Home Loan
“Unlocking the Door to Your Dream Home”
Turn your dream home into reality with YesLoans, offering best interest rate home financing solutions and expert guidance from over 100 leading lenders across India.
Your Homeownership Journey, Simplified
Securing a home loan is a significant commitment, and we’re here to make it transparent, efficient, and stress-free.
What is home loan?
A Home Loan is a type of secured loan that individuals borrow from banks or financial institutions specifically for the purpose of purchasing, constructing, extending, or renovating a residential property. In this type of loan, the purchased or constructed property itself serves as security (collateral) for the borrowed amount.
You receive a lump sum, which is then repaid over a predetermined period, typically through Equated Monthly Installments (EMIs). It’s crucial to remember that a home loan is a substantial financial commitment, often requiring a down payment – a percentage of the property’s purchase price paid upfront. YesLoans helps you carefully assess your financial situation and find loan terms that align with your repayment capacity.
Types of Home Loan?
YesLoans offers a diverse range of home loan products to cater to every homeownership need:
Home Loan Eligibility Criteria & Documentation: Simplified for You
Applying for a Home Loan involves specific criteria and documentation. YesLoans simplifies this process by connecting you with lenders whose requirements you can meet. Here’s a general overview:
General Eligibility Criteria for Home Loans
Detailed Eligibility & Documents
Eligibility Criteria
- Age: 21 to 60 years (at loan maturity).
- Minimum Net Monthly Income: Typically ₹25,000 to ₹50,000 (varies based on city and lender).
- Work Experience: Minimum 2-3 years, with at least 1 year in the current organization.
Documentation
- KYC: Photo Identity Proof (PAN Card, Aadhaar Card, Passport, Driver's License), Address Proof (Aadhaar, Utility Bills), Passport-size photographs.
Income Proof: Last 3-6 months' Salary Slips, Last 2 years' Form 16, Last 6 months' Bank Account Statements (showing salary credits), Latest ITR.
Employment Proof: Employment Certificate/Appointment Letter, Company ID card. Property Documents: Copy of Agreement to Sell, Allotment Letter, Receipts of advance payments made.
Eligibility Criteria
- Age: 21 to 65-70 years (at loan maturity).
- Business Vintage: Minimum 3-5 years of business continuity.
- Income: Consistent and adequate business income as per ITRs.
Documentation
KYC: Same as salaried individuals.
Income Proof: Last 2-3 years' ITRs with computation of income, Certified Financial Statements (P&L and Balance Sheet) for the last 2-3 years, Business Bank Account Statements for the last 6-12 months.
Business Proof: Business Profile, Proof of Business Registration (Shop & Establishment Certificate, GST Registration, Partnership Deed, MoA/AoA), Professional Practice Certificate (for professionals).
Property Documents: Same as salaried individuals.
Eligibility Criteria
Age: 21 to 60-65 years (at loan maturity).
Work Experience: Minimum 2 years of overseas employment/business.
Co-Applicant: Often requires a Resident Indian co-applicant (direct close relative).
Documentation
KYC: Photocopy of Passport & Visa, NRI status proof (OCI/PIO Card if applicable), Indian & International Address Proof.
Income Proof: Salary Certificate (in English) or last 6 months' Salary Slips, Last 6-12 months' NRE/NRO Bank Account Statements (Indian) and overseas bank account statements.
Employment Proof: Appointment Letter, Job Contract, Labour/ID card.
Power of Attorney (PoA): If applying from abroad, a Power of Attorney attested by the Indian Consulate/Embassy in the resident country. If in India, a locally attested PoA.
Property Documents: Same as other categories.
Eligibility Criteria:
- Age: 21 to 60 years (at loan maturity).
- Minimum Net Monthly Income: Typically ₹25,000 to ₹50,000 (varies based on city and lender).
- Work Experience: Minimum 2-3 years, with at least 1 year in the current organization.
Documentation:
- KYC: Photo Identity Proof (PAN Card, Aadhaar Card, Passport, Driver’s License), Address Proof (Aadhaar, Utility Bills), Passport-size photographs.
- Income Proof: Last 3-6 months’ Salary Slips, Last 2 years’ Form 16, Last 6 months’ Bank Account Statements (showing salary credits), Latest ITR.
- Employment Proof: Employment Certificate/Appointment Letter, Company ID card.
- Property Documents: Copy of Agreement to Sell, Allotment Letter, Receipts of advance payments made.
Eligibility Criteria:
- Age: 21 to 65-70 years (at loan maturity).
- Business Vintage: Minimum 3-5 years of business continuity.
- Income: Consistent and adequate business income as per ITRs.
Documentation:
- KYC: Same as salaried individuals.
- Income Proof: Last 2-3 years’ ITRs with computation of income, Certified Financial Statements (P&L and Balance Sheet) for the last 2-3 years, Business Bank Account Statements for the last 6-12 months.
- Business Proof: Business Profile, Proof of Business Registration (Shop & Establishment Certificate, GST Registration, Partnership Deed, MoA/AoA), Professional Practice Certificate (for professionals).
- Property Documents: Same as salaried individuals.
Eligibility Criteria:
- Age: 21 to 60-65 years (at loan maturity).
- Work Experience: Minimum 2 years of overseas employment/business.
- Co-Applicant: Often requires a Resident Indian co-applicant (direct close relative).
Documentation:
- KYC: Photocopy of Passport & Visa, NRI status proof (OCI/PIO Card if applicable), Indian & International Address Proof.
- Income Proof: Salary Certificate (in English) or last 6 months’ Salary Slips, Last 6-12 months’ NRE/NRO Bank Account Statements (Indian) and overseas bank account statements.
- Employment Proof: Appointment Letter, Job Contract, Labour/ID card.
- Power of Attorney (PoA): If applying from abroad, a Power of Attorney attested by the Indian Consulate/Embassy in the resident country. If in India, a locally attested PoA.
Property Documents: Same as other categories.
Your 5-Step Path to Faster Home Loan Approval
Experience a swift and transparent application process with YesLoans:
Submit Your Details
Share your home loan requirements and personal information.
Explore Personalized Offers
Review and compare the best home loan rates and terms from our network of 100+ lenders.
Easy Document Upload
Securely upload all necessary KYC, income, and property documents online.
Dedicated Relationship Manager Support
Our expert will guide you through verification and answer all your questions.
Rapid Sanction & Disbursal
Receive quick loan approval and swift disbursal of funds to secure your dream home.
Get In Touch With Us
We do not charge any upfront fees.
Find out the best deal we can offer without it affecting your credit score.
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₹ 0Why Choose YesLoans for Your Home Loan?
- Best-in-Class Offers: Access competitive interest rates and tailored deals from a vast network of 100+ lenders.
- Expert Guidance: Benefit from personalized advisory to navigate complex home loan processes.
- Transparent Comparisons: Compare loan options with live interest rates and clear terms.
- Seamless Digital Experience: Apply and manage your loan effortlessly with our user-friendly online platform.
- Quick & Efficient Disbursal: Get your funds approved and disbursed quickly, ensuring your home purchase timeline is met.
- PAN-India Presence: Our services are accessible across major cities in India.
FAQ
Here are some factors to consider when evaluating if it is a smart move or not which are as follows:
- Interest Rate Differential: If the new lender is offering a significantly lower interest rate, it could result in substantial interest savings over the loan tenure.
- Savings on EMIs: A lower interest rate on the transferred loan can potentially reduce your Equated Monthly Installments (EMIs), freeing up your cash flow and providing financial relief.
- Remaining Loan Tenure: If you are already in the later stages of your loan repayment, the interest savings through a balance transfer may not be significant enough
- Customer Service and Benefits: It may include features like a top-up loan facility, flexible repayment options, or better customer service experience, which could add value to the overall borrowing experience.
There is no specific limit on the number of times you can transfer your home loan balance. However, the feasibility and benefits of transferring your home loan balance multiple times depend on various factors, such as the terms and conditions of your existing loan, the prevailing interest rates, and the costs associated with each transfer.
It is advisable to carefully evaluate the costs, benefits, and overall financial impact before considering a balance transfer.
When you opt for a balance transfer of your home loan in India, it may have an impact on your Credit Information Bureau (India) Limited (CIBIL) score, which is one of the credit scoring models. It’s always advisable to be mindful of the potential impact on your credit score and ensure that you maintain a positive payment history, keep credit inquiries to a minimum, and manage your debts responsibly to minimize any adverse effects on your CIBIL score.
The shortest duration required for a home loan transfer, also known as a home loan balance transfer, can vary among different lenders. Generally, lenders have a minimum lock-in period, which is the minimum duration you must maintain your home loan with the current lender before you can initiate a balance transfer. The lock-in period typically ranges from 6 months to 24 months, although it can differ from lender to lender. During this period, you are expected to maintain your home loan with the existing lender and adhere to the terms and conditions of the loan agreement.
Yes, it is possible to get two home loans from the same bank in India, subject to the bank’s policies and your eligibility criteria. However, obtaining multiple home loans from the same bank may depend on various factors, including your creditworthiness, income, repayment capacity, and the bank’s internal guidelines. It’s important to note that managing multiple home loans simultaneously requires careful financial planning and consideration of your repayment capacity. It’s recommended to evaluate your financial situation, assess the potential risks and benefits, and consult with the bank to understand their specific policies and requirements
Most lenders prefer borrowers to have a credit score of 650 or above to be eligible for a personal loan. It’s important to note that while credit score is an essential factor in loan approval, it’s not the sole determining factor. Lenders also consider other aspects of an applicant’s profile, such as income, employment stability, debt-to-income ratio, and repayment capacity.