What is the maximum home loan I can get?⌄
Banks offer up to 80–90% of property value (LTV). Maximum amount depends on your income, credit score, and lender policies. High-income salaried applicants can access ₹10 Cr+. We calculate your exact eligibility free of charge.
How is my home loan eligibility calculated?⌄
Key factors: (1) Net monthly income, (2) Existing EMI obligations — FOIR should be below 50%, (3) Age and employment type, (4) Credit score — 750+ is excellent, (5) Property value and type. Adding a co-applicant (spouse) significantly increases eligibility.
What is the difference between fixed and floating interest rates?⌄
Fixed rate: Constant throughout tenure — certainty of EMI amount. Usually 0.5–1% higher. Floating rate: Linked to benchmark lending rates, changes with monetary policy. Currently, 95%+ of home loans in India are on floating rates. Over a 20–30 year tenure, most borrowers benefit from floating rate when rates fall.
Can I prepay my home loan without penalty?⌄
Yes. Banking regulations prohibit prepayment penalty on floating-rate home loans. Fixed-rate loans may have a small charge (1–3%). Partial prepayment at any time reduces your outstanding principal, cutting total interest significantly. We recommend prepaying whenever you have surplus funds.
What is home loan balance transfer?⌄
Moving your existing home loan to another lender offering a lower interest rate. Beneficial when rate difference is 0.50%+ and 10+ years of tenure remain. We calculate net savings after transfer costs (processing fee, stamp duty) to tell you if it's worth it for your specific case.
How does PMAY subsidy work?⌄
Pradhan Mantri Awas Yojana provides interest subsidy of 3–6.5% under CLSS for first-time homebuyers in EWS/LIG/MIG categories. The subsidy (up to ₹2.67 Lakh) is credited to your loan account upfront — immediately reducing your principal and monthly EMI. We check your eligibility and handle the application.
Can NRIs get a home loan in India?⌄
Yes. NRIs can get home loans from most major banks. Income assessed on foreign salary/business income. Repayment must come from NRE/NRO accounts. A Power of Attorney held by a resident Indian is typically required. We specialise in NRI home loans — 100% remote processing available.
Can husband and wife both claim home loan tax benefits?⌄
Yes — if both are co-owners and co-applicants. Each can claim ₹2 Lakh u/s 24(b) (interest) and ₹1.5 Lakh u/s 80C (principal) independently — total ₹7 Lakh per couple per year. For a couple in 30% tax bracket, this saves ₹2.1 Lakh per year in taxes.
What is a home loan top-up?⌄
An additional loan over your existing home loan at similar interest rates. Available after maintaining a good repayment track for 12+ months. Used for home renovation, children's education, or personal needs. Much cheaper than a personal loan.
How long does home loan approval take?⌄
Typically 10–20 working days for ready properties with clear titles. Under-construction or complex title properties may take 20–30 days. We track your application daily and push for fastest possible processing. Disbursal happens within 3–5 days of sanction.
What happens to my home loan if I lose my job?⌄
Inform your lender immediately. Options: (1) EMI holiday for 3–6 months, (2) Tenure extension to reduce EMI, (3) Temporary interest-only payments. Always approach the lender proactively — defaulting without communication has severe consequences. We also recommend term insurance covering the loan amount.
What is an under-construction property loan?⌄
Loan disbursed in stages as construction progresses, linked to builder's payment demands. During construction, you pay only interest (Pre-EMI) on the disbursed amount. Full EMI starts after possession or full disbursal. Avoid builders with poor track records — check RERA registration first.
Is a home loan for an independent house different from a flat?⌄
The loan process is similar but documentation differs. For independent houses: approved plan, completion certificate, and property tax receipts are key. Some lenders are more cautious with independent houses in unapproved areas. We match you with lenders who have favourable policies for your property type.
What is CERSAI registration and why does it matter?⌄
CERSAI is the government registry where lenders register their mortgage (charge) on properties. Before granting a loan, lenders check CERSAI to ensure no existing charge exists. Your lender registering the charge protects you — it prevents fraudulent double mortgaging of the same property.
How much should I save as down payment?⌄
Banks finance up to 80–90% of property value. The 10–20% you must fund yourself is the down payment. For a ₹50 Lakh property, you need ₹5–10 Lakh ready. Additionally budget for: registration (5–7%), stamp duty (4–8%), processing fee (0.5–1%), and 3–6 months EMI as buffer. We help you plan the full cost.