Benefits of applying with Dwello
Our experts match you with the right bank, the best interest rate, and a repayment plan built around your comfort.
Available home loan providers
Bajaj Housing Finance
Interest RateStarting from 7.45%
Loan AmountUpto ₹15 Cr
EMI Per LakhStarting from Rs. 684 onwards
Processing FeesUp to 4% of the loan amount + GST as applicable
home loan Calculator
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Highlights
Key Features and Benefits of a Home Loan
Choosing a home loan is more than just a way to finance your dream property, it is a smart financial decision that offers attractive rates, tax savings, and long-term growth potential. Here is why a Dwello-assisted home loan stands out:
1. Competitive Interest Rates
Home loans generally come with lower interest rates compared to most other forms of credit. This makes them a cost-effective option for purchasing property. Lenders keep rates competitive to ensure timely repayments, helping borrowers manage EMIs more comfortably.
2. Professional Property Verification
One of the added advantages of applying for a home loan is that lenders conduct thorough legal and technical checks on the property. This process helps verify ownership, approvals, and compliance, reducing the risk of fraud and ensuring you invest in a legally sound asset.
3. Tax Savings
A home loan can help you save significantly through income tax deductions under prevailing laws. You can claim benefits on both the interest paid and the principal repayment, lowering your overall tax liability each year.
4. Flexible Repayment Tenure
Home loan repayment terms can be tailored to your convenience, with tenures extending up to 25 or even 30 years. Opting for a longer term can reduce your monthly EMI, making home ownership more affordable without straining your budget.
5. Home Loan Balance Transfer Facility
If you find a lender offering a lower interest rate or better service, you can transfer your outstanding loan amount to the new lender. This flexibility allows you to optimise costs and enjoy improved loan terms over time.
6. Potential for Property Value Appreciation
Real estate values have historically shown consistent growth. In many cases, the increase in property value over the years far exceeds the interest paid on the loan. This makes owning a home both a lifestyle improvement and a sound long-term investment.
How a Home Loan Helps You Save on Taxes
Repaying a home loan offers more than just the satisfaction of owning property, it can also help you save on taxes.
Repaying a home loan involves two parts:
- Principal Repayment
- Interest Payment
Both components are eligible for deductions under different sections of the Income Tax Act, allowing you to lower your taxable income.
| Section | Nature of Deduction | Applicable To | Maximum Deduction Allowed (per year) |
|---|---|---|---|
| Section 24 | Interest paid on home loan | Self-occupied property | ₹2,00,000 |
| Non-self-occupied property | No Limit | ||
| Section 80C | Principal repayment of home loan | Self-occupied property | ₹2,00,000 |
| Non-self-occupied property | No Limit | ||
| Section 80EEA | Additional interest benefit for first time homebuyers | Self-occupied property | ₹2,00,000 |
| Non-self-occupied property | No Limit | ||
Home Loan Eligibility Requirements
Before approving a home loan, banks and financial institutions assess an applicant’s profile to ensure repayment capacity and minimise risk. In addition to standard eligibility requirements, lenders also review credit history to understand repayment patterns and financial discipline.
Key Eligibility Parameters:
Before approving a home loan, banks and financial institutions assess an applicant’s profile to ensure repayment capacity and minimise risk. In addition to standard eligibility requirements, lenders also review credit history to understand repayment patterns and financial discipline.
Age Requirement:
Applicants must be at least 21 years old at the time of application and generally not older than 65 years at loan maturity.
Employment:
Eligible for both salaried and self-employed individuals.
Income Level:
Minimum annual income criteria vary by lender and loan amount. Higher income levels can increase loan eligibility.
Collateral/Security:
The property being purchased usually serves as primary collateral.
Financial Stability:
Lenders consider assets, savings, and long-term occupational continuity when evaluating risk.
Residence Status:
Available for Indian residents as well as Non-Resident Indians (NRIs), subject to specific lender policies.
| Parameter | HL - General | HL - SAL | HL - SE | HL - SE PROF (DOC) | HLBT - General | HLBT - SAL | HLBT - SE | HLBT - SE PROF (DOC) |
|---|---|---|---|---|---|---|---|---|
| Loan Amount (Min) | Rs. 4 lakh | Rs. 4 lakh | ||||||
| Loan Amount (Max) | Rs. 15 Crore | Balance Transfer – Rs. 15 Crore | ||||||
| Top-up Loan of Rs.1 Crore* or higher, based on your eligibility | ||||||||
| Tenure (Min) | 5 years | |||||||
| Tenure (Max) | up to 32 years | up to 32 years | up to 20 years | up to 25 years | up to 30 years | up to 30 years | up to 20 years | up to 25 years |
| Age (Min) | Salaried - 23 years | 23 years | 23 years | 23 years | Salaried - 23 years | 23 years | 23 years | 23 years |
| Self-employed - 23 years | Self-employed - 23 years | |||||||
| Age (Max) (At the time of loan maturity) | Salaried – 67 years | 67 years | 70 years | 70 years | Salaried - 65 years | 65 years | 75 years | 75 years |
| Self-employed - 70 years | Self-employed - 75 years | |||||||
| EMI per month (Starting from) | Rs. 684/lakh* | Rs. 684/lakh* | Rs. 827/lakh* | Rs. 742/lakh* | Rs. 703/lakh* | Rs. 703/lakh* | Rs. 852/lakh* | Rs. 749/lakh* |
| Rate of interest | 7.45%* to 10.25%* | 7.45%* to 10.25%* | 7.85%* to 10.65%* p.a. | 7.55%* to 10.30%* p.a. | 7.55%* to 10.35%* | 7.55%* to 10.35%* | 8.25%* to 10.80%* p.a. | 7.65%* to 10.40%* p.a. |
| Rate of interest (top-up) | NA | NA | NA | NA | 8.55%* to 10.40%* p.a. | 8.55%* to 10.40%* p.a. | 8.95%* to 10.85%* p.a. | 8.65%* to 10.45%* p.a. |
| Processing fee | Up to 4% of the loan amount + GST as applicable | |||||||
| Bounce charge | For loan amounts up to Rs. 15 lakhs: Rs. 500 | |||||||
| For loan amounts from Rs. 15,00,001 to Rs. 30,00,000: Rs. 500 | ||||||||
| For loan amounts from Rs. 30,00,001 to Rs. 50,00,000: Rs. 1,000 | ||||||||
| For loan amounts from Rs. 50,00,001 to Rs. 1,00,00,000: Rs. 1,000 | ||||||||
| For loan amounts from Rs. 1,00,00,001 to Rs. 5,00,00,000: Rs. 3,000 | ||||||||
| For loan amounts from Rs. 5,00,00,001 to Rs. 10,00,00,000: Rs. 3,000 | ||||||||
| For loan amounts more than Rs. 10 crores: Rs. 10,000 | ||||||||
| Penal charges | Click here to know about the penal charges. | |||||||
| Interest and principal statement charges | NIL | |||||||
| Part-prepayment charges | (1) For individual and non-individual borrowers with floating interest rate loans for non-business purposes: | |||||||
| For Term Loan – Nil | ||||||||
| For Flexi Term Loan – Nil | ||||||||
| (2) For individual and non-individual borrowers with floating interest rate loans for business purposes and all borrowers with fixed interest rate** loans: | ||||||||
| For Term Loan – 2% on the part-prepayment amount. | ||||||||
| Flexi Term Loan - Nil | ||||||||
| *GST as applicable will be payable by the borrower in addition to the prepayment charges, if any. | ||||||||
| **Nil for home loans closed by borrowers out of their own sources. Own sources refer to any source, other than borrowing from a bank/NBFC/HFC and/or a financial institution. | ||||||||
| Note: In the case of dual-rate home loans (fixed for the initial period and then floating), the foreclosure/part-prepayment charges will be applicable as per the status of the loan as on the foreclosure/part-prepayment date. | ||||||||
| Foreclosure Charges | (1) For individual and non-individual borrowers with floating interest rate loans for non-business purposes: | |||||||
| For Term Loan – Nil | ||||||||
| For Flexi Term Loan – Nil | ||||||||
| (2) For individual and non-individual borrowers with floating interest rate loans for business purposes and all borrowers with fixed interest rate** loans: | ||||||||
| For Term Loan – 4%* on principal outstanding | ||||||||
| For Flexi Term Loan – 4%* on the sanctioned amount during the Flexi interest only loan repayment tenure; and 4%* on the available Flexi loan limit during the Flexi Term Loan tenure | ||||||||
| *GST as applicable will be payable by the borrower in addition to the prepayment charges, if any. | ||||||||
| **Nil for home loans closed by borrowers out of their own sources. Own sources refer to any source, other than borrowing from a bank/NBFC/HFC and/or a financial institution. | ||||||||
| Note: In the case of dual-rate home loans (fixed for the initial period and then floating), the foreclosure/part-prepayment charges will be applicable as per the status of the loan as on the foreclosure/part-prepayment date. | ||||||||
| CIBIL Score | 725 or higher is ideal to get your home loan | |||||||
| Occupation | Salaried employee, a professional individual, and a self-employed individual. | Salaried applicant | Self-employed applicant | Self-employed doctor | Salaried employee, a professional individual, and a self-employed individual. | Salaried applicant | Self-employed applicant | Self-employed doctor |
Understanding Home Loan Charges
| Fee / Charge | Description | Typical Range / Details |
|---|---|---|
| Processing Fee | One-time, non-refundable fee to cover loan processing costs; paid in advance. | Varies by lender |
| Application / Administrative Fee | Non-refundable charge collected before loan approval; deducted from processing fee if approved. | ₹2,500 - ₹6,500 |
| Prepayment / Foreclosure Charges | Charged when closing the loan before tenure ends; often waived for floating-rate loans. | 2% to 6% of outstanding amount |
| Partial Prepayment Charges | Applied when paying part of the outstanding balance; waived for floating-rate loans. | 0.5% to 2% of part-payment amount |
| Conversion Charges (Switching Fee) | Fee for changing from fixed to floating interest rate or vice versa. | Varies by lender |
| Repayment Mode Swap Charges | Charged when changing repayment method or EMI date. | Around ₹500 per request |
| Maximum Tenure | Longest repayment period offered by lenders. | Up to 30 years |
| Loan Amount Range | Percentage of property cost offered as a loan, based on value and borrower profile. | 75% to 85% of property cost |
Documents Needed for a Home Loan
Having the right documents ready ensures a smooth and quick home loan approval process. Lenders may request additional paperwork based on your profile, but the following are standard requirements:
| Document Type | Examples OF Docuemnt |
|---|---|
| Identity Proof | PAN Card / Aadhaar Card / Passport / Voter ID / Driving Licence |
| Address Proof | Utility bills (electricity, water, telephone) / Aadhaar Card / Passport / Bank statements |
| Income Proof | Latest salary slips / Form 16 / Bank account statements |
| Employment Proof | Employment certificate for salaried applicants; Business continuity proof (minimum 5 years) for self-employed |
| Other Documents | Passport-size photographs, property-related documents as per lender requirements |
How to Get a Home Loan in Four Easy Steps
Getting a home loan with Dwello is quick, simple, and hassle-free. Here’s how the process works:
Fill Out an Online Form:
Share your details to instantly view the best offers from our partner banks.
Get Expert Assistance:
Our executive will guide you in selecting the most suitable loan offer for your needs.
Doorstep Document Collection:
We collect the required documents from you and submit them to the bank.
Bank Review & Approval:
The bank processes your application, verifies details, and confirms your loan approval.
FREQUENTLY ASKED QUESTIONS (FAQs) About Home loan
What is the maximum amount I can get as a home loan?
Most lenders finance between 75% and 85% of the property’s market value. The exact amount depends on your income, credit history, and the lender’s policy.
Do I need a high credit score to get a home loan?
A credit score of 750 or higher improves your chances of securing a home loan at a lower interest rate. However, some lenders may still offer loans to applicants with lower scores under different terms.
Can I apply jointly for a home loan?
Yes. Applying with a co-borrower, such as a spouse or immediate family member, can increase your loan eligibility and make repayment more manageable.
Which documents do I need to submit for a home loan?
Documents needed include identity and address proof, income proof, bank account statements, property papers, and passport-size photographs.
Are there tax benefits on home loans?
Yes. Tax deductions are available on principal repayments under Section 80C and on interest payments under Section 24 of the Income Tax Act. First-time buyers may also be eligible for extra benefits under Section 80EEA.
What is the main difference between fixed and floating interest rates?
A fixed rate remains constant for a set period, offering predictable EMIs, while a floating rate changes with market conditions and can increase or decrease over time.
Can I pay off my home loan before the end of the tenure?
Yes. Early repayment or foreclosure is allowed by most lenders. Floating-rate home loans generally have no prepayment penalty, while fixed-rate loans may carry a charge.
How long does it take for a home loan to be approved?
With complete documents and a clear property title, lenders can process and approve a home loan in as little as 5 to 10 working days.
Are NRIs eligible to apply for a home loan in India?
Yes. Many banks and housing finance companies offer home loans to NRIs, subject to specific eligibility criteria and additional documentation requirements.
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Registered & Corporate Office
JM Financial Products Limited. 7th Floor, Cnergy, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400025
CIN:
U74140MH1984PLC033397
RERA NUMBERS
Maharashtra
A51900000277
Karnataka
PRM/KA/RERA/1251/309/AG/220521/002898
Delhi
DLRERA2022A0103
Haryana
RC/HARERA/GGM/1932/1527/2022/300
For any complaints please write to us at grievance@dwello.in