A home loan is a secured loan provided by banks or NBFCs where the property acts as collateral. It helps individuals finance the purchase of a new home, buy land, construct a house, renovate, extend, or refinance an existing property. The type of loan determines the required documentation. For a new property purchase, both personal and property documents are needed, including identity proof, income proof, bank statements, and income tax returns. Property documents like sale agreement and title deed are also required. For renovation, extension, or refinancing loans, lenders may additionally ask for a property valuation report from an approved valuer to assess the current market value and eligibility.
Monthly EMI
Total Interest Payable
Total of Payments
(Principal + Interest)
| Month | EMI | Interest Amount | Principal Amount | Balance |
|---|
A home loan requires property documents, identity proof, income proof, and income tax returns. For non-fresh property loans, a valuation report from a certified valuer is also needed.
Banks and NBFCs typically fund 90% to 120% of the property value depending on parameters like market valuation, income level, valuer's report, and applicable bills.
Eligibility is assessed based on your profile — salaried, self-employed, or businessman. Indian citizens and NRIs can apply. The applicant must be below 60 years of age with a good CIBIL score.
Applying is simple — fill the application form and submit required documents. Many institutions offer doorstep services. NRIs must additionally provide a copy of their Green Card, passport, and residence proof.
Repayment begins one month after disbursal via EMI (Equated Monthly Installment), covering both principal and interest. A repayment schedule is provided to the borrower at the start of the loan term.
Home loans are available at fixed or floating interest rates. Additional charges include document fees, processing fees, and stamp charges. Pre-closure of the loan may attract a penalty — either a fixed amount or a percentage of the outstanding balance.
Get your home loan sanctioned online with minimal documentation through a smooth and convenient digital application process.
Avail a higher loan amount calculated on the basis of your income, property value, and overall net worth as assessed by the lender.
With no prepayment penalty on floating rate home loans, you have the freedom to repay your loan ahead of schedule and reduce your overall interest burden.
Access all post-disbursement services including statements, NOC requests, and balance enquiries online from the comfort of your home.
AddressofChoice is a leading real estate platform that simplifies home buying with verified listings, expert guidance, and end-to-end support — from property search to final purchase.
Head Office : A-82, 2nd Floor, 
info@addressofchoice.com
+91 89299 59847© 2013-2026 Addressofchoice.com. All Rights Reserved
