Home Loan

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Home Loan

Providing affordable Loans For home.

It is everyone’s desire to own a home. Our homes are safe havens filled with countless memories. Are you having trouble making your own house purchase? With hassle-free home loans from ICS, you can make your dream house a reality.

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Home loan is a secured loan facility, which banks and HFCs offer for purchasing, constructing, renovating, repairing and extending an existing/ new residential property. The loan is backed by the underlying property till the loan repayment. In case of default by the borrower, the lender has the legal right to take the concerned property into possession and then auction the property to recover the unpaid loan amount.

Banks and Housing Finance Companies (HFCs) offer home loans of up to 75% to 90% of the property’s value depending on the credit profiles of their loan applicant, subject to the caps on the LTV ratios set by the lenders and the RBI. The tenures of these loans can go up to 30 years. we help you compare housing loan interest rates and other features offered by top banks and HFCs and apply online for the best option available on your credit profile.

Home Loan Detail

Interest Rate	Starting from 8.35% p.a.
Loan Amount	Varies on case-to-case basis
LTV Ratio	Up to 90% of the property value
Tenure	Up to 30 years with some lenders extending till 40 years
Processing Fees	1% to 2% of the loan amount (may vary across lenders)

Types of Home Loans

Home Purchase Loan is 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 composite loan is made towards plot purchase. Subsequent payments depend on the stages of construction of the house.
Home Construction Loan is offered to individuals for house construction. The disbursements depend on the stages of construction of the house.
Home Renovation/ Improvement Loan is 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 same.
Home Extension Loan is for those requiring funds to extend or add more space to their existing house. In this, lenders usually lend 75% – 90% of the construction estimate, depending on the loan amount and LTV ratio.
Bridge Loan is 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 is a home loan overdraft wherein the borrowers’ 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 have the provision of increasing the EMI amount over time. This makes the loan affordable for young professionals who have just started their career.

Home Loan Eligibility Criteria

Home loan eligibility differs across lending institutions and home loan schemes. However, a common set of housing loan eligibility criteria is given below:

Nationality: Indian Residents, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs)
Credit Score: Preferably 750 and above
Minimum Age: 18 years with some lenders setting the minimum age of 21 years
Maximum Age: Usually 70 years at the time of loan maturity with some lenders extending the tenure till 75 years of age
Work Experience: At least 2 years (for salaried)
Business Continuity: At least 3 years (for self-employed)
Minimum Salary: At least Rs. 25,000 per month (varies across lenders & locations)
Loan Amount: Up to 90% of property value

Note: Apart from the above parameters, your home loan eligibility also depends on the property you are buying and the location of the property.

Documents Required for Home Loan

Lenders require documents from their home loan applicants as a 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. Given 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 anyone (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:

Income Documents for Salaried	Income Documents for Self Employed
Copy of Form 16	Business License Details
Latest Payslips	Proof of Business Address
IT returns (ITR) of past 3 years	ITR of last 3 years
Investment Proofs (if any)	Balance Sheet and Profit & Loss Account Statement of the Company/Firm

Documents Required for Non Resident Indian (NRI) Applicants

Income Documents for Salaried	Income Documents for Self-Employed
Salary Certificate/ Latest Payslips (in English)	Latest ITR, Bank Statements of Overseas Account and Balance Sheets and P&L Accounts audited or certified by a C.A.
Latest bank statements showing salary credits NRE / NRO account (if any)	A copy of Continuous Discharge Certificate (CDC) for applicants employed in the merchant navy

Work Permit/ Employment Contract / Appointment Letter / Offer Letter (Duly attested by employer/ Consulate / foreign office / embassy in case it is in any other language)	Business License & Address Proof / License of Professional Practice (for Doctors, Consultants, etc.)
Form P60/P45 and latest employment contract (for salaried)	Registration Certificate of Establishment (For Shops, Factories & Other Establishments)

Loan Amount

₹ 2500000

5 Lac 7 Cr

Loan Tenure

15 Years

5 30

Rate Of Interest

8.5 %

6 20

Monthly Loan EMI

₹ 0

Estimated Monthly Payment

Payment Breakdown:

Principal Amount

Interest Payable

Total Amount Payable

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Why Choose

Top Reasons to Choose NizGhar for Your Loan Needs

Attractive Interest Rates

We offers competitive interest rates on home loans, making it easier for you to afford your dream home.

Flexible Loan Tenure

you can select a flexible loan tenure that suits your financial situation. Longer tenures mean smaller EMIs.

High Loan Amount Eligibility

We provides high loan eligibility based on your income, ensuring you can finance homes of various sizes and price ranges.

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Home Loans Eligibility

NizGhar offers loans to a variety of individuals and non-individuals. Home loan eligibility is determined by various factors such as income, employment status, tenure, and more. Our aim is to provide affordable housing loans to as many individuals and families as possible.

I am

Salaried

self employed

Individual

Salaried

At NizGhar, our mission is to provide accessible, personalized loan solutions that empower individuals and businesses to achieve their financial goals.

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