate or Floating interest Rate Better?
When it comes to the difference between fixed and floating interest rate, one should know, fixed interest rates work well for people who have stable monetary support and can fund the loan in a short tenure. Floating interest rates work better for those who are younger and are prepared to take market risks over a long period.

8) How do you calculate my home loan eligibility?
Mostly all the banks offer a home loan amount that is up to 60 times your existing net income per month. Also, banks do not take into consideration leave or medical allowance while making the calculation. Banks also take into consideration your CIBIL (credit) score and also your commitments to other EMIs (if any). Therefore, you need to understand what exactly your lender is looking for while calculating your home loan eligibility.

9) Can you convert fixed home loan interest rate to floating home loan interest rate or vice versa?
Yes, during the tenure of your home loan you can convert fixed interest rate home loans to floating interest rate house loans and vice versa, by paying fixed and floating charges to the bank.

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