Home Loan FAQ

What is home loan?

It’s a loan taken to purchase a home (may be an under construction property), or to purchase a piece of land, or to renovate/ extend an existing home.

When can I apply for a Home Loan?

You can apply for a Home Loan at any time once you have decided to purchase or construct a property, even if you have not selected the property or the construction has not commenced.

What types of Home Loans are available?

There is a wide range of home loans such as – Home Purchase Loan, Home Construction Loan, Home Improvement Loan, Home Extension Loan, Home Conversion Loan, Balance Transfer Loan,

How do I avail Home Loan?

You have the option to make an online application from anywhere in the world by clicking on our website and also know your Home Loan eligibility instantly.

What is the maximum Home Loan Amount I can get?

The maximum loan amount depends on the purpose of the loan. Usually, Home Loans are provided in a range of 75% – 85% of the total cost of the property. Home Loans are available from Rs 5 Lakh to Rs 10 cr

What is the eligibility criteria for home loan?

Mostly it is your repayment capacity which is depending upon other factors such as your age, your monthly income and expenditure, your credit history, value of the property etc

How long does it take to get my application processed and the loan sanctioned?

It takes around one weeks for processing of one’s application if all the necessary documents are in order and takes another week for the bank to inspect the property papers and make the disbursement.

What documents are needed for loan approval?

Borrowers need to produce all the documents related to the house or property they are going to purchase, identity and residence proof, Form 16, last 6 months bank statements, latest payslip and other related documents along with the duly filled application form.

Can I take a Home Loan for construction in one city while working in another city?

Yes, you can take loan for construction in one city while working in another. The banks usually service this loan after getting details of the plot legally verified.

What does market value of the property mean?

Market value refers to the estimated amount that is expected to be fetched on the property as per the prevailing market conditions.

I want to buy a house which is B Khata with DC conversion, can I get a loan for B Khata House?

Yes, you can get a loan to buy B khata house

What is Hakupatra property?

Hakku-patra is a document issued by Karnataka government establishing ownership of the property. It was issued to certain section of the society, terms and conditions attached to the property are:
  • They cannot transfer the land for at least 15 years
  • The property cannot pledged or gifted
  • The property cannot be rented

Can I get a loan for Hakku-patra property ?

Yes you can avail a loan on Hakku-patra property. Some banks give loans only if sale deed is there for the Hakku-patra property, only after legal is cleared by the lawyer.In case sale deed is not there for Hakku-patra property, loan are given by banks based on the location and profile of the customer on case to case basis.

Who can be a Co-Applicant?

A Co-Applicant(s) is/are the Co-Owners of the property with respect of whom the financial assistance has been sought. However, all co-applicants need not be co-owners. Usually, co-applicants are husband/wife, father/son, mother/daughter, etc.

Do I need an insurance for my home?

Yes, you need to insure your house from various vulnerabilities such as fire and any natural hazards as per the requirements of the bank. The bank will be the beneficiary of the insurance during your home loan tenure.

Do I get tax benefits on the Home loan?

Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits could vary each year, please do check with our Loan Counselor about the tax benefits which you could avail on your loan.