Overview
We understand that owning a home is more than just a financial decision, it's a milestone in your life journey. Our comprehensive range of BigMudra home loans in India is designed to turn your dream of homeownership into reality. Whether you are a first-time buyer, looking to upgrade, or aiming to reduce your existing EMI, we have tailored solutions to meet your unique needs.
Types of Home Loan
Home Purchase Loan - A BigMudra Home loans specifically designed for buying a ready-to-move-in house, apartment, or villa. Interest rates are generally competitive since the property serves as collateral. Typically covers 75-90% of the property value, with repayment terms stretching up to 30 years. Perfect for those who want to immediately move into their new home without waiting for construction.
Plot Purchase Loan - Meant exclusively for buying a residential plot or land. Usually comes with slightly higher interest rates compared to home purchase loans due to higher risk. Banks typically finance 70-85% of the plot value. The loan tenure is shorter, usually 10-15 years. It is important to verify that the plot has clear titles and necessary approvals before applying for instant loan approval
Plot & Construction Loan - A comprehensive home loan that combines plot purchase and house construction financing. Disbursed in phases, first for plot purchase, then in stages as construction progresses. Banks monitor construction progress before releasing subsequent installments. Home loan Interest rates are comparable to home purchase loans. The total loan amount considers both land cost and estimated construction expenses. You can calculate your interest rates from our most advanced home loan calculator.
Home Extension Loan - Designed for adding extra rooms, floors, or renovating existing structures. Available to both salaried and self-employed individuals who own a house. Loan amount depends on the estimated cost of extension and the borrower's repayment capacity. Generally has shorter tenure compared to new home loans, usually 5-15 years. Requires submission of extension plans and necessary municipal approvals.
Each of these BigMudra home loans comes with specific eligibility criteria, documentation requirements, and varying interest rate structures. The choice depends on your specific needs, financial situation, and long-term housing goals.
Eligibility For Home Loan
While eligibility criteria may vary across lending institutions and loan schemes, here are the general requirements for a BigMudra home loans:
Nationality: Indian Residents, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs)
Credit Score: Preferably 750 and above
Minimum Age: Minimum 18 years (some lenders require 21 years); Maximum 70 years at loan maturity (up to 75 years with select lenders)
Maximum Age: Usually 70 years at the time of loan maturity with some lenders extending the tenure till 75 years of age
Work Experience: Salaried - At least 2 years; Self-employed - Minimum 3 years of business continuity
Business Continuity: At least 3 years (for self-employed)
Minimum Salary: Starting from Rs. 25,000 per month (varies by location and lender)
Loan Amount: Up to 90% of property value
Documents Required
To ensure a smooth application process and for instant loan approval, please keep the following documents ready:
Identity Proof: PAN Card, Passport, Aadhaar Card, Voter's ID, or Driving License
Age Proof: Aadhaar Card, PAN Card, Passport, Birth Certificate, 10th Class Mark-sheet, Bank Passbook, or Driving License
Address Proof: Bank Passbook, Voter's ID, Ration Card, Passport, or Utility Bills
Income Proof for Salaried: Form 16, Latest Payslips, IT returns (3 years), Investment Proofs
Income Proof for Self Employed: Business License, Business Address Proof, ITR (3 years), Balance Sheet, Profit & Loss Account Statement
Property Documents: NOC from Society/Builder, Construction Cost Estimate, Registered Sale Deed, Allotment Letter, Approved Building Plan
How to Apply For Home Loan
Applying for a BigMudra home loan is simple and convenient:
Provide personal information and loan requirements.
Compare eligible home loan offers based on interest rates, processing fees, and loan amounts.
Choose the offer that best suits your needs and apply online.
While applying for a home loan you can calculate your monthly EMI through our Home Loan Calculator.
Why Choose BigMudra Home Loans?
BigMudra serves as your ultimate financial companion, offering instant access to BigMudra Home loans from multiple banks and NBFCs through a single platform. The company's digital-first approach ensures paperless processing and quick approvals, making borrowing hassle-free. By comparing various lenders, BigMudra helps you secure the most competitive interest rates tailored to your profile. Their expertise spans across personal loans, business loans, and other financial products, matching you with ideal lending partners. With powerful data security and complete transparency in transactions, BigMudra stands as a trusted fintech intermediary, transforming the traditional lending world into a modern, efficient experience.
Fees & Charges
| Particulars | Charges |
|---|---|
| Processing Fee | 1% – 2% of loan amount |
| Foreclosure/Prepayment Charges | For floating rate: Nil | For fixed rate: Around 2% – 4% on the principal outstanding |
| Overdue Charges on EMI | 2% per month of the unpaid EMI |
| EMI Bounce Charges | Around Rs 400 |
| Legal Fees | As per actuals |
FAQs
What is a Home Loan?
A home loan is a financial product that allows you to borrow money to purchase, construct, or renovate a residential property.
How to avail a home loan?
To avail a home loan, submit an application with required documents, undergo credit assessment, and if approved, complete property verification before loan disbursal.
What is the interest rate on a home loan?
Home loan interest rates typically range from 6.5% to 9.5% per annum, varying based on factors like credit score, loan amount, and tenure.
Who is eligible for a home loan?
Indian citizens or NRIs aged 18-70 with a stable income and good credit score are generally eligible for home loans.
How much home loan can I get on a 40,000 salary?
With a salary of Rs. 40,000, you may be eligible for a home loan of approximately Rs. 20-25 lakhs, depending on other factors like existing debts and credit score.
What are the property documents required for home loan?
Key documents include property ownership proof, NOC from builder/society, approved building plan, and property valuation report.
Which bank is best for home loans?
The best bank depends on your specific needs. Compare offers from multiple lenders, including Bigmudra, to find the most suitable option.
Can I get a home loan for the entire property value?
Most lenders offer up to 80-90% of the property value as a loan, requiring you to pay the remaining as down payment.
What is the maximum home loan that I can get?
The maximum loan amount depends on your income, credit score, and the property value. Some lenders offer loans up to Rs. 10 crore or more.
How do lenders check the EMI affordability for their home loan applicants?
Lenders typically use the 50:30:20 rule, where your EMI should not exceed 50% of your monthly income.
What home loan can I get with a poor credit score?
With a poor credit score, you may face higher home loan interest rates or lower loan amounts. Consider improving your score before applying or exploring government-backed loan schemes.
