Home Loan Documents Required
Identity Proof (Any One)
Residence Proof (Any One)
Income Proof Documents
For Self-employed Applicant/Co-applicant:
For Salaried Applicant/Co-applicant:
Documents Required from all Non-Resident Indians (NRIs) Applicants
Identity Proof (any one)
Residence Proof (any one)
Income Proof Documents for NRI
For Self-employed Applicant/Co-applicant
For Salaried Applicant/Co-applicant
- Agreement of Sale (any one):
- Registered Agreement of Sale
- Stamped Agreement of Sale
- Allotment Letter
- Occupancy Certificate in case the property is a ready-to-move-in property
- Copy (blueprint) of the Approved Plan and Registered Development agreement of the builder
- Conveyance Deed in case of a new property
- Bank account statements indicating all payments made to the seller or builder
Frequently Ask Questions
Housing loans are granted to:
Individuals and Persons of Indian Origin (PIO) provided that the loan covered by primary / collateral security of immovable property in India in the name of PIO. The PIO should hold a valid PIO Card accompanied by a valid foreign passport. A close relative (as defined in Companies Act) residing in India should join as co-obligant to the loan.
Maximum period of home loan for Resident customers is 30 years and for NRI customers is 20 years. Period of loan depends upon age of the Borrower also.
Please click here to know more about documents required for Resident Salaried, Resident Self employed, Non-Resident Salaried and Non-Resident Self employed borrowers.
Rate of Interest will change subject to the changes made by Bank/RBI from time to time. Please click here to know latest interest rates on housing loans. Whenever interest rates are changed, new rates and corresponding EMI shall be communicated to the borrower.
Immediate family members such as your parents, spouse and children can be joint borrowers in case of a home loan.
Repayment of housing loans are to be made in Equated Monthly Installments (EMI).
EMI stands for Equated Monthly Installment. It includes repayment of the principal amount and payment of the interest on the outstanding amount of your home loan. Your housing loan EMIs are fixed at the time of availing the loan. EMI's are used to pay both interest and principal amount of a loan in a way that over a specific number of years, the loan amount is repaid to the bank along with interest.
Fixed rate of interest means interest rate remains constant during the entire tenure of the loan.
Floating rate of interest means interest rate fluctuates based on the changes in RBI’s Repo Rate.
Repo rate is the rate at which Reserve Bank of India lends money to commercial banks in the event of any shortfall of funds. Repo rate is used by monetary authorities to control inflation
Under the Pre-EMI option, the borrower is required to pay only the interest on the loan amount that will be disbursed as per the progress on the construction of the project. The actual EMI payment starts after the possession of the house / flat.
You can calculate home loan EMI using our EMI calculator by entering principle amount, tenure, rate of interest etc
Amortization is a tabular schedule with details of interest payment and periodic principal of a loan along with the amount outstanding after each payment and the decrease of loan balance till zero.
Yes, if you are a resident Indian, you are eligible for income tax benefits on both the principal and the interest of a Home Loan under the Income Tax Act.
Yes, you can make your prepayment in either part or full.
Please click here to know more service charges for Housing loan.
Please place the request for foreclosure certificate at your loan origination branch to know the principal amount outstanding for closure of loan and applicable charges.
The Foreclosure Statement will be processed within 14 working days from the date of request. LoanOnMind does not take any responsibility, and will also not be liable, for your claims if the details provided by you are incorrect /incomplete.