Home Loans
What Is a Home Loan?
Buying a home is one of life’s most important milestones. A home loan helps you purchase or construct your dream house without exhausting your savings, while allowing you to repay the amount gradually over time.
At Novasure, we help you choose the right home loan solution with competitive interest rates, flexible repayment options, and clear guidance at every step.
A home loan is a secured loan provided by banks and financial institutions to help individuals buy, build, or renovate residential property. The property itself is pledged as collateral, which allows lenders to offer lower interest rates and longer repayment tenures.
Home loans are designed to make home ownership affordable and financially manageable.
Types of Home Loans
Home Purchase Loan
For buying a ready-to-move or under-construction residential property.
Home Construction Loan
For constructing a house on owned land.
Home Improvement / Renovation Loan
For repairs, extensions, or home upgrades.
FAQs
Why Choose a Home Loan?
Home loans offer multiple financial and lifestyle benefits.
Key Benefits of Home Loans
- Affordable EMIs through long repayment tenure
- Lower interest rates compared to unsecured loans
- Enables home ownership without large upfront payment
- Tax benefits on principal and interest repayment
- Long-term asset creation
Home Loan Eligibility Criteria
Eligibility for a home loan depends on:
- Age of the applicant
- Monthly income and employment stability
- Credit score
- Existing financial obligations
- Property value and location
Eligibility norms may differ across lenders.
Home Loan Interest Rates & Tenure
Home loan interest rates depend on:
- Credit profile
- Loan amount
- Loan tenure
- Type of interest rate (fixed or floating)
Home loan tenures can extend up to 20–30 years, making EMIs affordable.
Fixed vs Floating Interest Rates
Fixed Rate Home Loans
Interest rate remains constant for a specific period.
Floating Rate Home Loans
Interest rate changes based on market conditions.
Choosing the right rate type depends on financial stability and risk preference.
Documents Required for Home Loans
Common documents include:
- Identity and address proof
- Income proof (salary slips or business financials)
- Bank statements
- Property documents
Document requirements vary by lender.
Tax Benefits on Home Loans
Home loans offer significant tax benefits under current income tax laws:
- Section 80C – Deduction on principal repayment
- Section 24(b) – Deduction on interest paid
Tax benefits are subject to prevailing regulations.
Home Loan vs Other Loan Options
Feature | Home Loan | Personal Loan | Mortgage Loan |
Interest Rate | Low | High | Moderate |
Collateral | Property | Not required | Property |
Tenure | Long-term | Short-term | Long-term |
Purpose | Home-related | Any | Any |
Risks to Consider Before Taking a Home Loan
Borrowers should consider:
- Long-term repayment commitment
- Interest rate fluctuations
- Impact on monthly cash flow
Careful planning ensures stress-free home ownership.
How Novasure Helps with Home Loans
- Comparison of home loan options from multiple lenders
- Eligibility and affordability assessment
- Guidance on documentation and application
- Support during loan approval and disbursal
- Assistance with balance transfer and refinancing
Buy Your Dream Home with Novasure
A home loan is more than just borrowing—it’s a long-term financial commitment. Novasure helps you make informed home loan decisions so you can own your dream home with confidence and financial stability.