Make your dream house a reality with our home loan options.
To assist people in acquiring the homes of their dreams, NOBO provides a variety of home loans in India. Since buying a home is a big commitment, we know how important it is to make the correct choice. For that reason, we offer thorough information on home financing, including interest rates, qualifying requirements, and customisable loan options. We offer the ideal option to meet your needs, whether you are a first-time home buyer, upgrading to your ideal property, or hoping to move in order to lower your housing loan EMI. Applying for property finance with NOBO is the first step towards obtaining your ideal Indian home.
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Features
Eligibility
Documents
EMI Calculator
Charges
FAQs
Features and Benefits of a Home Loan
A vast array of institutions offer you the best home loan rates at the most competitive rates and affordable EMIs.
- Home Construction Loan: If you have a plot of land and lack financial support to construct a home on that piece of property, you may choose a house construction loan. Such borrowing is mainly made to construct or repair a major part of your home.
- Home Extension Loan: Should you already own a home, and feel the need to extend the building, add an annexe, or build another floor, etc., Home Extension Loan is your go-to option that finances such needs.
- Home Improvement Loan: All of us wish to improve and upgrade our homes for a better life. From your old-age furniture, fixtures to faulty lightning systems, Home Improvement Loan funds all your plans.
- NRI Home Loan: If you are a patriot, a Non-Resident Indian, and wish to own residential property in India, NRI Home Loan is your answer. Though the formalities for application may be a little different.
Home Loan Eligibility
The basic home loan eligibility criteria are as follows:
Age:
- You must be above 21 years of age at the time of the commencing of your loan, and up to 65 years or less at loan maturity
- Salaried Person – 21 years to 58 years
- Self-Employed Person – 25 years to 65 years
Income
- Salaried Person – Minimum Rs. 10,000 per month
- Self-Employed Person – Minimum Rs. 2,00,000 per year
Employment
- Salaried Person – Minimum 2 to 3 years of Experience in MNC, or a Private or Public Limited Company
- Self-Employed Person – Minimum 3 years of Experience in the current field
Credit Score
- A credit score of 750 is considered a good score for approval.
Documentation for Home Loan
Income Proof Documents
1. Salaried Individuals
- Form 16
- Employee Identity Card
- 3 Months Salary Slip
- 6 Month Bank Account Statement
- Duration of Employment Evidence
2. Self-Employed Individuals
- PAN
- Trade License
- Partnership Deed
- Article of Association
- Memorandum of Association
- Import Export Code
- SEBI Registration Certificate
- ROC Registration Certificate
- Financial Statement Audited by CA
- Profit & Loss Account Statement
- Balance Sheet
- 6 Months Bank Account Statement
- Professional Practice License for Doctors, Consultants, etc
- Registration Certificate of Establishment for Shops, Factories, and Other Establishments
- Business Address Proof
3. Documents Required from all Non-Resident Indians (NRIs) Applicants
- Income Proof Documents for NRI
- Property Papers
- Property Documents
- Sale Deed
- Stamped Agreement of Sale
- Allotment Letter
- No Objection Certificate or NOC
- Housing Society
- Builder
- Possession Certificate
- Land Tax Receipt
- Construction Cost Estimate
- Bank Account Statement of Payment Made to Seller or Builder
- Payment Receipt of Payment Made to Seller or Builder
- Incase of resale property share certificate is required
- Occupancy Certificate
EMI Calculator for Home Loan
The monthly part-payment that you make to repay your Home Loan is known as an Equated Monthly Instalment (EMI). This monthly payment includes repayment of the principal amount of your loan divided over the period of the loan, with the agreed interest amount on the outstanding amount of your home loan.
NOBO online Home Loan EMI Calculator is essential to make an up-to-date decision to execute your Home Loan Plan at optimum levels. This EMI calculator online aids you to perform complex computing functions to calculate your Home Loan Equated Monthly Instalment accurately in an instant.
Fees and Charges for Home Loan
The fees and charges of home loans usually vary from lender to lender and from case to case. The aforementioned table will give you a fair idea of the fees and charges related to home loans. Other fees and charges that lenders may levy on your personal loan include documentation charges, verification charges, duplicate statement charges, NOC certificate charges and swap.
Home Loan FAQs
To qualify for a home loan, you typically need a good credit score (usually above 620), a steady income, and a low debt-to-income ratio. Lenders also consider your employment history. If you meet all of the lenders perimeters than you are eligible for a home loan.
Yes, you can usually prepay your home loan in two ways such as full prepayment and part prepayment. If you have the remaining principle amount availabe with then you can fully pay the amount and close the loan or the payment also can be made in parts and the principle will be reduced by the same amount.
No, it is not possible to secure 100% loan from the bank.However banks provide upto 90-95% of the agreement value.
The maximum home loan that you can get is not capped by any amount but it is given on the basis of the agreement value and also the borrowers income eligibility and credit history. Generally, banks provide 90-95% of the agreement value.
Yes, you can apply for a home loan jointly with a friend or family member. Lenders generally allow spouses, parents, siblings, or any other close relatives to be joint applicants for a home loan. Some lenders may also allow unrelated individuals to apply together, provided they meet the lender’s eligibility criteria. However, it’s important to note that all co-owners of the property must also be co-applicants for the loan.
Joint borrowers for a home loan can include family members, spouses, or any two individuals willing to take joint responsibility for repaying the loan. Lenders typically require all co-owners of the property to be co-borrowers on the loan. Having a joint borrower can help increase the loan eligibility, as the income and creditworthiness of both borrowers are considered. It’s important for joint borrowers to understand that they are equally responsible for repaying the loan, and any default can affect both borrowers’ credit scores.