Ruloans | Home Loan Overview | Apply for Home Loan (2024)

Home Loan Features

Attractive Interest Rates

Minimal Documentation

30 Years of Tenure

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 and Documents

Read on to know the criteria required to apply for our Home Loan.

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.

Ruloans 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:

Particulars

Charges

Loan Processing Fees

0.5% to 4% of Loan Amount

Loan Cancellation

Usually 3000 to 5% of Loan Amount

Stamp Duty Charges

As per the Value of the Property and State Tax

Legal Fees

As per actual

Penal Charges

Usually 2% per month

Home Loan Reviews

4/5

I was going through a low in my business and was unable to get financial support from lenders. Under these circ*mstances, Sahil from RULOANS suggested me to apply for a top-up home loan and use that money to fund my business. Thanks to the top-up home loan facility that helped my business to survive even in the odds.

SAMYAK SANCHETI

4/5

I took a Home Loan for 20,00,000 from SBI via Ruloans. I received a Home loan at a sparkling rate of 6.90%. Being a government employee I was offered low processing fees and other charges were minimal. I am very happy and suggest you check Ruloans for the best home loan options

ROHAN GAIKWAD

4/5

I got home loan offer from HDFC Limited through Ruloans. Earlier I was choosing some other bank but Ruloans facility of comparison helped me with a better choice.The amount was sufficient with tenure period of 15 years. The rate of interest is moderate. I took this loan to buy an apartment. EMI need to pay 36K. Pre closure is applicable but there is locking period of 6 months. Their service is good.

JITENDRA SINGH

4/5

First, I used RULOANS emi calculator to check the approximate EMI for a home loan. I found the website very good and then I applied for a home loan with KOTAK bank from here. My loan got approved in 10 days only which is less for a home loan when compared to other home loan providers.

MANOJ JADHAV

FAQs

A home loan, is a loan provided by a financial institution to help you purchase or refinance a home. It is typically repaid in monthly installments over a specified term.

Qualification criteria can vary among lenders, but factors such as your credit score, income, employment history, and the property's value are commonly considered when determining eligibility.

Loan tenure refers to the length of time over which you'll repay your home loan. It can vary but is usually 15, 20, or 30 years. Longer tenures result in lower monthly payments but higher overall interest costs.

EMI stands for Equated Monthly Installment, which is the fixed monthly payment you make to repay your home loan. It typically includes both principal and interest portions.

Yes, most home loans allow for prepayment or early repayment. Some loans may have prepayment penalties, so it's essential to check with your lender.

Missing an EMI payment can result in penalties, increased interest costs, and negatively impact your credit score. It's crucial to communicate with your lender if you anticipate payment difficulties.