India Home Loan - Rates Feb 2023, Eligibility, EMI Calculator, Apply Online

India Home Loan

About India Home Loan

Researching about home loans is a crucial step of every home buyer’s journey. Buyers consider financing their purchase with a home loan rather than utilizing their savings for the same. But will any home loan do? Can one just randomly choose the nearest home loan companies and avail a home loan without any risk or regret? It’s not as easy as that.

Home Loan

Eligibility & Quotes from top PSU & Pvt. Banks | Lowest Interest Rates | Comfortable Tenure

    Almost done, few more details required.

    It is ideal to do some homework before deciding on any one home loan. The good news is that some housing finance companies have made it convenient for retail consumers to choose their home loan product as per their requirements. India Home Loans Limited (IHLL) is one such company which offers an unparalleled quality of service, transparency right through the Loan procedures and a supportive experience that remains with you until such time you accomplish your dream. Home loans are availed by those customers who look to purchase the ready-made home or wanting to construct a dwelling unit on an owned plot of land.

    India Home Loans Ltd. offers home loan for an amount up to ₹20 lakhs at varying interest rates 12.50%-14 % for a tenure ranging from 5 years to 15 years. Home loans are availed by those customers who look to purchase the ready-made home or wanting to construct a dwelling unit on an owned plot of land.

    India Home Loan Interest Rates

    Interest Rate12.5%-14% for Loans Upto Rs. 20 Lakhs

    Beyond Rs. 20 Lakhs-as per the norms
    Maximum Loan Amount₹20 Lakhs. But it should be within 80% of the property cost
    Loan Tenure5-15 Years
    Processing Fee & Other ChargesAs applicable
    Income Tax ExemptionAvailable under Section 24 of the Income Tax Act

    India Home Loan Eligibility Criteria

    Applicants applying for a home loan should meet the following criteria:

    • You can apply either individually or jointly with a co-borrower/co-borrowers for a home loan. However, the combined income must be sufficient enough to bear the EMIs that come with a loan.

    • Make sure the property you want to buy is situated in rural /urban areas.

    • The loan tenure is limited to the retirement age or 60 years, whichever is earlier, for salaried professionals. For self-employed, the maximum tenure is 65 years.

    Other eligibility criteria

    • Both salaried and self-employed, willing to construct or purchase the dwelling units at towns, cities, and villages, can avail a home loan subject to their appraised income, which gets calculated based on the surrogate income proof.
    • The minimum and maximum tenure of the home loan are 5 years and 15 years, respectively.

    • Maximum loan availability is limited to ₹20 lakhs, within 80% of the property cost that involves the cost of a land, construction, and single-time purchase.

    • You can choose from both fixed and floating rate home loans with the availability of monthly amortization at your disposal.

    • IHLL will comply with the Most Important Terms and Conditions (“MITC”) on all loans as specified by the National Housing Bank (NHB). You can check the details of the policy at MITC.

    India Home Loan  EMI Calculator

    Now you can easily buy the house of your dreams. With the help of India Home Loan EMI Calculator, it is possible to do so. All you need is to fill the details in the EMI calculator such as loan amount, the number of months and interest rate applicable on your loan.You may get the calculated EMI value to be payable against your home loan.

    For example-You are a creative designer working for an IT Company in Noida. Your monthly income is ₹75000. You want to acquire a property in Noida costing ₹87 lakhs for which ₹67 lakhs will be funded out of your own savings. Further, an application has been made towards the home loan for an amount ₹20 lakhs, payable after 15 years at varying interest rates 12.50%-14%.

    Below is the table to check how much amount you will be paying as your EMI along with interest accrued each year.

    Table showing EMI, interest outgo and total amount payable on your home loan

    Loan Amount (in ₹)Loan Tenure (in years)Interest Rate (p.a.)EMI (in ₹)Total Interest Outgo (in ₹)Total Amount(EMI+Interest) (in ₹)
    20,00,000 112.50%-14% 1,78,166-1,79,574 1,37,989-1,54,891 21,37,989-21,54,891
    20,00,000 212.50%-14% 94,615-96,026 2,70,751-3,04,618 22,70,751-23,04,618
    20,00,000 312.50%-14% 66,907-68,355 4,08,661-4,60,789 24,08,661-24,60,789
    20,00,000 412.50%-14% 53,160-54,653 5,51,680-6,23,342 25,51,680-26,23,342
    20,00,000 512.50%-14% 44,996-46,537 6,99,753-7,92,190 26,99,753-27,92,190
    20,00,000 612.50%-14% 39,622-41,211 8,52,810-9,67,226 28,52,810-29,67,226
    20,00,000 712.50%-14% 35,842-37,480 10,10,768-11,48,322 30,10,768-31,48,322
    20,00,000 812.50%-14% 33,058-34,743 11,73,531-13,35,328 31,73,531-33,35,328
    20,00,000 912.50%-14% 30,935-32,667 13,40,991-15,28,079 33,40,991-35,28,079
    20,00,000 1012.50%-14% 29,275-31,053 15,13,028-17,26,394 35,13,028-37,26,394
    20,00,000 1112.50%-14% 27,951-29,773 16,89,513-19,30,079 36,89,513-39,30,079
    20,00,000 1212.50%-14% 26,877-28,743 18,70,309-21,38,926 38,70,309-41,38,926
    20,00,000 1312.50%-14% 25,995-27,902 20,55,270-23,52,722 40,55,270-43,52,722
    20,00,000 1412.50%-14% 25,263-27,210 22,44,246-25,71,245 42,44,246-45,71,245
    20,00,000 1512.50%-14% 24,650-26,635 24,37,079-27,94,269 44,37,079-47,94,269

    Amortization Table

    Year Principal (in ₹)Interest (in ₹)Balance Amount (in ₹)
    142,265-48,519 247,281-277,355 1,951,481-1,957,735
    248,575-54,943 240,857-271,045 1,896,538-1,909,160
    355,830-62,217 233,583-263,790 1,834,321-1,853,330
    464,166-70,455 225,345-255,454 1,763,866-1,789,164
    573,750-79,786 216,014-245,870 1,684,080-1,715,414
    684,763-90,349 205,451-234,857 1,593,731-1,630,651
    797,422-1,02,312 193,488-222,198 1,491,419-1,533,229
    8111,973-115,860 179,940-207,647 1,375,559-1,421,256
    9128,695-131,201 164,599-190,925 1,244,358-1,292,561
    10147,914-148,577 147,223-171,706 1,095,781-1,144,647
    11168,251-170,003 127,549-149,617 927,530-974,644
    12190,529-195,391 105,271-124,229 737,001-779,253
    13 215,759-224,572 80,041-95,048 521,242-554,681
    14244,328-258,111 51,472-61,509 276,914-296,570
    15277,171-296,876 19,119-22,963 0

    Documentation Required for India Home Loan

    In order to process your Home Loan Application, particular documents are required to be submitted by you.

    • Know Your Customer (KYC) documents.

    Photo ID Proof(Any one required)

    • PAN Card
    • Passport
    • Driving License
    • Voters ID Card

    Residence Proof (Any one required)

    • Electricity Bill
    • Telephone Bill
    • Letter from Employer
    • Ration Card
    • Bank Statement/Passbook with address
    • Income proof documents and last 1-year bank statement
    • Documents pertaining to the property

    Features and Benefits of India Home Loan

    • Home loan is available for the purchase of a ready-to-move-in Home/Flat

    • Affordable rates of interest

    • No fee charged for cheque replacement, home loan account statement, procurement of provisional or final income tax eligibility certificates

    • Clear terms

    • Simple procedures

    • Hassle free norms

    • Benefit of quick sanction & disbursal available

    India Home Loan Customer Care Contact Number

    Are you facing any complexity in understanding the procedure of home loan disbursements? Contact an experienced customer care representative of India Home Loan for your queries regarding interest rates, eligibility norms or for reducing your monthly installments in case of scarcity of funds or any other grievance(if any) by calling on:   022- 25683353/54/079- 40035027.

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