Home Loan - Apply Housing Loan Online Upto Rs. 10 Crore*
The dream of having your own house is an aspiration held by many Indians. But high real estate prices make it difficult for many to afford their dream home.This is where home loans come in. Affordable and convenient housing finance options can help you unlock the door to your new home. With competitive mortgage loan interest rates, easy repayment options, and high loan amounts, opting for a mortgage loan is a smart choice.
What is a Home Loan?
Affordable Home Ownership
Tax Benefits
Wealth Creation
Flexible Repayment Options
Choose periods that you can work within your finances.
Balance Transfer Facility
No Prepayment Charges
Low-Cost Financing
Government Support
Business Loan Process Overview
Identifying Loan's Purpose
Be it for growth, meeting working capital needs, or if you're unsure, we're here to help you figure it out
Business Health Report
Get a quick Business Health Report from veramigo, showcasing your financial health, credit, GST, and banking insights, all consolidated into a snapshot for swift assessment by the Lenders.
Tailored Loan Option
The Loan Marketplace is your key to business success, offering not just loans, but the right loans with terms tailored to your growth ambitions.
Initiate Loan Application
Ensuring you negotiate the terms upfront to avoid any unexpected surprises later.
What Our Customers Say
Types of Home Loans
Fixed-Rate Home Loan
- The interest rate charged is the same amount throughout the loan period.
- Best for circumstances where the inflation rate is low and an increase in inflation is imminent.
Floating-Rate Home Loan
- The interest rates offered undergo changes depending on the lending rates offered by the financers.
- With changes in the economy, the EMI may either increase or reduce.
Hybrid Home Loan
- It is fixed and floating.
- A fixed interest rate is adhered to for a defined period, then a variable interest rate comes into effect.
- Best suited for those borrowers who intend to make early repayments.
Compare Interest rates of Top banks & NBFCs for Home Loan
| Banks/NBFCs | Interest Rate (%) |
|---|---|
| Aadhar Housing Pvt Ltd | 10.50% onwards |
| Axis Bank | 8.55% onwards |
| Bajaj Housing Finance | 8.50% onwards |
| HSBC | 8.45% onwards |
| Godrej Housing Finance | 8.75% onwards |
| Capri Global Housing Finance Ltd | 10% onwards |
| Bank of Baroda | 8.40% onwards |
| DBS Bank | 8.50% onwards |
| Edelweiss Housing Finance Ltd | 8.70% onwards |
| Indiabulls | 8.80% onwards |
| Federal Bank | 8.60% onwards |
| HDFC Ltd. | 8.60% onwards |
| ICICI Bank | 8.65% onwards |
| ICICI Home Finance | 8.90% onwards |
| Kotak Mahindra Bank | 8.50% onwards |
| PNB Housing Finance | 8.60% onwards |
| State Bank of India | 8.45% onwards |
| IIFL | 8.90% onwards |
| Aditya Birla Housing Limited | 8.75% onwards |
| Tata Capital Housing Finance | 8.70% onwards |
| Piramal Housing Finance Ltd | 10.50% onwards |
Home Loan EMI Calculator
Applicants can utilize the Home Loan EMI Calculator provided below to determine the EMIs and overall interest cost payable for the loan duration based on the interest rate, loan sum, and loan period provided by the lender.
EMI Calculation for Home Loan
Formula: EMI = [ P * R * (1 + R ) ^ N ] / [(1 + R ) ^ N – 1]
Where:
P = Principal amount
R = Interest Rate per month
N = Life of Loan in Months
Using an EMI Calculator is wise, as it allows a prospective borrower to be prepared for repayment.
EMI Calculator
Loan EMI
Total Interest Payable
Total Payment
(Principal + Interest)
Application Process
- Fill out the loan application form.
- Payment of an application fee.
- Documents must be produced for proof.
- The property is checked legally as well.
- Loan approval and transfer of funds.
Approval and Disbursement
Applicable Fees and Charges of Our Home Loan
| Particulars | Charges |
|---|---|
| Processing Fees | Up to 25 paise of the loan amount |
| Tenure/ Time Period | Up to 30 years |
| Prepayment Charges | – |
Prepayment and Foreclosure
- Prepayment: Even paying a part or whole of it may interest less or no interest at all.
- Foreclosure: It means paying the total amount along with the interest due on it before its specific date, and should normally not include a percentage of the amount paid as deposit.
- No Prepayment charges: Most of the times early payments do not attract any charges.
Eligibility Criteria for Home Loan
Home loan eligibility may depend on several factors, including:
- Age: Providing a wider range of repayment periods for younger borrowers.
- Credit Score: 700-725 will be the minimum score.
- Income Stability: Confirmation of constancy of salary and existence of employment.
- Debt-to-Income Ratio: Reduction in liabilities will enhance eligibility.
- Employment Status: Employed or Self Employed individuals can borrow.
- Bank Statements: Provision of 6 last months’ statements is mandatory.
Income Requirements
- Requirements for salaried people are, salary slips, Form 16 and submission of income tax returns.
- Self-employed needs to submit business financials, including balance sheets and profit and loss statements.
- Co-applicants have a big positive impact on the eligibility and repayment capabilities.
Credit Score Requirements
Documents Required to Apply for a Home Loan or Mortgage Loan
- For Identification Proof: Aadhaar card, passport, PAN card.
- Address proof: Utility bills, rentals.
- Eligibility: Salary slips, Form 16, IT returns.
- Banking History: Last 6 months.
- Property Documents: Sale agreement, property title.
- Business Proof: Financial documents, tax filings etc.
How to Apply for a Home Loan through veramigo
When applying for a mortgage loan at veramigo, you don’t have to go through a mountain of paperwork or go through an incredibly lengthy process. Here’s how to go about it:
- Visit the official website of veramigo and register or login.
- Register on the funds using your mobile number and generate a one time password.
- Upload any required financial or identification documents.
- Complete the mortgage application form.
- Through veramigo, you will get in touch with numerous lenders that are ready to provide you with great rates on their mortgages.
Tips for Choosing the Right Home Loan
-
Compare Interest Rates
Compare a couple of lenders first before making a decision.
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Change the Terms Of The Loan
Assess tenure and EMIs with the restriction of paying early off amounts or with more flexibility in the payment guides.
-
Be Aware About The Underrated Payments as well
These include processing payments, charges and other valuation fees.
Common Mistakes to Avoid
-
Limiting the Limits of Credit Score:
Managing all your payments could stunningly increase your chances of acceptance.
-
Ignoring the Minimal Charges:
Always consider all payments whilst drawing your plan.
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Not Comparing Loans:
Always look around for a better offer.
Reasons For Rejection
-
Low Credit Score:
This shows your repayment history has not been great.
-
Documents Submitted Not Complete:
This causes hitch or denial of a loan.
-
Job is Not Stable:
Questions the ability to repay the loan.
-
High Debt Servicing Ratio:
Makes it less possible to make payments.
