• The home loan amount varies from bank to bank. But the minimum is Rs 2,00,000/-.
• Best Home loans come with longer repayment period, as long as 30 years. It includes repaying the principal amount along with the interest costs. The minimum tenure is 5 years.
• Best Home loan can be repaid in the form of EMI (Equated Monthly Installment).
• The EMI (Equated Monthly Installment) of the loan is formed by combining the principal amount and the interest together.
• The repayment of best home loans is done in equal monthly installments.
• The home loan charges are inclusive of registration charge, processing fees, prepayment penalty, commitment charge and miscellaneous charges for documentation and consultation.
• Best Home Loans are considered as secured advances.
• To avail a best home loan, borrower has to give mortgage. The collateral here is usually the property that is being bought or even the existing property can also be given as collateral.
• The banks and NBFCs offer best home loan with three main types of interest rates: Fixed, Floating or a combination of fixed and floating. The Indian government has introduced MCLR (Marginal Cost of funds based on Lending Rate). This is used by banks and NBFCs to decide the rate of interest at which they want to lend money to borrowers.
• To reduce liability, banks accept pre-payments. It is allowed by all banks and NBFCs. Very few banks charge for pre-payment.
• In home loans, you can get loans in higher amounts compared to other types of loans i.e. 85% to 90%.
• To avail the best home loans you can have your spouse or parents as co-applicant or joint applicant. You get tax benefits from that.
• The interest rate on best home loan is comparatively lower than personal loan as it is a type a secured loan.
• The amount bank will give you under the best home loan will vary based on your income, credit history, the locality/city you are planning the purchase a house in and various other factors.
• You can enjoy tax benefits on the best home loan according to the Income Tax Act, 1961.

What are the Eligibility Criteria to avail a Best Home Loan?

To determine whether you are eligible to get a best home loan or not, there are various criteria involved. Such as income, employment status, loan tenure etc. The criteria differ from bank to bank. But we have given some of the important eligibility criteria below:

• Any consumer who has a regular and steady source of income can get the best home loan.
• Irrespective of consumer's profession (salaried, self-employed or business person) he/she can get the best home loan.
• The consumer, who wants to apply for the best home loan, should be of minimum 21 years old. Whereas the repayments has to be done by the age of 60, maximum 65.
• Applicant's savings history with bank plays an important role in approval of the loan.
• If you have a bad credit history, especially before 3 months of applying for the best home loan, it can become a large hurdle in accessing the loan.
• Those who have their own business or are self employed, have to present their profits and turn over to determine the value of loan they'll be applying.
• The applicant also has to give proof of their current residence. He or she should be staying at that current residence for at least a year. This will be seen as a proof of stability along with employment and financial records.
• Applicant needs a good credit score. (750-900 is considered as a good credit score).

What are the Documents Required to avail a Best Home Loan?

The process of getting the best home loan can be made easier if you know exactly what documents you need to submit with your application. The documents are filed according to the eligibility criteria.

The list of required documents differs from lender to lender. But we have given a generic list of required documents below:

• Neatly signed and filled home loan application form
• Passport-size photographs
• Statements of investments (if any)
• Copy of plan approved for the proposed construction/extension (in case of applying for home loan for extension)
• Cost estimation or valuation report from the bank's (or finance company's) panel CA
• Allotment letter of housing board/NOC of the society/builder etc.
• Bank statements and salary slips of last 6 months from application date
• Identity and signature proof - Passport, Pan card, Driving License, Voter ID card, Aadhar card, employee identity card in case of government employees
• Address Proof - Bank statement, Rent Agreement, Voter ID card, Ration card, Passport, Driving License, telephone/electricity/water/credit card bill or Property tax
• Age Proof - Voter ID card, Secondary school leaving certificate (class 10), birth certificate, Passport, Aadhar Card, pension payment order or receipt of LIC policy
• Valuation/cost estimation report from evaluator approved by the NBFC or Bank
• Property papers with OC and CC