🔑 Key Features of a Home Equity Loan
| Feature | Details |
|---|---|
| Loan Type | Secured (second mortgage) |
| Collateral | Your home (same as first home loan) |
| Loan Amount | 50%–80% of the equity value |
| Interest Rate | Lower than personal loans (9% – 13%) |
| Tenure | 5 to 15 years (can go up to 20) |
| Disbursal | Lump sum |
| Repayment Mode | EMIs or bullet payments |
| Usage | No restrictions (education, medical, business, debt repayment, etc.) |
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✅ Eligibility Criteria
| Criteria | Description |
|---|---|
| Ownership | You must own the property being mortgaged |
| Equity | You should have enough equity (paid-off portion of home value) |
| Credit Score | 650+ preferred (higher scores get better rates) |
| Employment | Salaried or self-employed |
| Age | 21–65 years |
🧾 Documents Required
Original property documents
Existing home loan statement (if applicable)
KYC (PAN, Aadhaar, photo)
Income proof (salary slips or ITRs)
Bank statements (last 6 months)
Property valuation report (may be done by lender)