Home Loan

Home Loan

Check Your Eligibility

About Home Loan

Home loans are given to individuals who are interested in buying/constructing houses. It is supported by banks or financial institutions who loan a certain amount, based on the need of the individual(s). Loans can be applied for purchase, construction or improvement of homes.

A Home for everyone, times have changed when obtaining a Home was more of a Retirement planning than the needs for homes today. There could be many factors that have led to this paradigm shift of the need for owning a home. Primary facts of a self owned home leaving the worries of being a tenant and subject to a House owners control, factors such as evading Tax cuts and more deciding factors have fuelled the need for buying a Home of their own.

Property Rates have increased multifold within the last decade and also due to the mushrooming cities, causing the affordability of the home aspirant to be at the mercy of amounts crossing their budget. In such circumstances Home Loans through banks have been a boon to millions all around the world. Home Loans can be obtained from Banks and Financial institutions for many cases such as:

• Home Construction Loans

• Plot Loans

• Home Buying Loans

• Home Loan Balance Transfers

• Home improvement/Extension loans

Why Choose Ruloans To Apply For Home Loans?

As one of the leading loan & finance based comparison portals in the country, RuLoans provides you with an unbiased platform to analyze and decide upon the available deals in the market.
Moreover, our Home Loan Calculator helps you to view the various types of home loans you are eligible for, analyzing details of your Monthly Income / Gross Yearly Income, Existing EMI, Rate of Interest and Loan tenure.

As all banks and financial institutions have different criteria or specifications, it is important that you first check and analyse which ones you are eligible for. Our rule based calculator informs you about the eligibility criteria, repayment options, interest rates types,processing fee etc. thus helping you in selecting higher loan amounts at lower EMIs, i.e. LMIs.

Characteristic of Home Loan

• The asset i.e. your home/property is pledged as security collateral. In case of failure of payment of the loan on a timely basis, the bank/lender would be entitled to retrieve the asset.

• The loan amount varies, with minimum amount being Rs 2,00,000/-
The principal amount and the interest together constitute the EMI (Equated Monthly Installment) of the loan.

• The repayment time period, which ranges upto 30 years, is fixed based on the amount taken as loan and includes the outstanding principal plus the interest costs.

• The loan charges include registration charge, fee for processing, prepayment penalty, commitment charge and miscellaneous charges for documentation & consultation.

Eligibility Criteria

As mentioned earlier, the home loan eligibility is determined by various factors including income, employment status, loan tenure and so on.

• Any Indian citizen in good standing who is salaried, self-employed or business person with regular source of income can apply for a home loan.

• The applicant should be above the age of 21 years

• Professional stability and savings history play a major role in approval of the loan

• Bad credit history would prove to be a put-off, especially anytime within 3 months prior to applying for home loan.

• For Business men and Self-employed individuals, the value of loan you are eligible for is majorly determined by the profits and turn over earned by you.

*The eligibility criteria differ from bank to bank. The above details are generic, not specific.

Frequently Ask Questions

If you have a question that deals with clients, customers or the public in general, there is bound to be a need for the FAQ page.

Check Your Eligibility