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Home Loan Bank Information

Bank Name
Processing Fees
Kotak Mahindra Bank
1 - 20
Rs 20000
1 - 30
Rs 3000
Bajaj Housing Finance
1 - 20
0.3 %
LIC Housing Finance
0 - 30
Rs 10000
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Home Loan Buying Process

Investing in your dream home is one of the most crucial decisions of your life. This is precisely why your research should be thorough before you get into a long-term repayment commitment with a lender. Here is a quick step-by-step guide on the process of availing of a home loan – from the point of application to the point of disbursal of the amount.

In this video, we are going to talk about the process of availing a home loan. As a homebuyer, you should know where this process comes in place in the entire home buying journey, what is a loan application and how should you fill it, when and how to negotiate, thus giving you an entire roadmap on the process of availing a home loan so that you can save both time and money.

  • Step 1: Finalise the property

    There are two types of property that you can buy- ready-to-move and under-construction. In both cases, loan agreement and loan disbursal stage, which are the final step, varies slightly. We’ll talk about it when we come to it. In the first stage, if you are not buying the property with 100% cash, you will require a home loan. So, finalise your property and get set for loan shopping.

  • Step 2: Filling up loan application

    Once you have finalised the property, homebuyers need to fill a loan application. Homebuyers should enquire about various offers, home loan interest rates, documents required at this stage. At this stage, you can also negotiate the processing fee with the bank.

    You can start a loan inquiry. For this, you should start comparing interest rates online. This is the easiest way to understand the bank that will provide you the best and lowest home loan interest rate. You can also find all the details on the dedicated home loan page on Housing.com. Post this, you can directly generate an inquiry with the bank either by approaching the nearest bank branch or using the bank’s website.

    During the inquiry, you can negotiate for the best available rates. Many homebuyers do not know that the home loan interest rate is negotiable. On the basis of your good credit score and income, banks can give you a good interest rate as well. So be aware and ask for it at this stage before it's too late.

    At this stage, you should also know that an additional expenditure also comes in the form of processing fee which can be anywhere up to 1% of your loan amount. This is also negotiable and most banks will agree for anything between 0.25-0.5% of the loan amount as processing fee.

    You will also have to pay a fee for due diligence that the bank will do for you. It may happen that banks lower the processing fee but ask you for a higher charge for due diligence. It is important that you clarify this early on, to avoid spending more than what your budget permits.

    The next step is related to documents. Salaried and self-employed borrowers need to provide separate documents to the bank so that the bank can assess the financial health of the homebuyer. You can refer to the list below. Some of the common documents included are as follows. You can keep these ready whenever you proceed to apply for a home loan. Remember that you should pay the processing fee only to the bank that you feel is giving the best interest rate.

    List of documents common for both salaried and self-employed individuals:

    • Loan Application form (completely filled)

    • Passport size photographs

    • Identity Proof Documents Such as PAN Card, Driving License, Passport, Voter ID Card, etc.

    • Residence Proof such as electricity, water or telephone bill, ration card or any other government-issued ID proof that contains your residential address.

    • Copy of bank account statement/passbook entries for the past 6 months

    • Signature Identification proof from current bankers

    • Statement of Personal Assets and Liabilities

    List of documents that are different for salaried and self-employed individuals. This may change from time to time or depending on the bank.

    Salaried Individuals Self-Employed Individuals
    Original Salary Certificate from Employer/Last 3 months’ salary slips Acknowledged copies of Income tax returns/assessment orders for the previous 3 months
    TDS Certificate of Form 16 or Copy of Income Tax returns for the last 2 fiscals Photocopies of challans as evidence of advance income tax payments
    Proof of job stability from the current employer Proof of business continuity
    In case the salaried employee has changed jobs in the last 1 year, copies of the offer and joining letter of the new company need to be submitted.

  • Step 3: Bank’s due diligence

    Banks will not give you a home loan without assessing your financial background, your repaying capacity, the legality of the property, and other details based on their field investigation. This is the next step where the bank does due diligence.

    Your bank statements, savings, transactions, investments, business activity, credit and repayments, bank balance, cheque bounces - all these are studied by the bank. Now suppose that your cheques have bounced or been returned in the past- this can lead to ineligibility to get a home loan. The bank also studies your liabilities and loans.

    After this, the bank sees your net income and credit score. A score of 750 and above indicates a healthy credit score and banks are usually willing to give you a better (lower) interest rate.

    Not just financial health, banks also check your personal details through a field investigation where they check your residential address and contact details. A bank representative may visit your home to confirm such details. Do note that the nature and sector of your job also impact and determines whether you are eligible for a home loan. For example, sectors where there is a risk of job loss or instability, high attrition, are often not considered good. The field representative usually determines this.

    The property that you are going to buy is also checked. The property’s condition, quality, encroachments, valuation- all these aspects are checked by the bank. If the property is under construction, then the construction progress, its quality, building plan, and layout are also carefully examined. This is the technical due-diligence stage.

    Next is the legal due diligence stage. Ownership and encumbrance related documents are checked. In the case of unestablished ownership or a third party’s claim on the property, banks do not approve of the home loan. This is also one of the reasons why taking a home loan is beneficial in many ways. Banks check the entire title deed, possession certificate, sale agreement, etc. It will help you make an informed decision. Even in the case of an under-construction property, banks study and examine land ownership, allotment letters, builder-buyer agreement, project approval documents, etc.

  • Step 4: Estimating your creditworthiness and loan eligibility

    Once banks establish that the property you are interested in is sound and free of legal hassles, it does a deep-dive into your creditworthiness. For this, banks study your repayment history and check for defaults. You can even get a higher loan amount in case you have been able to maintain a good credit score, throughout.

    At this stage, banks assess your EMI repayment capacity based on your income and liabilities, if any. For example, Amit has an income of Rs 50,000 per month and a car loan liability of Rs 10,000 per month. The total disposable income of Amit is Rs 40,000 per month. Banks consider it good if your EMI is not more than 50% of your disposable income. In this case, therefore, Amit can spend Rs 20,000 per maximum as EMI, and therefore, the home loan sanctioned may roughly be between Rs 20-25 lakh. It depends on different banks, how they assess and calculate your repayment capacity. In short, banks check the Loan to Value ratio and do not sanction more than 80-90 %. It also checks your income, age, company, nature of work, etc to calculate your home loan eligibility.

  • Step 5: Accepting the offer letter

    After various checks, the bank sends you an offer letter with the final loan amount mentioned in it. If you sign, it is considered as accepted formally. You can then sign the loan agreement. After this, the bank hands over the DD to the seller and you can take possession of the property.

    The offer letter clearly mentions the sanctioned loan amount, rate of interest- whether fixed or variable. Fixed interest rates are higher than variable but even fixed is not altogether a fixed rate, these could be floating rates as well and could be fixed for a certain period. It totally depends on you whether you choose, fixed and floating rate or variable. The offer letter also mentions the tenure, number of EMIs to be paid, mode of repayment whether post-dated cheques or electronic clearing; schemes availed such as PMAY or bank offers, validity, terms, and conditions, etc. You should sign the offer letter only if you are satisfied with the offer. Do remember to check the sanctioned amount.

    Pro Tip: If you can arrange some finances from friends and family, you can also ask the bank to reduce the loan amount sanctioned.

    The next step is the loan agreement. All borrowers need to sign it in case of a joint home loan. If you have planned to opt for post-dated cheques as repayment option, banks collect cheques equivalent to the loan amount at this stage, for security.

    In the case of an under-construction property, the process is slightly different. A tripartite agreement is signed at this stage between the bank, borrower, and builder.

    The loan disbursement stage for an under-construction property is different and depends on the progress of construction. Accordingly, the bank pays the builder directly and all the original documents are collected from you by the bank.

    The sale deed is signed in the case of a ready-to-move property. The day it is signed, the DD is directly handed over to the seller. Prior to this, the bank will check whether you have made any down payment and whether the sale deed has been registered at the sub-registrar’s office. Even in ready-to-move property, banks keep all the original property papers. Do keep photocopies of all the documents that you have submitted in the bank.

We hope that you liked our video. Do share and subscribe to Housing.com for more such informative topics.

Step 1: The Application
The application process begins with you filling out a form in which you disclose vital personal and professional information, your assets and liabilities, the property details (in case it has been finalized already) and its estimated cost. The application form may differ in format from lender to lender, but basically it seeks similar information.
Step 2: Documentation
Along with the application form, you will also be asked to submit the following documents:
  • Age proof
  • Identity proof
  • Address proof
  • Proof of your educational qualifications
  • Details of your employment (letter from your employer stating the number of years in service)
  • Income proof (salary slips)
  • Bank statements
  • Property details (if it has already been finalized)
Step 3: Processing fee
The lender will charge a processing fee for processing your loan application. Typically, this fee ranges from 0.25% to 1% of the loan amount. However, you can negotiate with the bank and ask it to reduce or waive off this fee.
Step 4: Evaluation and personal discussion
Once the application is submitted, the bank takes a couple of days to evaluate it and then calls you for a personal discussion. Do carry all the original documents, the copies of which you have already submitted along with the application. The lender will cross check the information provided by you in the application.
Step 5: Bank investigation
The bank will also need to validate the information you have provided from their end by making a visit to your workplace and current residence. You would be intimated about the visit, and should be present when the bank representative visits your office/home.
Step 6: Sanctioning of loan after your creditworthiness has been established

Once the bank is satisfied with all the information you have provided, it will sanction or reject your loan based on your creditworthiness. The credit appraisal process takes into consideration your age, income, qualifications and your CIBIL report to see your credit repayment track record. After going through these properly, the bank arrives at a figure for the maximum loan amount it can offer you.

This is conveyed to you by means of a sanction/offer letter. This letter comprises the details regarding

  • The loan amount and its tenure
  • The rate of interest at which the loan is being offered
  • The mode you have chosen for repayment
  • Special terms and conditions, if any

If you agree with the terms and conditions, you will sign the acceptance copy that the bank will then keep for its records.

Step 7: Assessment and valuation of the property

Once your creditworthiness has been judged by the lender, it turns its attention towards the property you are about to purchase. Once you have finalized the property, the bank would ask you to submit the original property documents. These documents remain in the custody of the bank till you repay your loan.

The property documents are as follows:

  • NOC or no objection certificates from the legal owners such as the housing society or the statutory development authorities.
  • The original title deed of your seller
  • Approval from development authorities to construct the property

These documents are thoroughly scrutinized by the legal counsel of the bank to verify their authenticity. The bank will also send an expert representative on the property site to evaluate the property and ensure that the developer has the necessary permissions to carry out construction and the quality of construction and work in progress is satisfactory.

Step 8: Registration process/ signing the loan agreement
On having completed above mentioned steps, the registration of the property is carried out. The signing and stamping of the loan agreement happens at this stage where you also provide post dated cheques to your lender and pay the stamp duty as required.
Step 9: Disbursement of loan amount

After the loan agreement has been signed, the bank makes the disbursal of the agreed loan amount which is 85% to 90% of the total value of the property. The rest of it you need to pay as the down payment.

The process of home loan approval is quite comprehensive in India. In case you have done the necessary research and have the documents in place, the approval and disbursal of your loan may happen faster than you think.

EMI Calculator

Loan Amount (₹)
Tenure (Years)
Rate of Interest (%)
Add Pre-payment

Your EMI Per Month

₹ 63,338
Total Interest
₹ 26,00,546
Processing Fees
₹ 25,000
Loan Amount
₹ 50,00,000

Home Loan Amortization Table


Home Loan Documents

The lender has to assess your financial health before it decides that you are mortgage worthy. Further, it’s a sizable amount to be repaid over the long term by you and the lender must know that you will be able to service your loan diligently through the tenure.

In order to judge your creditworthiness, your prospective lender will therefore ask you to submit a host of documents. The following are the documents you need in you home loan application file.

General list of documents required:
  • Completed loan application
  • 1 passport size photograph (including the one affixed in loan application)
  • Proof of identification: Electoral ID Card / Passport / Driving License / PAN card.
  • Proof of residence: Electoral ID Card / Passport / Electricity Bill / Telephone Bill.
  • Proof of business address, in case of non- salaried borrowers
  • Statement of bank account for the last six months
Documents For Salaried Individuals
  • Salary slips for last 3 months
  • Bank statement for last 3 months
  • Copy of identity card issued by the employer
  • Form 16 or IT Returns for the last 2 years
Documents For Self-employed individuals
  • Photocopies of IT Returns/Assessment orders for the last 3 years
  • Balance sheet and Profit and Loss A/c for the last three years (Certified true Copy attested by Chartered Accountant)
  • Proof of business address
  • Proof of business (Registration Certificate of establishment, Gumasta /Trade License, Sales Tax Registration etc.)
  • Certificate of Practice-photocopy
  • TDS Certificates (Form 16A wherever applicable)

Property Documents

If a flat is being purchased from the builder
  • Original copy of agreement for sale/ sale deed with the builder
  • 7/12 extract issued by the land authorities
  • Property register card, which is obtained from the City Survey Department
  • N.A. permission for the land from the collector
  • Search Report and Title Certificate
  • Development agreement between owner of land and the builder
  • Copy of order under the Urban land Ceiling Act
  • Copy of building plans sanctioned by the competent authority
  • Commencement certificate granted by the Corporation
  • Building completion certificate
  • Latest tax receipts paid towards the land or property or flat to be purchased
  • Partnership deed or memorandum of association of the builders firm
If the property being purchased is located in a Cooperative Society
  • Allotment letter from the Society in your name
  • Original share certificate provided the Society
  • Certificate of the registration of the society
  • No objection certificate from the society
  • 7/12 extract or property register card in the Society’s name
  • Copy of N.A permission for the land from the collector
  • Search Report and Title Certificate
  • Copy of order under the Urban Land Ceiling Act
  • Copy of the building plans sanctioned by a competent authority
  • Commencement certificate granted by Corporation
  • The latest receipts of taxes paid for the property
  • Original Agreement to assign / Deed of assignment
If you are constructing a house on own land
  • Original sale deed of land and extract of Index II
  • 7/12 extract or property register card in your name
  • Copy of N.A. permission for land from the collector
  • Search and title report
  • Copy of tax paid under Urban Land Ceiling Act
  • Copy of the building plans sanctioned by a competent authority
  • Building permission granted by the Corporation
  • The latest receipts of taxes paid for your land
  • Estimate of the cost of construction certified by the architect

Putting together these documents may seem like an arduous task to you, but do go through the documentation process properly to ensure that there are no gaps from your end that may be the cause of your loan application getting rejected.

Home Loan Fees and Charges

When you are comparing lenders and checking out home loan options, you should not only look at interest rate comparisons but also the various other fees and charges. Some of these charges need to be paid upfront while you are taking the loan while other charges are levied during the tenure of your loan. While negotiating with lenders, you should have a clear idea about the various other charges so that you can negotiate well and get the maximum benefits. Here is a checklist on charges that will come in handy when you are shopping for a home loan:

Processing fee
Almost all lenders levy a non-refundable processing fee on your home loan. This fee is usually in the range 0.25% to 1% of the total loan. Some lenders may cap the processing fees for a big-ticket loan.
Administrative fee
Some banks charge an administrative fee at the time of sanctioning your loan. It makes sense to consider such lenders who have done away with this fee.
Legal charges
Lenders incur a legal cost when they evaluate or verify the property you are buying. Some banks recover these charges from the borrower. Ask about any such charge upfront while negotiating.
Stamp duty
You will need to pay a stamp duty to the government. Normally, this stamp duty is 0.25% for loans below Rs 10 lakh. For loans above Rs 10 lakh, the stamp duty may be 0.5 % of the total loan amount. You will need to make this payment during the registration process of your property.
Prepayment penalty or foreclosure charges
When a borrower makes extra payments beyond the stipulated repayment (EMI) schedule, it is called a pre-payment. Most banks allow you to make a certain number of pre-payments in a year without any penalty. However, borrowers still have to bear a foreclosure charge if they repay the entire amount of loan before the completion of the loan tenure. This generally happens when a borrower opts for a balance transfer to another bank. This fee may range between 2% to 4 % of the total principal outstanding of the loan. If you negotiate, banks may waive this prepayment charges as the RBI has prohibited charging foreclosure fee for floating rate home loan.
Duplicate statement
Each year, your lender will send you a statement that gives the details about the amount of repayment you have made in the year, broken down into principal and interest payments. You need this statement for filing your annual taxes. If you lose this statement, the bank will charge you Rs. 100 – Rs. 500 for sending you a duplicate statement.
Delayed payment
If you make some repayments beyond your stipulated date, you will need to pay delayed or a late payment fine shall be a maximum of 24% per annum on the amount outstanding against your EMI amount.
Cheque bounce charges
If your cheque bounces because of the lack of fund in your account, you will have to pay a cheque bounce charge to your lender. These charges may be between Rs 250-500. Repeated bounces will have a negative bearing on your CIBIL score.
CERSAI charges
The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI) is a company licensed under Section 25 of the Companies Act, 1956 and registered by the Registrar of Companies, New Delhi. CERSAI was promoted by the Central government to prevent frauds involving multiple lending by different banks on the same immovable property. A bank or housing finance company may charge Rs 250 or Rs 500, respectively for creation/modification of security interest

While shopping for your home loan, you must clarify and negotiate on each of these charges with your lender, so that there are no nasty surprises later.

Home Loan Eligibility Requirements

A lender needs proof to establish your repayment capability. For this, it will take a thorough look not just as your income statements but also your assets and liabilities and your credit history.

The standard method banks use to assess your home loan eligibility is the application of FOIR (fixed obligation to income ratio) of a borrower. To calculate the FOIR, the lender takes into consideration all the other monthly instalments a borrower is paying including the home loan that he has applied for. However, the statutory deductions from your salary like provident fund, insurance premium payments are not taken into consideration in this calculation.

Suppose the income of a prospective borrower is Rs 50,000 per month.

He pays a car loan EMI of Rs 8,000 per month

He has just bought a gadget and pays an EMI of Rs 2,000 per month for the same

His proposed housing loan installment is Rs 15,000 per month

When all his loan installments are divided by his monthly income, the FOIR is 50% or Rs 25,000

Most lenders restrict the FOIR limit to a maximum of 50% of one’s monthly income. It means that if one needs around 50% of his income to meet his personal expenses, the other half is committed towards fulfilling his fixed obligations, including the home loan.

It is very important to understand and estimate your budget before you finalise on your property. It is equally important to think of how you are going to finance your purchase. Would you be using your savings or would you prefer to go the home loan way? Most people also choose the mid-way, that is, using some amount of your savings and some amount as a loan to finance the property. Any of these solutions work well for a homebuyer. However, most people do opt for home loans. One of the benefits of opting for a home loan is that you can preserve your liquidity.

What are the benefits of taking a home loan? For one, it is the cheapest loan available. But, the catch is that everyone is not eligible for a home loan! Home loan eligibility depends not only on your salary but other factors as well which we are going to discuss in this video.

What is the logic behind banks calculating your home loan eligibility? Banks study your repayment capacity before they roll out a loan for you. Suppose you are someone earning a lakh per month. A bank will calculate with the logic that 50% of the income is spent on personal and other expenses while the other 50% can be your savings or go into an investment.

How to calculate home loan eligibility

Calculating your home loan eligibility is simple with this formula:

(Monthly fixed income * 50%)- other EMI payments/ EMI per lakh. This gives you the loan eligibility amount in lakh.

Note that per lakh EMI varies depending upon the tenure of repayment that you choose. You will also be provided with an EMI chart which will clearly show you your monthly repayment over the years. For example, assuming that home loan interest is at 10.5% and the amount of loan is Rs 1 lakh, then your monthly EMI is as shown here:

We’ll make it simpler for you. You can access the EMI calculator on Housing.com to arrive at the exact EMI amount you’ll be paying every month over a period of time.

Housing.com EMI Calculator can be accessed here:


Factors that determine your home loan eligibility

You would have clearly understood that your take-home salary is one of the top determinants to calculate your home loan eligibility. Let’s look at some quantitative factors too:

  • Loan to value ratio

    Banks generally do not grant more than 80 per cent of the value of property as loan? This is called loan to value ratio. In short, if you are interested to buy a property worth Rs 1 crore, loan sanctioned will not be more than Rs 80 lakh. So how would you pay the rest of the Rs 20 lakh? This is where downpayment comes in the picture. Down Payment means you will have to pay the remainder from your pocket!

  • Loan tenure

    If you are opting for a long repayment tenure, there are chances you would be better positioned to avail a home loan. When the EMI burden is spread over a long tenure, the EMI is lower. Not just the tenure of loan repayment, your age will also matter! If you are 45, your working age is merely 15 more years and therefore your repayment can only be over the next 15 years. But suppose you are 25 -- you can spread your EMI burden over a longer period, that is 30 years and therefore higher chances of being eligible for a home loan.

  • Interest rate

    This is a top concern among all potential home buyers who are hunting for the right loans. Cheaper loans means you have better chances of being eligible for a home loan and therefore you will find many praying for a pocket-friendly interest rate!

  • Other EMIs

    Are you paying other EMIs such as education loan, vehicle loan. Higher EMI outflows lowers your chances of being eligible.

  • Credit history

    Your credit score is also important as it provides a look into your transaction and repayment history. If your credit score shows that you have defaulted, there is no chance you’ll be eligible for a loan! So keep your score healthy. A score above 700 is considered good!

  • Your qualifications

    Your educational qualification, work experience, growth prospects and stability are also equally important. Those who have professional degrees may be treated with better interest rates and may have a better chance at securing a home loan. Similarly if you are working in a coveted field, you stand a good chance. Besides, your employer’s reputation is also considered. Bigger companies promise lower interest rates!

  • Family and work background

    Can your family and background help your home loan eligibility? Banks categorise certain sectors as risky, for example the BPOs. Apart from this, jobs or sectors where layoffs and attrition is high are also not given much consideration when it comes to eligibility. But suppose your family background is impressive and your family members are professionals- these details help banks assess your repayment capacity.

  • Spending habits

    Do you live life king size? This may not be good news for your bank. If you are someone used to spending a lot or have many dependents on you, you are a risky customer for the bank.

  • Type of property

    Type of property also determines your eligibility. In case of a ready-to-move property, you may get a loan but in case of an under-construction property, loan roll out is dependent on the stage of construction. If you are looking to buy a property with a general power of attorney, bad news, because banks usually do not prefer financing such properties.

  • Summing this up for you:

    Main factors that determine eligibility for home loan are:

  • Age of the Applicant 18 to 70 years
    Eligible Salary Rs. 25,000 per month and above
    Work Experience for Salaried 3 years and above
    Business Stability for Self Employed 5 years and above
    Minimum CIBIL Score 650
    Maximum Loan on Property Value Up to 90%
    Maximum EMI as percent of income 65%
    Eligibility with Co-applicant Up to 3 earning family members may be added to get higher loan eligibility

How to enhance your home loan eligibility

You might have already checked whether or not you are eligible for a home loan. The good news is there are ways to enhance your eligibility. Consider these quicks tips:

  • Add a Joint applicant (spouse, blood relations) to show a higher joint income, hence better chance to avail a home loan.
  • Add other incomes - yearly bonus, rent from property, FD interest. Remember to show proof of these incomes as well.
  • Opt for a longer repayment tenure.
  • Consider paying off all the other EMIs before applying for a home loan. This will give you more disposable income.

So now that you know how to assess your eligibility, we hope it's happy home buying time for you! If you liked this video, do like and subscribe to Housing.com. Visit Housing.com Home Loans for more information and don’t forget to share this video with friends!

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