Question 1

What is the maximum home loan amount I can get?

Accepted Answer

Home loans go up to ₹10 Crores depending on your income and property value. Banks typically finance 75-90% of property value. Loan eligibility is calculated using: Monthly Income × 60 × Loan Tenure. For example, ₹1 lakh monthly income can get ₹60 lakhs for 20 years.

Question 2

What are the current home loan interest rates in India?

Accepted Answer

Home loan interest rates range from 8.5% to 9.9% p.a. as of 2025. Rates depend on your credit score, loan amount, tenure, and lender. Women borrowers often get 0.05% rate discount. Floating rates change with RBI policy, fixed rates stay constant.

Question 3

What is the minimum down payment for a home loan?

Accepted Answer

You need to pay 10-25% of property value as down payment. Banks finance 75-90% through the loan. For example, for a ₹50 lakh property, you pay ₹5-12.5 lakhs upfront. Higher down payment reduces EMI and total interest paid.

Question 4

How much home loan can I get on ₹50,000 salary?

Accepted Answer

On ₹50,000 monthly salary, you can get approximately ₹35-40 lakhs home loan for 20-25 years tenure, assuming no other EMIs. The exact amount depends on your credit score, age, existing loans, and bank's policy. Use our EMI calculator to check precise eligibility.

Question 5

What documents are required for home loan approval?

Accepted Answer

Required: PAN card, Aadhaar, salary slips (6 months), bank statements (6-12 months), employment letter, property documents, sale deed, approved building plan, NOC from society. Self-employed need: ITR (3 years), business proof, and audited financials.

Question 6

Can I get tax benefits on home loans?

Accepted Answer

Yes! Tax benefits up to ₹3.5 lakhs per year: ₹1.5 lakhs on principal repayment (Section 80C) + ₹2 lakhs on interest paid (Section 24B). First-time buyers get additional ₹1.5 lakh deduction under Section 80EEA for properties up to ₹45 lakhs.

Question 7

What is the difference between fixed and floating home loan rates?

Accepted Answer

Fixed rate stays constant throughout tenure, giving EMI certainty but typically 0.5-1% higher initially. Floating rate changes with market conditions (RBI repo rate), can go up or down, usually starting lower. Most Indians prefer floating as rates trend downward over long term.

Question 8

How long does home loan approval take?

Accepted Answer

Initial approval: 3-7 days for document verification. Legal and technical verification of property: 2-3 weeks. Final disbursal: 30-45 days total. Pre-approved customers with ready property documents can get faster processing in 2-3 weeks.

Question 9

Can I take a home loan for an under-construction property?

Accepted Answer

Yes, banks offer home loans for under-construction properties through Construction Linked Plans (CLP). You pay pre-EMI (only interest) during construction and full EMI after possession. Ensure builder is RERA registered and project is approved by the bank.

Question 10

Is home loan insurance mandatory?

Accepted Answer

Home loan insurance is not legally mandatory but highly recommended. It protects your family from loan burden if you pass away. Some banks may require it as a condition. Premium is typically 0.5-1% of loan amount annually. Consider term insurance with sufficient coverage instead.

Lender	Interest Rate	Loan Amount	Tenure	Action
HDFC Bank HDFC Home Loan	8.50% - 9.50%	₹1.0L - ₹1000.0L	12 - 360 months	Apply Now →
Kotak Mahindra Bank Kotak Home Loan	8.70% - 10.00%	₹1.0L - ₹500.0L	12 - 240 months	Apply Now →
State Bank of India SBI Home Loan	7.50% - 9.65%	₹1.0L - ₹2000.0L	12 - 360 months	Apply Now →
Axis Bank Axis Bank Home Loan	8.75% - 9.75%	₹1.0L - ₹750.0L	12 - 240 months	Apply Now →
ICICI Bank ICICI Bank Home Loan	8.75% - 10.15%	₹1.0L - ₹300.0L	12 - 240 months	Apply Now →

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