Our flexible and affordable Home Loan

Home Loan

Lonar home loan, is a financing solution that allows you to borrow funds to purchase property at a predetermined rate of interest and repayment tenor. The loan is usually paid back in equated monthly installments and the amount payable per EMI usually depends on the tenure of the loan, the interest rate, the amount of the loan, etc.

Our flexible and affordable home loans are designed to take you closer to your dream home. Whether you're looking to construct, purchase, or renovate a home, lonar home loan is the solution for all your housing loan needs. Our Home Loan affordability calculator is based on your requirements, such as tenure, loan amount and interest rates to give you an estimate of your EMI. Explore our wide range of products for the most competitive Home Loan interest rates.

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Features of Home Loan

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Attractive Interest Rates
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Easy Balance Transfer Facility
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Minimal Documentation
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Quick Processing
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Online Home Loan Calculators
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Flexible Tenor
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Search Property Services
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Talk to an Advisor
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Eligibility Criteria

Home Loan Eligibility

  • Present Age and Remaining Working Years : The age of the applicant plays a major role in determining home loan eligibility. The maximum loan term is generally capped at 30 years.
  • Age Limit for Salaried Individuals : 21 to 65 years
  • Age Limit for Self-Employed Individuals : 21 to 65 years
  • Minimum Salary : ₹10,000 p.m.
  • Minimum business income : ₹2 lac p.a.
  • Maximum Loan Term : 30 Year
  • Financial Position : The present and the future income of the applicant(s) have a significant impact on determining the loan amount.
  • Past and Present Credit History and Credit Score : A clean repayment record is considered positive.
  • Other Financial Obligations : Existing liabilities such as a car loan, credit card debt, etc.
List of documents

Required Documents

    For Salaried Applicant:

  • Proof of Residence: Aadhaar Card / Voter’s ID Card /Rent Agreement / Utility Bills / Passport (any one)
  • Proof of Identity: PAN Card / Aadhaar Card / Passport / Driving License / Voters ID (any one)
  • Proof of Age: Birth Certificate / 10th Marksheet / PAN Card / Aadhaar Card / Passport / Driving License (any one)
  • Form 16
  • Certified letter from Employer
  • Salary Slips (of all applicants whose income is considered) – last 3 months
  • Increment or Promotion letter
  • IT returns of past 3 years
  • Bank statement in original where salary credited (of all applicants whose income is considered) – last 6 months
  • 2 passport size photographs
  • Property Documents: NOC from society/builder, estimate of house construction, occupancy certificate, etc.

    For Self-Employed Applicants:

  • Proof of Residence: Aadhaar Card / Voter’s ID Card / Rent Agreement / Utility Bills / Passport (any one)
  • Proof of Identity: PAN Card / Aadhaar Card / Passport / Driving License / Voters ID (any one)
  • Proof of Age: Birth Certificate / 10th Marksheet / PAN Card / Aadhaar Card / Passport / Driving License (any one)
  • Income Tax Returns (ITR) of last 3 years
  • Balance Sheet and Profit & Loss Account Statement of the Company/Firm (duly attested by a C.A.)
  • Business License Details (or any other equivalent document)
  • The license of Professional Practice (For Doctors, Consultants, etc.)
  • Registration Certificate of Establishment (For Shops, Factories & Other Establishments)
  • Proof of Business Address
  • Property Documents: NOC from society/builder, estimate of house construction, occupancy certificate, etc.
Just find your answers below

Frequently Asked Question

  • What is Home Loan?

    A home loan, is a financing solution that allows you to borrow funds to purchase property at a predetermined rate of interest and repayment tenor. The loan is usually paid back in equated monthly installments and the amount payable per EMI usually depends on the tenure of the loan, the interest rate, the amount of the loan, etc.

  • How do you calculate the EMI for your Home Loan?

    The amount of EMI payable depends on the amount of your home loan, the interest rate, and the tenure you are looking at. We have devised an EMI calculator to ease this process. Get hands-on with our easy-to-use Home Loan EMI Calculator and calculate your monthly installments.

  • Is it mandatory to have a co-applicant when applying for a Home Loan?

    It is not mandatory to have a co-applicant.

  • What is the tenure of a home loan?

    Home loans are long-term borrowing instruments with a minimum tenure of 5 years and a maximum tenure of 30 years.

  • What is a floating rate home loan?

    If the interest rate on the loan varies periodically over the loan tenure, then it is called a floating rate home loan. Lenders have their own base rate which determines the rate of interest charged on a home loan. The base rates of banks are revised from time to time based on RBI directives as well as other factors, which leads to an increase or decrease in the EMI amount payable.

  • Can I apply for a joint loan with my friend?

    No. A lender would only allow you to apply for a joint home loan if the application is co-signed by one or more members of your immediate family. Thus, your friend does not qualify.

  • When can I take the disbursement of the loan?

    You can take disbursement of the loan once the property has been technically appraised, all legal documentation has been completed and you have invested your Own Contribution in full.

  • Can I take a Home Loan for construction in one city while working in another city?

    Yes, you can take a loan for construction in one city while working in another. We usually serve this loan after getting details of the plot legally verified.

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