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Types of Home Loans

  • Home Loans
  • These are the most common type​s of ​Home Loans, designed for purchasing a new apartment, row house, or bungalow from a developer or development authority. They can be used to finance both under-construction and ready-to-move properties.
  • Home Construction Loan
  • If you own a plot and need funds to build a house on it, a ​​Home Construction loan can be the perfect solution.
  • House Renovation Loan
  • For homeowners looking to upgrade or renovate their existing property, a ​House Renovation Loan covers expenses such as painting, tiling, roof repairs, and more.
  • Home Extension Loan
  • As families grow, so do their space requirements. A Home Extension Loan provides financial assistance for adding new rooms, extending kitchens, or building additional bathrooms to accommodate family needs.
  • Plot Loan
  • For those planning to build their own home in the future, a ​Plot Loan can be availed to purchase land.
  • Balance Transfer Loan
  • Housing Finance Companies (HFCs) offer ​Balance Transfer Loans, enabling borrowers to switch their existing ​Home Loan to a new lender. This is typically done to secure a lower interest rate, flexible repayment terms, and other added benefits.
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Wondering if you are eligible?

Eligibility criteria to apply for a Personal Loan for Teachers

Salaried

  • Loan Tenure
  • Age is crucial for ​​Home Loan eligibility.
  • Younger applicants have better chances of procuring ​Home Loan.
  • Younger age allows for longer loan durations.
     
  • Financial Profile
  • Consistent salary is crucial for loan approval.
  • Stable employment in reputed firms is preferred.
  • A high credit score enhances loan approval chances.
  • Scores above 750 are favourable for loan approval.
  • Low existing liabilities are preferred for loan approval.
  • Lenders evaluate ​Personal Loans and Credit Card debts.

Self Employed

  • Loan Tenure
  • Younger applicants get longer loan tenure.
  • Loans are available up to age 65 for self-employed.
  • Financial Profile
  • Stable business income is essential for loan approval.
  • Tax returns and business proof are required.
  • High credit score enhances loan approval chances.
  • Clean repayment history is critical for approval.
  • Low business and personal debts are favorable.
  • Assessment includes ​​Business Loan liabilities.

Frequently Asked Questions  

A Home Loan is money borrowed from a financial institution to purchase a new or resale home, construct a house or renovate or extend an existing home. It’s a secured loan where the property is collateral, and the money borrowed is repaid over a set period at a specific interest rate.

The primary benefit of a Home Loan is that it makes homeownership accessible without paying the full price upfront. It also offers tax deductions on repayment of principal and interest, making it a financially savvy option.

Your age significantly impacts Home Loan eligibility; younger applicants have better chances and can secure longer loan tenures. A stable, high income—whether salaried or self-employed—also boosts loan approval. Additionally, a high credit score and clean repayment history enhance approval prospects. Lenders assess existing liabilities like Personal Loans and Credit Cards to ensure repayment capacity, with fewer liabilities increasing approval likelihood.

Get the home of your dreams—apply now for easy financing!

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