Home Loans Made Simple with Mera Loan Doctor

Unlock your dream home with the right financing solution. As a trusted DSA, loan agent, and channel partner with leading banks, Mera Loan Doctor helps you compare offers, choose the best interest rates, and get faster approvals—all with complete transparency and expert guidance.

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Features of Home Loan

  • High Loan Amount: Finance up to 75%–90% of the property value, depending on eligibility.
  • Flexible Tenure: Repayment period ranging from 10 years up to 30 years.
  • Attractive Interest Rates: Competitive rates offered by leading banks and financial institutions.
  • Tax Benefits: Eligible for deductions under Section 80C and 24(b) of the Income Tax Act.
  • Balance Transfer Facility: Option to transfer your existing home loan to another bank at lower interest rates.
  • Top-Up Loan: Additional loan facility available on existing home loans for renovation, repairs, or personal needs.
  • Prepayment/Foreclosure Options: Flexibility to repay the loan before tenure completion, subject to lender policies.
  • Multiple Purposes: Can be availed for purchasing a new house, constructing a home, or buying a plot (with construction).
  • Minimal Documentation: Simple KYC, income proof, and property documents required.
  • EMI Flexibility: Choose between fixed and floating interest rate options to suit your repayment capacity.

Home Loan Eligibility Criteria

To qualify for a home loan, applicants need to meet basic criteria set by banks and financial institutions. General eligibility factors include:

  • Age:

    • Salaried: 21 to 60 years

    • Self-employed: 21 to 65 years

  • Income: Steady and verifiable source of income (salary slips, bank statements, or ITRs).

  • Employment Status:

    • Salaried individuals with stable job history

    • Self-employed professionals/business owners with consistent income

  • Credit Score: A CIBIL score of 700 or above improves approval chances and ensures better interest rates.

  • Work Experience/Business Stability:

    • Salaried: Minimum 2–3 years of continuous employment

    • Self-employed: Minimum 3 years of business continuity

  • Property Value: Loan amount depends on the property’s market value and bank’s loan-to-value (LTV) ratio.

  • Existing Obligations: Fewer existing loans and lower debt-to-income ratio increase eligibility.

Documents required to apply for Home Loan

  • Identity Proof  – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

  • Proof of Residence or Address Proof – Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card, Electricity Bill, Telephone Bill, Ration Card 

  • Age Proof –  Passport, Voter’s ID, Driving License, PAN Card, Aadhaar Card

  • Income Proof – 1 year Bank statement, 3 months Salary Slips

  • Employment Proof – Employment Certificate, Office address proof

  • GST or VAT Registration for Self-employed

  • Photograph – Passport-size photographs

  • Business proof – Business registration documents such as a partnership deed, Memorandum of Association (MOA), Articles of Association (AOA), etc.

  • Income tax returns – Documents of the past 2-3 years to verify income and tax payment history

Fees and Charges for Home Loan

  • Processing Fees: Usually 0.25% to 1% of the loan amount (varies by bank).
  • Loan Cancellation / Re-scheduling Charges: Applicable if you cancel or modify loan terms after approval.
  • Stamp Duty & Registration Charges: As per state government rules, payable during property registration.
  • Legal & Technical Charges: For property verification, title check, and technical evaluation (as per actuals).
  • Penal Charges: Late payment or default penalties, usually 2% per month on overdue amount.
  • EMI / Cheque Bounce Charges: Around ₹500 – ₹600 per bounce (varies by lender).
  • Prepayment / Foreclosure Charges: May apply if you close the loan early (often waived for floating-rate home loans).
  • Conversion Charges: Fees for switching from fixed to floating interest rates or vice versa.
  • Administrative / Miscellaneous Charges: Any additional service or handling fees as per bank policy.

Faq's for Home Loan

What is a home loan?

A home loan is a secured loan provided by banks and financial institutions to help you purchase, construct, or renovate a residential property. The property itself acts as collateral for the loan.

Both salaried and self-employed individuals with a steady income and good credit history can apply. Eligibility depends on age, income, employment stability, credit score, and property value.

You can usually get 75% to 90% of the property’s market value, depending on your eligibility and lender’s policy.

Home loan tenures generally range from 10 years to 30 years, depending on the bank and your repayment capacity.

Key documents include identity proof, address proof, income proof (salary slips, bank statements, ITR), property documents, and photographs.

A CIBIL score of 700 or above improves approval chances and helps secure better interest rates.