Home Loan in Delhi NCR

Planning to buy your dream home but falling short of funds? Let Biz2Credit help you with the best online home loan product available in the market. With Biz2Credit's assistance, you can secure a home loan at affordable rate without any lengthy paperwork.


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Home loan is one of the most sought-after loans in India. Since not many can afford to pay the entire cost of a home at a time, home loans allow people the power of buying/building property in an easy way. However, securing a home loan involves lot many intricacies. Before applying for it, one should be well acquainted with all the nitty-gritties involved in a home loan process.

You can secure a home loan for any of the following reasons:

To own a property developed by a builder.
To purchase a plot (meant for residual purposes) / individual house

In India, there are more than 90 banks and institutions engaged in simplifying the home loan process for common people. You can secure upto 75% of book value for loans greater than Rs. 75 lac and 80% if the loan value is less than Rs. 75 lac. However, some banks and institutions also provide additional 40% for furniture and fixture of the book value. In any of the case, the total funded value cannot be more than 85% of the market value. At Biz2Credit, we strive hard to guide you in accordance with your income and property details shared with us. We also make sure that you secure a home loan online at an affordable interest rate with best possible ROI.

What are the different types of home loans in India?

Some home loan types available in India are:

How does Home Loan EMI payment reduce tax obligation?

The tax benefit on home loan is classified as follows-

Tax exemption on repayment of the home loan principal: Deduction allowed under Tax Section 80C with a maximum annual tax deduction of Rs. 150,000 under the section.

Tax benefit on the interest rate for home loan: Under Section 24 of the Income Tax Act, borrowers can avail the tax benefit on the amount of interest paid on a home loan to a maximum limit of Rs. 2 lakhs for a self-occupied residential property.

Tax benefit for Joint Borrowers: In case of joint home loans, each co-borrower is eligible to receive a total of Rs. 3.5 lakhs (1.5 lakhs under section 80C and 2 lakhs under section 24) as tax exemption. Thus, if a married couple co-signs for a home loan, they can claim a total tax exemption of Rs. 7 lakhs on the joint home loan.

I haven't finalized the property yet, can I still apply for the loan?

Yes, you can. Most banks and NBFCs provide home loan pre-approval facility to interested home loan borrowers, to help with the particulars regarding their eligibility even before they have decided on a property to purchase. However, a home loan pre-approval is valid only for a maximum of months.

What is the processing time for a home loan at Biz2credit?

Your home loan will get approved as soon as all the required documents are submitted and verified successfully.

Can I apply jointly with my spouse? Will both our salaries be taken into consideration for calculating the loan amount?

Yes, you can . Both yours and your spouse's salaries will be considered for calculating the loan amount.

Can I also avail of a Home Loan for Home improvements or a Home extension?

Yes, you can apply for a personal loan and use it for home improvements or home extension.

What documents do I need to submit along with my application for a Home Loan?

The documents that need to be submitted may vary from one lender to another. Some of the important documents to be submitted include:

Cost estimation/ valuation report from Bank's (or finance company) authorised surveyor/evaluator.

How and when does the floating rate of interest change?

As per latest RBI rules, banks use the MCLR (Marginal cost of lending rate) method to determine the interest rate on home loans. In case of a floating rate home loan, the banks are now expected to change the interest rate either annually or every six months.

Do I need to pay a fee to apply for Home Loan at Biz2credit?

Biz2Credit does not charge any fee to the home loan applicants. However, the respective lenders or banks do charge the same. The processing fee varies from one bank to another, and is usually between 0.25% to 0.50% of the loan amount.

The Process:

The home loan application is a two-step process that mainly involves:

Income Verification

The most commonly required documents are:

  • Bank statements.
  • Income proof (Calculation varies from bank to bank for self-employed professional and non-professionals. Salaried employees income calculation remains pretty much the same with almost every bank).
  • KYC (Know Your Customer) documents.
  • Employment details (If salaried, HR confirmation is must. For self-employed individuals, business premise is a must).
  • Academic details in case of professionals.
However, banks often offer attractive discount schemes to salaried individuals for securing home loans.

Property Verification

  • Legal: Entire chain of property documents i.e from the origination or allotment to everything in between title deeds through GPA or sale deed needs to be submitted.

    However, in case of independent house, builder floor or flats by DDA, GDA or any respective local authority of the city, the current status of the property should be freehold. In case of a developer property, the construction age and quality of property matters, and the reputation of the builder too. These home loans are typically packaged as CLP or Construction Linked Plans. To secure a home loan online for such properties, one needs to have technical approval of the entire project. Also, a No Objection Certificate (NOC) and BUILDER BUYER agreement issued by the builder in favor of the prospective owner is a must.
  • Technical: In addition to the above mentioned property documents, you must have the following for papers as well for valuation purposes

    • a) For developer properties - No additional documents required. You just have to check which all banks are funding that project. This is often referred as APF (Automated Project Funding).
    • b) For flats under DDA or any housing society / local authority- No additional documents required.
    • c) For constructing homes - You need to submit your property sanction plan from the concerned authority and estimated cost for the corresponding architecture.
    • d) For builder floors or independent houses - Sanction plan of the said property along with latest municipal tax receipt (variation allowed 20% in the site).
Have specific financing needs not listed above?

Have specific financing needs not listed above?

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