🔑 Key Features of a Home Purchase Loan
| Feature | Description |
|---|---|
| Purpose | Buying a ready-to-move, under-construction, or resale residential property |
| Loan Amount | Up to 75%–90% of the property value (margin required) |
| Interest Rate | 8%–10.5% per annum (varies by lender and type – fixed/floating) |
| Tenure | Up to 30 years |
| Repayment Mode | Monthly EMIs |
| Collateral | The home/property itself (mortgaged until loan is repaid) |
| Tax Benefits | Available under Sections 80C (principal) & 24(b) (interest) |
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🧾 Eligibility Criteria
| Criteria | Requirement |
|---|---|
| Age | 21 to 60 (salaried), 21 to 65 (self-employed) |
| Income | Minimum ₹25,000/month (varies by city/lender) |
| Employment Type | Salaried or self-employed |
| Credit Score | 700+ preferred for best interest rates |
| Co-applicants | Allowed (spouse, parents, etc. to improve eligibility) |
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📄 Documents Required
KYC (Aadhaar, PAN, passport)
Salary slips / ITR (last 2–3 years)
Bank statements (last 6 months)
Property documents (sale agreement, title deed)
Employment proof or business details (for self-employed)
Photographs, address proof, and legal property papers