Get the Right Home Loan
Finding a home loan means more than choosing the lowest interest rate. It means finding the lender that best matches your profile, offers competitive terms, and supports your financial goals.
- Guided by the PKVK Loans Advisory Team
What is a Home Loan
A home loan is a secured loan offered by banks and housing finance companies (HFCs) to help individuals purchase, construct, renovate, or extend a residential property. The property being financed serves as collateral until the loan is fully repaid.
Home loans are repaid through Equated Monthly Instalments (EMIs) over an agreed tenure. Most lenders offer floating interest rates linked to their benchmark lending rate, while some also provide fixed-rate options for borrowers who prefer predictable monthly repayments.
Whether you’re buying your first home, building on your own plot, renovating an existing property, or transferring an existing home loan to another lender, PKVK Loans helps you compare suitable loan options from multiple lenders through a single application process.
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Types of Home Loans
Home loans are available for different property and financing requirements. Choosing the right type depends on what you plan to do — buy a home, build one, renovate an existing property, or transfer an existing loan.
| Loan Type | Best For | Key Feature | Typical Tenure |
|---|---|---|---|
| Home Purchase Loan | Buying a ready-to-move or under-construction home | Finances the purchase of a residential property | Up to 30 years |
| Home Construction Loan | Building a house on your own plot | Loan is generally disbursed in stages as construction progresses | Up to 30 years |
| Plot + Construction Loan | Buying a residential plot and constructing a home | Covers both plot purchase and construction, subject to lender policies | Up to 30 years |
| Home Renovation Loan | Renovating or repairing an existing home | Helps fund repairs, remodelling, and interior improvements | Up to 15 years |
| Home Extension Loan | Expanding an existing house | Suitable for adding rooms or extending living space | Up to 20 years |
| Balance Transfer | Existing borrowers looking for better loan terms | Transfer your outstanding home loan to another lender for potentially lower interest rates or improved terms | Remaining loan tenure |
| Top-Up Loan | Existing home loan borrowers who need additional funds | Borrow additional funds against your existing home loan, subject to eligibility | Up to 20 years |
PKVK Loans helps you compare these home loan options across multiple banks and housing finance companies through its lender network. If you’re specifically looking to transfer your existing home loan or borrow additional funds, you can also explore our dedicated Home Loan Balance Transfer and Top-Up Loan options.
- Guided by the PKVK Loans Advisory Team
Fixed vs Floating Interest Rate
Before comparing lenders, it’s important to understand the type of interest rate you’re choosing.
Floating Interest Rate
A floating interest rate changes when the lender revises its benchmark lending rate, which is generally linked to the RBI’s repo rate. As interest rates change, your EMI or loan tenure may increase or decrease, depending on the lender’s repayment structure.
Floating-rate home loans are the most common choice in India and may benefit borrowers when interest rates fall.
Fixed Interest Rate
A fixed interest rate remains unchanged for a specified period or, in some cases, throughout the loan tenure, depending on the lender’s terms.
Borrowers who prefer predictable monthly repayments may find fixed-rate home loans suitable, although they often start at a slightly higher interest rate than floating-rate loans.
- Guided by the PKVK Loans Advisory Team
Home Loan Interest Rates
Home loan interest rates vary across lenders and depend on factors such as your credit profile, income, loan amount, repayment capacity, employment type, and prevailing market conditions. PKVK Loans helps you compare home loan options from multiple banks and housing finance companies, making it easier to identify a loan that best suits your financial profile.
| Bank / HFC | Interest Rate* | Processing Fee | Suitable For |
|---|---|---|---|
| State Bank of India (SBI) | 7.50% onwards | Up to 0.35% | Salaried & Self-employed |
| Punjab National Bank (PNB) | 7.55% onwards | Up to 0.50% | First-time home buyers |
| Bank of Baroda | 7.60% onwards | Up to 0.50% | Salaried applicants |
| Canara Bank | 7.60% onwards | Up to 0.50% | Long-tenure loans |
| HDFC Bank | 7.75% onwards | Up to 1.00% | Faster digital processing |
| ICICI Bank | 7.80% onwards | Up to 1.00% | Salaried professionals |
| Axis Bank | 7.85% onwards | Up to 1.00% | Quick approvals |
| Bajaj Housing Finance | 7.70% onwards | Up to 1.50% | Higher loan amounts |
| LIC Housing Finance | 7.75% onwards | Up to 1.00% | Home purchase & construction |
*The final interest rate offered depends on factors such as your credit score, income, loan amount, repayment capacity, employment profile, and the lender’s policies. Our advisors help you compare eligible home loan options based on your profile.
- Guided by the PKVK Loans Advisory Team
How Much Home Loan Can You Get?
Lenders do not finance 100% of a property’s value. Instead, they follow the Reserve Bank of India’s Loan-to-Value (LTV) guidelines, which determine the maximum percentage of the property’s value that can be financed through a home loan.
| Property Loan Amount | Maximum LTV | Your Minimum Contribution |
|---|---|---|
| Up to ₹30 lakh | Up to 90% | At least 10% |
| ₹30 lakh to ₹75 lakh | Up to 80% | At least 20% |
| Above ₹75 lakh | Up to 75% | At least 25% |
These are regulatory ceilings, not guaranteed loan amounts. The actual amount you qualify for depends on factors such as your income, repayment capacity, existing financial obligations, credit score, and the lender’s internal policies.
Most lenders also assess your Fixed Obligation to Income Ratio (FOIR) — the percentage of your monthly income used to repay existing and proposed EMIs. In many cases, your total monthly EMIs should generally not exceed 50–60% of your net monthly income.
Existing loan EMIs and credit card obligations may reduce the home loan amount you qualify for. Reducing outstanding debt before applying can help improve your eligibility.
- Guided by the PKVK Loans Advisory Team
Home Loan Eligibility
Home loan eligibility is generally based on your age, income, employment stability, repayment capacity, and credit history.
The criteria below represent commonly followed lending standards. Actual requirements may vary by lender.
Salaried Applicants
| Criteria | Typical Requirement |
|---|---|
| Age | 21–60 years at the time of application; loan generally to mature before 65–70 years |
| Minimum Monthly Income | ₹25,000–₹30,000 (may vary by city and lender) |
| CIBIL Score | 700+ generally preferred; 750+ may qualify for better rates |
| Employment Stability | Minimum 2 years of total work experience and 6–12 months with the current employer |
| Debt-to-Income Ratio | Total EMIs generally should not exceed 50–60% of net monthly income |
- Guided by the PKVK Loans Advisory Team
Self-Employed Applicants
| Criteria | Typical Requirement |
|---|---|
| Age | 21–65 years at the time of application |
| Annual Income | ₹5–10 lakh or more, supported by Income Tax Returns |
| CIBIL Score | 700+ generally preferred; 750+ may qualify for better rates |
| Business Vintage | Minimum 3 years in the current business or profession |
| Income Stability | Consistent income reflected in the last 2–3 years' financial records |
- Co-applicant Advantage: Adding an earning co-applicant, such as a spouse or parent, may increase your eligible loan amount by combining both incomes. Some lenders may also offer a small interest rate concession when a woman is a co-owner. Joint borrowers may be eligible to claim applicable tax benefits, subject to prevailing tax laws.
- Guided by the PKVK Loans Advisory Team
Documents Required
The exact documents required may differ from one lender to another and depend on your employment type and property details. Your PKVK Loans advisor will provide a lender-specific checklist before you apply.
| Category | Salaried Applicants | Self-Employed Applicants |
|---|---|---|
| Identity & Address Proof | PAN Card, Aadhaar Card, passport-size photographs | PAN Card, Aadhaar Card, passport-size photographs |
| Income Proof | Last 3 months' salary slips, Form 16 or latest Income Tax Return, last 6 months' bank statements | Income Tax Returns for the last 2–3 years, audited financial statements or Profit & Loss Statement, last 6–12 months' personal and business bank statements |
| Employment / Business Proof | Employee ID or appointment letter (if required by the lender) | GST registration, Shop & Establishment Certificate, or other applicable business registration documents |
| Property Documents | Sale agreement or allotment letter, title deed, approved building plan, encumbrance certificate, NOC (where applicable), latest property tax receipt | Same as those required for salaried applicants |
For joint home loans, each co-applicant is generally required to submit their own KYC and income documents.
- Guided by the PKVK Loans Advisory Team
Home Loan Balance Transfer
A home loan balance transfer allows you to move your existing home loan to another lender, potentially helping you secure a lower interest rate, reduce your EMI, or access better loan features, subject to eligibility.
You may want to consider a balance transfer if:
- Your current interest rate is higher than available market rates.
- You have several years of repayment remaining.
- Another lender offers more suitable loan terms.
Explore your eligible balance transfer options to see whether switching your existing home loan could be beneficial.
- Guided by the PKVK Loans Advisory Team
PMAY 2.0 — Government Interest Subsidy
Eligible homebuyers may benefit from the Pradhan Mantri Awas Yojana – Urban 2.0 (PMAY-U 2.0), a Government of India initiative that offers interest subsidies to eligible first-time homebuyers under specified categories.
Under the current scheme, eligible applicants may receive an interest subsidy on the prescribed loan amount, subject to the government’s prevailing guidelines and eligibility criteria.
Broad eligibility generally includes:
- First-time homebuyers.
- Applicants who do not own a pucca house anywhere in India.
- Applicants meeting the applicable income criteria under the scheme.
- Other conditions prescribed by the Government from time to time.
As government schemes are revised periodically, eligibility and benefits are subject to the latest official guidelines. Our advisors can help you understand whether you may be eligible for benefits available under PMAY at the time of your application.
- Guided by the PKVK Loans Advisory Team
Tax Benefits on Home Loans
Home loans may provide certain tax benefits under the Income Tax Act, subject to the applicable tax regime and prevailing laws. The table below summarises some of the commonly available deductions.
| Section | Benefit | Maximum Deduction* |
|---|---|---|
| Section 80C | Principal repayment, stamp duty and registration charges | Up to ₹1.5 lakh |
| Section 24(b) | Interest paid on a self-occupied property | Up to ₹2 lakh |
| Joint Home Loan | Eligible co-borrowers may claim applicable deductions individually, subject to conditions | As per applicable provisions |
- Please note: Tax benefits are subject to prevailing tax laws and the tax regime selected by the taxpayer. Eligibility and deduction limits may change with amendments to the Income Tax Act. Please consult a qualified tax advisor for guidance specific to your situation.
- Guided by the PKVK Loans Advisory Team
Why Home Loan Applications Get Rejected
Understanding the common reasons for rejection can help you prepare a stronger application and avoid unnecessary delays. Some of the most common reasons include:
- Low or insufficient credit score.
- High existing loan obligations that reduce repayment capacity.
- Income that cannot be adequately supported through documents.
- Insufficient employment or business stability.
- Incomplete or inconsistent documentation.
- Issues relating to the property's legal status or approvals.
- Applying to a lender whose eligibility criteria do not match your profile.
One advantage of working with PKVK Loans is that we assess your profile before recommending suitable lenders, helping you avoid applying where your chances of approval may be lower.
- Guided by the PKVK Loans Advisory Team
Why Apply Through PKVK Loans
Buying a home is one of the biggest financial decisions you will make. Choosing the right lending partner can make the process smoother, faster, and less stressful.
Lenders Compared
Compare home loan options across a wide network of banks and housing finance companies.
Dedicated Loan Advisor
One advisor supports you from your first enquiry through application, lender coordination, and disbursal.
Cost to Borrowers
Our guidance is completely free. We are paid by the lender only after your loan is successfully disbursed.
Application Support
We help with lender selection, document preparation, application submission, and follow-ups to make the process smoother.
- Guided by the PKVK Loans Advisory Team
Looking for More Than a Home Loan?
Your financial needs may change over time. Depending on your requirement, you may also consider one of the following.
Move your existing home loan to another lender and explore better repayment terms.
Top-Up Loan
Borrow additional funds on your existing home loan for personal or business requirements.
Loan Against Property
Unlock the value of your residential or commercial property for business expansion, education, medical expenses, or other financial needs.
State Bank of India
Salaried & Self-employed
Axis Bank
Quick approvals
HDFC Bank
Faster digital processing
ICICI Bank
Salaried professionals
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Know Your Numbers Before You Commit
Use our EMI calculator to estimate your monthly repayment, or check what loan amount and property value your income can support.
Figures are indicative estimates only, for illustration purposes. Actual eligibility, EMI, and interest rate depend on the lender’s assessment of your profile.