Home Purchase Loan: Offered for buying ready-to-move-in properties, under-construction properties, and pre-owned homes/resale properties helps you buy a residential plot and build a house on it within a given time frame.
Composite Loan: Can be availed for buying a plot and building a house on it. The first disbursement in a composite loan is made towards plot purchase. Subsequent payments depend on the stages of construction of the house.
Home Construction Loan: Offered to individuals for house construction. The disbursements depend on the stages of construction of the house.
Home Renovation/Improvement Loan: For meeting home renovation costs of an existing house. The interest rate for a home renovation/improvement loan and a regular home loan are usually the same.
Home Extension Loan: For those requiring funds to extend or add more space to their existing house. Lenders usually lend 75% – 90% of the construction estimate, depending on the loan amount and LTV ratio.
Bridge Loan: A short-term home loan suitable for individuals planning to buy a new house with the sale proceeds of their existing house.
Interest Saver Loan: A home loan overdraft wherein the borrower's home loan account is linked to their bank account. Any amount deposited in the bank account over and above the EMI is considered as a prepayment towards the loan, thus saving on the interest amount.
Step Up Loan: Allows borrowers to pay lower EMIs during the initial years of the loan tenure and increase the EMI amount over time, making the loan affordable for young professionals just starting their career.
Lenders require documents from their home loan applicants as proof to establish their identity, place of residence, income, and repayment capacity. These documents may vary across lenders based on the individual credit profile, property type, home loan type, etc. Below are the key home loan documents that an applicant will need to furnish when applying for the loan. Identity Proof Documents: Copy of any one (PAN Card, Passport, Aadhaar Card, Voter’s ID Card, and Driving License) Age Proof Documents: Copy of any one (Aadhaar Card, PAN Card, Passport, Birth Certificate, 10th Class Mark-sheet, Bank Passbook, and Driving License) Address Proof Documents: Copy of any one (Bank Passbook, Voter’s ID, Ration Card, Passport, Utility Bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill) and LIC Policy Receipt) Income Proof Documents:
