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Know about Home Loans in India 2021


As per a survey conducted by CII and ANAROCK property consultants, it was seen that 62% of participants felt that this is the best time to invest in real estate. Factors that have influenced this decision include ‘work from home’ becoming a new normal, offers and discounts from home developers, and affordable home loan interest rates.

It has led to scores of individuals for a housing loan to avail the necessary funding required for purchasing a house. Consequently, there are several aspects that borrowers should keep in mind –

Eligibility Criteria

Prospective applicants should go through the housing loan eligibility norms specified by a lending institution to check whether they qualify for a home loan or not. While the exact parameters may vary from lender to lender, every applicant must meet a few basic conditions. These have been mentioned below –

       Applicants must be a residing citizen of India

       They should have a minimum income of Rs. 25,000

       Borrowers should be within the age of 23 to 62 years

       Salaried applicants must have work experience of at least three years

       Self-employed individuals should own a business with a vintage of 5 years or more

Furthermore, if concerned about the fact “how much home loan can I get” you can use the eligibility calculator to get a rough idea of the amount you qualify for. Apart from that, you should also know the factors that can affect your home loan eligibility.

Home loan application procedure

After going through the eligibility criteria, individuals can apply for a home loan via offline or online mode. To apply online, they can go through the steps below –

       Select the loan application form from such lending institution’s official website

       Fill in the form with all the requisite information

       Go through the form to ensure that there are no errors and submit it along with all the essential documents

Some financial institutions and HFCs also provide pre-approved offers to borrowers on home loans and loan against property. Such offers aid in removing hassles and speeds up the loan application procedure. One can quickly check their pre-approved offers by entering their name and contact information.


During the housing loan procedure, borrowers need to submit a few essential documents for verification that have been mentioned below –

       Passport-sized photograph

       KYC documents like PAN, Aadhaar, Voter ID card, driving license, electricity bill, and the likes.

       Property documents such as sales deed, receipts containing the payment history, NOC, occupancy and possession certificates, and a receipt for land tax from the revenue department

Features to look out for

Since housing loans are long-term financial investments, borrowers should consider all available options carefully before applying for one. Accordingly, here are some of the features they should look out for –

       Customised tenor

Borrowers should opt for home loans that come with a flexible repayment period as it enables them to settle the loan amount more easily.

       Property dossier

Several financial institutions and HFCs provide a ready-made property dossier to applicants when they apply for a home loan. A property dossier is a customised report that contains detailed explanations on various financial and legal matters related to owning a property of one’s own. Such a report will help first-time homeowners gain a detailed understanding of the difficulties and challenges associated with being a property owner.


Pradhan Mantri Awas Yojana is a Central government housing loan scheme that offers a subsidy on home loan interest rate to eligible applicants. This scheme can be availed by applying through empanelled financial institutions. Hence, borrowers should look for lenders that offer PMAY-based home loan.

       Online account management

Borrowers may want to consider lending institutions that offer online account management facilities. It will enable borrowers to keep track of their loan account from anywhere and at any time.

Apart from these features, borrowers should also go through interest rates and other associated fees charged by lending institutions before applying. They can also use a home loan EMI calculator to compare lenders and select an affordable home loan option.

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