Home Loan In Delhi

Home Loan

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What is a Home Loan?


A home loan simply means a specific sum of money borrowed from a bank or NBFC to buy/purchase/expand/renovate the house. You can borrow larger sums in home loan for longer tenures. Home loan tenures go up to 30 years. Banks and NBFCs offer home loan to buy, construct, repair or renovate a residential property. The interest rate on a home loan differs from lender to lender and is decided as per the profile of the borrower. They offer two types of interest rate: fixed interest rate and flexible interest rate. Banks and NBFCs have a very specific list of documents and eligibility criteria to approve home loan. A home loan is a secured type of loan and here a borrower has to keep his or her house as collateral to the bank. The bank approves loan against the mortgaged property as per the current cost of the same.

Why should you take a Home Loan in Delhi?


Delhi is the capital of India. People from all over the nation come to Delhi looking for opportunities. Delhi is expanding day by day horizontally and vertically. There are various types of residential properties available in Delhi: apartments, bungalows, row houses etc. You can get a home loan from any bank or NBFC to build, purchase or to renovate these properties. But still if you are not sure why you need a home loan, we have come up with plenty of reasons

Large scale financial transactions:

Buying a property requires heavy amounts of funds. People usually do not have such huge amount at their disposal. Such transactions need to be done by legitimate money lenders like trusted banks and NBFCs. Thus you should take a home loan for safer transactions.

You get tax benefits:

: If you take a home loan in Delhi, you can avail tax benefits under section 24 of the Income Tax Act, where you can claim up to Rs. 1.5 lakh out of the interest component of your home loan.

You don’t have to spend all of your savings:

When you apply for home loan, banks and NBFCs approve up to 85% to 90% of the loan amount. You have to pay the remaining 10% to 15% of the amount from your pockets. This way you don’t have to spend all your savings buying a house in Delhi.

What are the Types of Home Loan available in Delhi?


Banks and NBFCs offer home loan in Delhi for various types of house related needs. You can get a home loan in Delhi for following reasons.

Home Purchase Loans:

Banks and NBFCs offer this type of loan to purchase a house in Delhi.

Home Loan for Construction:

Banks and NBFCs offer this type of loan to construct a house in Delhi.

Home Loans for Extension/Renovation:

Banks and NBFCs offer this type of loan to renovate or extend the house. Like if you want to build extra room or floor on your already constructed house in Delhi, you can take this loan.

Home Conversion Loan:

Banks and NBFCs offer this type of loan to people who want to buy a new house while they still have the home loan on their first house. The home conversion loan helps you to transfer the current loan from your old house to your new house in Delhi.

Balance Transfer Home Loan:

Banks and NBFCs offer this type of loan to people who want to change the lender of their loan in the middle of the loan. If you want to switch loan lender because other lender is offering lower interest rate with some other benefits, you can do that by opting for this option. This way you avail yourself for better interest rates on home loan in Delhi.

What are the Characteristics of Home Loan?


Ruloans is India's fastest growing financial distributors. A comprised team with mammoth experience in finance and internally developed highly proficient Loan Calculator algorithm, we are pledged to offer solutions to all your financial needs. Borrowers can apply for home loans with Ruloans' latest online application process. You can choose from a plethora of banks and NBFCs on our website for your loan. We help you borrow right.

Hassle free process

We have developed an efficient, smooth and easy process for our consumers to get a home loan. Our easy to use online procedure allows consumers to apply documents quickly. Our highly proficient Loan Calculator also guides the consumers to embark on a hassle free process.

Benefits of applying with us

We value our consumers and are always on our toes to give them benefits of our expertise. Applying for a home loan with us, gives you a chance to avail the best offers and deals from our partner banks and NBFCs.

Compare your loan options

You can compare interest rates, offers and services on our online portal. This will guide you to make the right choice and choose the right lender for your home loan as per your budget and expectations.

Free expert guidance and advice

Our financial experts are always ready to give you the perfect advice. These highly trained professionals in finance know the back and forth of the industry. Our dedicated team of experts will help you at any given time, to choose the right home loan, without charging a dime.

Privacy policy

We, at Ruloans understand the value of your documents and keeping them safe and private. Your loan applications are processed electronically with complete privacy and transparency.

What are the Characteristics of Home Loan?


  • There are many Characteristics of Home Loan. Go for Home loans by choosing any one or all from below
  • 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.
  • The home loan amount varies from bank to bank. But the minimum is Rs 2 lakh.
  • The EMI (Equated Monthly Installment) of the loan is formed by combining the principal amount and the interest together.
  • Home loan can be repaid in the form of EMI (Equated Monthly Installment).
  • The home loan charges are inclusive of registration charge, processing fees, prepayment penalty, commitment charge and miscellaneous charges for documentation and consultation.
  • The repayment of home loans is done in equal monthly installments.
  • To avail a 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.
  • Home Loans are considered as secured advances.
  • To reduce liability, banks accept pre-payments. It is allowed by all banks and NBFCs. Very few banks charge for pre-payment.
  • The banks offer 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 to decide the rate of interest at which they want to lend money to borrowers.
  • In home loans, you can get loans in higher amounts compared to other types of loans i.e. 85% to 90%.
  • You can get a home loan irrespective of whether you want a house to stay in or for investment purposes.
  • The interest rate on home loan is comparatively lower than personal loan as it is a type a secured loan.
  • The amount bank will give you under 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 home loan according to the Income Tax Act, 1961.
  • To avail the home loans you can have your spouse or parents as co-applicant or joint applicant. You get tax benefits from that.

What are the Eligibility Criteria to avail a Home Loan?


  • Banks and NBFCs have very specific eligibility criteria while approving home loan in Delhi. The criteria changes as per their policy terms. But here we have listed a generic eligibility criteria asked by banks and NBFCs in Delhi to get a home loan:
  • Irrespective of consumer’s profession (salaried, self-employed or business person) he/she can get a home loan.
  • Any consumer who has a regular and steady source of income can get a home loan.
  • Applicant’s savings history with bank plays an important role in approval of the loan.
  • The consumer, who wants to apply for home loan, should be of minimum 21 years old. Whereas the repayments has to be done by the age of 60, maximum 65.
  • 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.
  • If you have a bad credit history, especially before 3 months of applying for home loan, it can become a large hurdle in accessing the loan.
  • Applicant need a good credit score is (750-900 is considered as a good credit score).
  • The applicant also has to give the proof of current residence. He or she should be staying at the current residence for at least a year. As it will be seen as a proof of stability with along with employment and financial.

What are the Documents Required to avail a Home Loan?


Getting a home loan in Delhi is not easy. You need ample documents to get a home loan. Banks and NBFCs are very specific and determined when it comes to the list of required documents to get a home loan in Delhi. Below is the list of required documents:

  • The list of required documents differs from bank to bank. 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
  • Additional Documents to be submitted by salaried applicants:
  • Salary certificate from the employer (original).
  • Copy of ITR or Form 16 for last 2 years.
  • Additional Documents to be submitted by Non-Salaried/Self-Employed/Professionals/Other
  • Additional Documents to be submitted by Non-Salaried/Self-Employed/Professionals/Other
  • Copy of ITR/Assessment Orders of 3 years.
  • Business proof (registration of business)
  • Bank statements of last one year

Why Choose Ruloans To Apply For Home Loan in Delhi?


Ruloans is touching new heights in the country as its fastest growing loan distributor. With our internally developed highly proficient Loan Calculator algorithm we help our consumers to get the perfect loan. We have a huge team of loan experts at our end to help you with your home loan related needs. Using our latest online application process you can choose from a number of banks and NBFCs for your home loan in Delhi. We help you borrow right.

Hassle free process:

Ruloans has developed a hassle free online process to ease the home loan application procedure. Our easy to use procedure with user friendly interface will guide you to apply for a home loan easily. You can also upload your documents online.

Benefits of applying with us:

We offer our customers special benefits for applying for a home loan with us. As we are partnered with many banks and NBFCs, we offer you best deals from the lender of your choice.

Compare your loan options:

When you apply for a home loan in Delhi on Ruloans, we offer you a list of banks and NBFCs so that you can compare their interest rates and other details. This way we help you borrow right.

Free expert guidance and advice:

Ruloans offers its services free of cost. We do not charge our customers for our guidance and advice in the loan procedure.

Privacy policy:

Ruloans has a strict privacy policy. The documents uploaded by our consumers are secured by us and are not shared with any external entity.

How to Apply For a Home Loan on Ruloans?


  • Applying for a home loan on Ruloans involves few easy steps:
  • Step 1: Go to the 'Home Loan' Go page on our website and click on 'Apply Now' box.
  • Step 2:Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.
  • Step 3: Our loan calculator presents you a list of banks and NBFCs most suitable for you as per your eligibility criteria. The list will include the name of the financial institutions, interest rates, required document list etc.
  • Step 4: From the given list, you can choose the financial institute of your choice. You can start filling up the form and upload the required documents. Here, if needed, you can call or mail our experts for advice. The contact details are given on our website.
  • Step 5:Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

Frequently Ask Questions


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