Buying a home, or paying more than you need to on a loan you already have. Market rates currently sit roughly between 8% and 12% a year, with tenures up to thirty years.
Are you overpaying on the loan you already have?
This is the most useful thing on this page, and the one most people skip. If you took a home loan more than two years ago, there is a reasonable chance you are paying above the current market rate — and on a twenty-year loan, even three quarters of a percent is a very large number.
Our calculator shows you the saving net of the switching cost, and tells you the month at which you break even. Most balance transfer calculators online show only the gross saving, which makes every transfer look worthwhile. That is not honest.
See if moving your loan is worth it
Buying a home
Lenders fund up to about 80% of the property value for most loans, so you need roughly 20% of your own money — plus stamp duty and registration on top, which in Telangana is typically another 6% to 7.5% of the value. That last part catches a lot of first-time buyers out, because it is not covered by the loan.
How much you can borrow is decided by your income after existing EMIs, and by how long the tenure can run — which is capped by your age, since most lenders want the loan repaid by around sixty.
Check your home loan eligibility
Work out the EMI
₹35,348
per month · 240 months
- Total interest
- ₹44,83,623
- Total repayment
- ₹84,83,623
In the first year, about 81.8% of what you pay goes to interest rather than reducing the loan.
Check my home loan eligibilityIndicative only. Final eligibility, interest rate, charges and sanction are decided by the lender after full assessment of your profile and documents. Transakt does not lend and does not approve loans.
Top-up on an existing home loan
Worth knowing if you run a business: a top-up on your existing home loan is very often the cheapest money you can access. The lender already holds your property papers and knows your repayment record, so the process is quicker and the rate is usually far below what an unsecured business loan would cost. If you are looking at a ₹20 lakh business loan at 18% and you have a home loan running, ask about a top-up first.
Building rather than buying
A construction loan is disbursed in stages against the progress of the work, not as a lump sum at the start. Plan your cash flow around that. You will also need the approved plan and an estimate from an engineer or architect, and the lender will inspect at each stage before releasing the next tranche.
Documents for a home loan
Step 2 — Who is applying?
16 documents for a home loan as a salaried
About you 4
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For a company or firm, the entity PAN as well as the PAN of each director or partner.
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The name on Aadhaar should match PAN. A mismatch is one of the most common causes of delay.
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Electricity bill, rent agreement, passport or voter ID. It must match the address you put on the application.
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Recent, plain background. Some lenders still want physical copies.
Money 4
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They should show your name, the employer name and the net credit that appears in your bank.
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The account your salary is credited to. A PDF downloaded from net banking is usually accepted; a scanned printout often is not.
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Or income tax returns if you have other income as well.
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Offer letter, appointment letter or employee ID.
The property 8
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Registered, with the original available for inspection.
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A gap in the chain is the single most common reason a property loan stalls. Start collecting these early.
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Usually for the last thirteen to thirty years, from the sub-registrar office.
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Sanctioned by the local authority. Unapproved construction reduces the amount a lender will fund, sometimes to nothing.
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Paid up to date, in the name on the deed.
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For completed apartments and buildings.
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For a purchase. Along with the payment receipts for what you have already paid.
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Bank statements showing you have the balance you are putting in yourself.
Actual documents vary by lender and by your profile. Your advisor will confirm the exact list before anything is submitted.
Not sure where you stand?
Ask the Transakt assistant. It can work out your EMI, give an indicative range and tell you what a lender will want to see — without asking for your number.
Questions people ask
How much home loan can I get on my salary?
As a rough guide, lenders allow total EMIs of around 50% to 55% of gross monthly income, and size the loan from what is left after your existing commitments. On ₹1 lakh a month with no existing EMIs, that often supports a loan somewhere around ₹50 lakh to ₹60 lakh over twenty years — but it depends on your age, the tenure available and the property value. The eligibility calculator on this site works it out properly.
How much of my own money do I need?
Usually about 20% of the property value, because lenders fund up to around 80%. On top of that you need stamp duty and registration, which in Telangana is typically another 6% to 7.5%, and that is not funded by the loan. So on a ₹60 lakh property, budget for roughly ₹12 lakh of own contribution plus around ₹4 lakh of duty and registration. Confirm the current rates before you commit — they change.
Is a home loan balance transfer worth it?
It depends on how much rate you save, how long the loan still has to run, and what switching costs. As a rough test, a saving of half a percent or more with more than five years remaining is usually worth doing. Anything less deserves the actual arithmetic, which is what our balance transfer calculator does — including the break-even month.
Can a self-employed person get a home loan?
Yes, and it is very common. The assessment is different rather than harder: instead of salary slips, lenders look at two to three years of ITRs with financials, your bank statements and the stability of the business. Filing your returns properly for two or three years before you apply matters more than almost anything else for a self-employed applicant.
What is a sanction letter and does it mean I have the money?
A sanction letter says the lender is willing to lend you a stated amount on stated terms, subject to conditions. It is not the money and it is not unconditional — legal and technical clearance on the property still has to be completed, and conditions in the letter still have to be met. Do not commit to a builder or a seller on the strength of a sanction letter alone.
Should I take the longest tenure available?
A longer tenure lowers the EMI and raises the total interest, sometimes dramatically. Many people take the longest tenure for the lower EMI and then prepay when they can, which is a reasonable strategy if the loan has no prepayment penalty — and on a floating-rate home loan to an individual, it generally does not.
Get your home loan reviewed
Your file
- One advisor, not five lenders. Your details are not sold or shared.
- A call within one working day, on the number you give us.
- No documents needed yet. No PAN, no Aadhaar, no statements.
- Ask us to delete your file at any time and we will.