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About Home Loan

Home loan refers to the sum borrowed from a bank or any financial institution in order to purchase a house. These types of loans may include fixed or adjustable interest rates and payment terms. Usually, borrowers opt for a home loan for buying a suitable house/flat or a plot of land that may be used for construction of a house, or extension, repairs and renovation of the existing house or property.

Until the repayment of the loan takes place, the property remains mortgaged to the lender, which means the bank or the financial institution that lent the money, holds the deed to its name till the loan is paid back with the due interest. Apply Home Loan Online at lowest interest rate , log on to CreditKaro.com

Documents Required To Apply For Home Loan Online

Applicable For All

  • Completed home loan application form
  • Proof of identification (any one)
    • PAN card, Passport, Aadhaar card, Voter’s ID, Driving license
  • Age Proof
    • Aadhaar card, PAN card, Passport, Birth certificate, 10th grade marksheet, Bank passbook, Driving license
  • Residential proof (any one )
    • Bank passbook, Voter’s ID, Ration card, Passport, Utility bills, Letter from a recognized public authority
    • For salaried individuals:, Form 16, 2 months’ pay slip, IT returns of past 3 years, Letter from employer, Passport size photographs, Fixed deposit/shares (if any)

Self -employed

  • Income Tax returns (ITR) of last 3 years
  • Balance sheet and profit & loss account statement of the company/firm (duly attested by a CA)
  • License of professional practice
  • Registration certificate of establishment
  • Business license details
  • Proof of business address

For Salaried Individuals

  • Form 16, 2 months’ pay slip
  • IT returns of past 3 years
  • Letter from employer
  • Passport size photographs
  • Fixed deposit/shares (if any)

Property Documents

  • Registered sale deed, allotment letter or stamped agreement of sale (original document)
  • NOC from society/builder
  • Occupancy certificate
  • Property tax receipts, maintenance bills and electricity bills
  • Receipts of the advance payments made towards the purchase of flat
  • An approved copy of the building plan
  • Original of the land tax paid receipt and possession certificate as issued by the revenue authority
  • Payment receipt or bank account statements



  • Under the section 80EE of income tax act, there are certain tax benefits available on home loans, however only first-time buyers can claim income tax deduction on home loan interest rates.

  • According to section 80C of income tax act, an individual is entitled to the benefit of tax exemption of up to 1.5 lacs on the principle amount of loan.

  • According to the section 24B of the income tax act, a taxpayer can avail tax exemption of up to 2 lacs on the interest paid against their home loan.


There are various benefits you can enjoy when you opt for a home loan

Balance transfer facility:

After you have opted for a home loan from a particular lender, you have the option of transferring your home loan to a different lender if you get lower interest rates on the same loan plan.

Floating rate facility:

When you opt for a floating rate of interest, you will not be charged any prepayment penalties by the lenders, so you can make partial payment any time you like. However, there may be prepayment charges in case fixed rates.

Longer pay back tenure: In case of a home loan you as a borrower get the longest repayment tenure than any other loan type which can go up to 30 years, so you can divide the lump sum amount into smaller EMIs and pay back the total amount with ease.

Tax benefits:

According to section 80C of income tax act, an individual is entitled to the benefit of tax exemption of up to 1.5 lacs on the principle amount of loan.

According to the section 24B of the income tax act, a taxpayer can avail tax exemption of up to 2 lacs on the interest paid against their home loan.

Capital appreciation:

As an owner you will also enjoy the rise in prices of your property over the period of years.

Apply for Home Loan Online at Lowest Interest rate and get housing loan instantly!

The whole process is so easy and quick that you won’t believe your eyes!

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PNB Housing Finance

Interest Rate

6.8 Onwards* %

Processing Fee

0.35 %*


30 years


When an applicant applies for a loan the eligibility criteria is determined by the bank. The bank analyses whether the applicant's new loan will affect the repayment of their existing loans which could be a personal or any vehicle loan. If the current loans exceed 50% to 60% of the individual's regular monthly income then the fresh home loan application won't be approved.
Changes in home loan interest rate doesn't usually affects the EMI. Incase if there are any changes in the rates that get introduced it would accordingly change the ratio of interest and the principal amount collectively in the following years. If there is an increment in the interest rate, then the EMI's interest margin will also simultaneously increase whereas the Principal loan amount would decrease and vice-versa.
Here is good news for everyone out there who seek answer to the same question. The section 80C of our Income tax Act, an individual is entitled to the benefit of tax exemption up to 1.50 lakh on the principle amount of loan. Also, according to the section 24 act of Income tax Act, a taxpayer can avail tax exemption of up to 2 lakhs on the interest paid against their annual home loan.
There is a provision of transferring outstanding loan amount to another creditor who might offer a lenient or relaxed interest rate. This helps the person to save on the total interest margin of the loan amount approved by the first creditor.
Every E.M.I has 2 components attached to it one is interest and the other is principal amount. After each installment of E.M.I is paid a part of the principal amount gets reduced with each consecutive month.
It means the amount of home loan you can get on the total value of the property. Loans up to 30 lakhs can be financed at up to 90% of the property value. Loans above 30 lakhs to 75 lakhs can be granted at up to 80% of the property value. Loans above 75 lakhs can be offered at 75% of the property value.
A tabular layout with multiple columns and rows which enlists the payments during the tenure of the loan repayment. EMI's of every month are categorically segregated to indicate the share of interest, principal amount and the unpaid principal balance. Ideally the EMI amount remains the same and with each passing month the interest share reduces, and the share of principal amount increases.
This is the interest paid against the applied loan amount before the EMI cycle starts. The situation which requires you to pay a pre-EMI is when the disbursal amount is utilized for a self-construction property or during the construction stage of a property. This scenario requires a payment of the interest charged on the partially disbursed loan amount which is termed as Pre-EMI.
The two different types of interest rate that is offered on home loans one is fixed and the other is floating. As the name suggests the fixed interest rate remains the same and unaltered throughout the repayment time period regardless of the changes in loan regulations of the lender bank or even R.B.I for that matter. Floating rates can be affected by the implementation of any new regulation that the bank or R.B.I might introduce during any financial year.
Co-Applicant is usually a closely related family member (blood relatives or spouse) of the initial applicant. This Co-applicant is equally part of the standard credit application. The underwriter will review the credit scores and credit profiles of both applicants in their approval decision. Applying for a loan with a co-applicant improves the chances of loan approval and entitles both the applicants collectively to better loan terms and loan amount.
  • Income of applicant
  • Age of the applicant
  • Residential status
  • No. of dependents
  • Credit history
  • Qualification
  • Existing loans status
  • NO. It is not compulsory to have a co-applicant, but a co-applicant can get you higher eligibility and increase your chances of getting a home loan. A parent, a spouse, even children can be nominated as co-applicants.
  • Original registration stamp duty receipts
  • Original copies of the chain of title agreements and building plan approvals
  • Possession Letter
  • Original Share certificate
  • Proof of payment of all dues (electricity bills, maintenance charges, Property taxes, Phone and water bills until the day of possession
  • NOC from the concerned body confirming possession
  • Yes. There is an option of pre-closing the loan but then pre-closure charges will be levied accordingly.
    MCLR stands for marginal cost of funds-based lending rate. MCLR is the benchmark rate below which the banks cannot provide loans to the customers who are availing loans linked to MCLR. This is applicable for all new loans which have been sanctioned from April 1, 2016 onwards.