What factors affect Home Loan eligibility?
Home Loan eligibility depends on several factors such as the applicant’s age, income, employment stability, credit score, existing financial liabilities, and repayment capacity. Lenders also consider the property value and location while assessing eligibility. A higher income and good credit history can improve Home Loan approval chances.
What is a floating rate of interest of a Home Loan?
A floating rate of interest on a Home Loan is an interest rate that changes periodically based on market conditions or benchmark rates. This means the EMI may increase or decrease over time. Floating interest rates are usually lower than fixed rates and can be beneficial when market rates decline.
Can I make parcial repayment on my outstanding Home Loan amount?
Yes, borrowers can repay their outstanding Home Loan amount either partially or in full before the loan tenure ends. This is known as prepayment or foreclosure. Prepaying a Home Loan can help reduce the interest burden and shorten the loan tenure, though some lenders may charge prepayment fees.
What are the different types of Home Loans?
There are various types of Home Loans available, including home purchase loans, home construction loans, home improvement loans, home extension loans, balance transfer and top up on existing home loans. Lenders also offer fixed rate and floating rate Home Loan options to suit different borrower needs.
What is a home loan?
A home loan is a secured loan offered by banks and NBFCs to help you buy, build, or renovate a house or flat. Lenders typically finance up to 75-90% of the property’s value, and you repay the loan with interest over a period of longer tenure of up to 30 years.
What is the lowest interest rate of home loan?
Home loan interest rates usually start around ~7.35% p.a. with top banks and NBFCs offering competitive options, though rates can vary based on your credit score and lender.
What are the eligibility criteria for home loans?
Most banks and NBFCs require you to be an Indian resident aged roughly 21-65 years, have a good CIBIL score (typically 730+), and demonstrate stable income or business history for self employed applicants.
Can NRIs apply for home loans in India?
Yes many banks and NBFCs in India offer home loans to NRIs subject to specific documentation like valid passport and proof of overseas income. It is easy to avail home loans with help of KFIS home loan expert.
What documents do I need to apply for a home loan?
You’ll generally need KYC documents (Aadhaar, PAN), proof of income (salary slips/ITRs), bank statements, property papers, and employment or business proof.
How can I calculate my monthly EMI?
KFIS offers an EMI calculator that lets you input your loan amount, interest rate, and tenure to estimate monthly payments before applying.
Do different banks offer different home loan interest rates?
Yes, interest rates can vary between lenders. For example, some local banks offer home loans up to ₹5 crore with interest rates around 7.35% p.a. and above.
Can I do a balance transfer on my existing home loan to another bank or NBFC?
Yes, home loan balance transfer and topup is a commonly known as BT/Topup facility that lets you switch to a lender offering a lower interest rate, potentially reducing your EMIs.
What loan tenure options are available for home loans?
Most lenders allow loan repayment periods up to 30 years, helping borrowers lower monthly payments by spreading them over a longer tenure.
Is a good CIBIL score important for a home loan?
Absolutely. A higher CIBIL or credit score (often 730+) improves your chances of approval and helps you get a more competitive home loan interest rate.
Do i get loan for my new home construction?
Ofcourse, there is 100% possibhility on submission of construction estimation and engineer plan and plan approval from CMDA.
Who is the best home loan agency in Chennai?
KFIS is among Chennai’s best home loan agencies, partnering with 100+ banks and NBFCs. We provide transparent comparison, personalized advice, and faster approvals for all types of home loans.
Can I get top up on my existing home loan?
Yes, you can avail upto 100% on current sale value of your property as a top up funding on your existing home loan principle balance. It also helps to reduce your rate of interest
how can i reduce my longer repayment tenure for home loan?
There are two ways to reduce your longer repayment tenure. One is by paying an additional amount other than your installment on your principal, will help to reduce your interest deduction and tenure.
Second one is to take over your loan from the current lender to a new bank or NBFC will help to reduce your repayment tenure as well as interest.
How Much Home Loan Can I Get on ₹1 Lakh Salary?
If your monthly salary is ₹1,00,000, your home loan eligibility depends on multiple factors like age, existing loans, credit score and lender policies.
