{"id":4051,"date":"2022-10-18T15:28:22","date_gmt":"2022-10-18T09:58:22","guid":{"rendered":"https:\/\/homefirstindia.com\/?post_type=article&#038;p=4051"},"modified":"2025-02-19T05:37:46","modified_gmt":"2025-02-19T05:37:46","slug":"what-is-home-loan","status":"publish","type":"article","link":"https:\/\/homefirstindia.com\/hi\/blog\/article\/what-is-home-loan\/","title":{"rendered":"What is Home Loan?"},"content":{"rendered":"<p><img decoding=\"async\" class=\"size-full wp-image-4052 aligncenter\" style=\"width: 100%; max-width: 500px; height: auto;\" src=\"https:\/\/homefirstindia.com\/app\/uploads\/2022\/10\/Untitled-design-17.png\" alt=\"home loan\" \/><\/p>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">Everyone has a dream of buying their own house. But with the immense rise in properties, such a dream remains a dream only for some people. This is where a <a href=\"https:\/\/homefirstindia.com\/article\/apply-home-loan-online\/\"><strong>home loan<\/strong><\/a> comes to the rescue.\u00a0<\/span><\/p>\n<h3 style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">What is Home Loan?<\/span><\/strong><\/h3>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">As the name suggests, a home loan is the amount of money an individual borrow from banks or other financial institutions after meeting certain<\/span><span data-preserver-spaces=\"true\"> loan eligibility criteria to purchase a residential or commercial property. The money borrowed has to be paid back to the lender in easy monthly installments (EMI) at a particular rate of interest. There are many banks and financial institutions that offer loans to help you buy or con<\/span><span data-preserver-spaces=\"true\">struct your dream home. Loans are also available for renovation or extension purposes.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Types of Home Loans in India<\/span><\/strong><\/h3>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Home Loan<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">The most common type of loan to avail for the purchase of any property. You can up to 80-90% of the property market price in form of housing finance.<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Home Renovation Loan<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">It provides finance for renovating or improving the condition of your home.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Home Construction Loan<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">This type of loan is taken to construct a new house.<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Loan Balance Transfer<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">If you are dissatisfied with your current lender&#8217;s service, you can transfer the outstanding balance of your loan to a different lender who offers a lower interest rate and better service. You can even look into the option of a <a href=\"https:\/\/homefirstindia.com\/article\/top-up-loan\/\"><strong>top-up loan<\/strong><\/a> on your existing loan after the transfer.<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Composite Home Loan<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">This type of loan combines financing for both the plot of land on which you want to build a house and the construction into a single loan.<\/span><\/p>\n<p><iframe loading=\"lazy\" title=\"Home Loan Eligibility Calculator | How to Calculate Home Loan Eligibility | HomeFirst\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/MCAbC8o8EyY?start=2&#038;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<h3 style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Benefits of Home Loan<\/span><\/strong><\/h3>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Tax Benefits: <\/span><\/strong><span data-preserver-spaces=\"true\">A borrower can claim an Income Tax deduction of up to Rs. 1.5 Lakh under section 80C of Income Tax of India 1971 Act. While Section 24B of the Income Tax Act of India allows for a deduction of up to Rs 2 lakh on the interest portion. The income tax deductions are only available after the house has been completed. You cannot claim income tax deductions while the property is being built.<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Tax Benefit on Second Home Loan:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">If you buy a second home, you will be eligible for an Income Tax deduction under section 24B of the Income Tax Act.<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Home Loan Balance Transfer:<\/span><\/strong><span data-preserver-spaces=\"true\"> It gives you the benefit of a balance transfer to another lender with a lower interest rate.<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Ease to Buy a New Home:<\/span><\/strong><span data-preserver-spaces=\"true\"> It makes it easy to buy a new home with one\u2019s own money because It makes it easier to buy a house because it can be repaid in easy monthly installments.<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">No prepayment Charges:\u00a0<\/span><\/strong><span data-preserver-spaces=\"true\">It has the highest repayment tenure that goes up to 30 years and by extending the loan tenure one can reduce the EMI liabilities.\u00a0<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">No Need to Pay Rent:<\/span><\/strong><span data-preserver-spaces=\"true\"> It enables you to buy your own home so there is no need to pay rent. It is better to pay EMI for your own home.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Loan Eligibility<\/span><\/strong><\/h3>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">Loan eligibility refers to how much money you&#8217;ll get to buy a house and whether or not you&#8217;re eligible for a loan. To determine your <a href=\"https:\/\/homefirstindia.com\/article\/factors-affecting-home-loan-eligibility\/\"><strong>home loan eligibility<\/strong><\/a>, certain factors must be considered, such as the applicant&#8217;s age, income, type of employment and property, credit score, and many others.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">Loan eligibility depends on some factors such as:<\/span><\/p>\n<ul class=\"list_style\" style=\"text-align: justify;\">\n<li><span data-preserver-spaces=\"true\">Income<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Age<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Employment Type<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Annual Increment<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Credit Score<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Income Stability<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Property Details<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Outstanding Loans<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Residency Status<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Collateral Security<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Documents Required:<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Loan Application<\/span><\/strong><\/p>\n<ul class=\"list_style\" style=\"text-align: justify;\">\n<li><span data-preserver-spaces=\"true\">Application Form<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">A cheque for the processing fee<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Identity Proof (If any)<\/span><\/strong><\/p>\n<ul class=\"list_style\" style=\"text-align: justify;\">\n<li><span data-preserver-spaces=\"true\">Aadhar Card<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Pan Card<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Passport Copy<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Voter ID<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Driving License<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Employer Issued ID Card<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Address Proof (If any)<\/span><\/strong><\/p>\n<ul class=\"list_style\" style=\"text-align: justify;\">\n<li><span data-preserver-spaces=\"true\">Aadhar Card<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Passport<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Electricity Bill<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Telephone Bill<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Ration Card<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Lease Agreement<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Photograph<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">1 passport size<\/span><\/p>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Income Proof (Salaried)<\/span><\/strong><\/p>\n<ul class=\"list_style\" style=\"text-align: justify;\">\n<li><span data-preserver-spaces=\"true\">Salary slip of last 3 Months<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Latest Form 16<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Latest Income tax Return<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Income Proof (Self Employed)<\/span><\/strong><\/p>\n<ul class=\"list_style\" style=\"text-align: justify;\">\n<li><span data-preserver-spaces=\"true\">Latest ITR, P&amp;L, and balance sheet for 3 years<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Proof of Business for the last 3 Years<\/span><\/li>\n<\/ul>\n<p style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Bank Statements<\/span><\/strong><\/p>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">Last 6 Months<\/span><\/p>\n<h3 style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Loan Prepayment<\/span><\/strong><\/h3>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\"><a href=\"https:\/\/homefirstindia.com\/article\/home-loan-prepayment\/\"><strong>Home Loan Prepayment<\/strong><\/a>\u00a0occurs when you repay your loan in full or in part before the scheduled repayment period. Prepaying your loan can assist you in your debt-reduction efforts.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">Prepaying your mortgage usually results in a lower monthly payment or a shorter loan term. In either case, prepaying your debt saves you money on interest.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Loan EMI Calculator<\/span><\/strong><\/h3>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">First understand what a home loan is. EMI because learning about the calculator will be a complete waste of your time if you don&#8217;t know what you&#8217;re calculating. EMI, which stands for Equated Monthly Installment, is a fixed monthly amount that you simply pay each month to repay the lender. Because many people cannot pay the entire amount in one go to purchase their dream home, they opt for the simple EMI facility, which is a flexible repayment option.<\/span><\/p>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">Now that you&#8217;ve learned about the EMI, it&#8217;s time to introduce you to the much-discussed Loan EMI Calculator. This calculator estimates your EMI amount using a few basic details. Like all other calculators, it develops based on the inputs that you provide. An EMI calculator only requires three inputs: loan amount, interest rate, and tenure. You&#8217;ll get the specified output because of the EMI amount as soon as you enter all of these details into it. The process of using it is so simple that anyone can do it.<\/span><\/p>\n<h3 style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Loan Application Process<\/span><\/strong><\/h3>\n<ul style=\"text-align: justify;\" class=\"list_style\">\n<li><span data-preserver-spaces=\"true\">Fill out the application form<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Verification of documents<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Background check<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Obtaining your credit report<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Pay processing fee<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Evaluation of repayment capacity<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Processing the property documents<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Loan Disbursements<\/span><\/li>\n<\/ul>\n<h3 style=\"text-align: justify;\"><strong><span data-preserver-spaces=\"true\">Home Loans at HomeFirst<\/span><\/strong><\/h3>\n<p style=\"text-align: justify;\"><span data-preserver-spaces=\"true\">As we have considered what is a home loan in India, the next step should be to choose the best bank or financial institution that can make the best loan offers. <a href=\"https:\/\/en.wikipedia.org\/wiki\/Home_First_Finance\"><strong>Home First Finance Company<\/strong><\/a> offers you a loan that can help you in getting the house of your dreams. Home First Finance Company gives you a loan at attractive interest rates with 48 hours sanctions and a hassle-free process.<\/span><\/p>\n<p>Share tis article on <a href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/homefirstindia.com\/article\/what-is-home-loan\/\"><strong>WhatsApp<\/strong><\/a><\/p>\n<p><strong>Also Read:<\/strong><\/p>\n<h4><strong><a href=\"https:\/\/homefirstindia.com\/article\/how-do-lenders-determine-home-loan-interest-rate\/\">How Do Lenders Determine Home Loan Interest Rate?<\/a><\/strong><\/h4>\n<h4><strong><a href=\"https:\/\/homefirstindia.com\/article\/tax-benefit-on-home-loan\/\">Tax Benefit on Home Loan<\/a><\/strong><\/h4>\n<h4><strong><a href=\"https:\/\/homefirstindia.com\/article\/shop-loans\/\">Shop Loans<\/a><\/strong><\/h4>\n<h4><strong><a href=\"https:\/\/homefirstindia.com\/article\/tax-benefit-on-top-up-loan\/\">Tax Benefit on Top Up Loan<\/a><\/strong><\/h4>\n<h4><strong><a href=\"https:\/\/homefirstindia.com\/article\/apply-home-loan-online\/\">Apply Home Loan Online<\/a><\/strong><\/h4>\n<h4><strong><a href=\"https:\/\/homefirstindia.com\/article\/quick-home-loan-approval\/\">Quick Home Loan Approval<\/a><\/strong><\/h4>\n<h4><strong><a href=\"https:\/\/homefirstindia.com\/article\/home-loan-prepayment\/\">Home Loan Prepayment<\/a><\/strong><\/h4>\n","protected":false},"featured_media":0,"template":"","article_category":[73],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What is Home Loan in India? 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