Home loan guide
Rates from about 8.5% p.a., tenures up to 30 years and funding of up to 90% of the property value. Here is what to know before you apply.
How much can you borrow?
Lenders fund up to 90% of the property value for loans up to ₹30 lakh, 80% up to ₹75 lakh and 75% above that. Your EMI is usually capped at 50%–60% of net monthly income. A ₹50 lakh loan at 8.5% for 20 years is an EMI of about ₹43,400.
Eligibility
- Aged 21–65 at loan maturity
- Salaried or self-employed with stable income
- Credit score of 700+ for the best rates
- Clear property title and approved plans
Fixed vs floating
Most home loans are floating, linked to the repo rate. Fixed rates are usually 1%–2% higher and may convert to floating after a few years. Floating loans have no foreclosure charges for individuals.
Balance transfer
If your current rate is more than 0.5% above what new borrowers get, a transfer can save lakhs over the tenure. Compare the processing fee and legal charges against the interest saved.
Tax benefits
- Principal repayment: up to ₹1.5 lakh under Section 80C
- Interest: up to ₹2 lakh under Section 24(b) for a self-occupied home
We currently offer home loan guides and calculators. Applications are not yet available through CreditJunction4U.