How to Apply for aHome Loan in India
By Rajesh Mehta, Personal Finance Expert · Last Updated:
Compare 90+ lenders, check eligibility, and complete your application in 7–15 business days. Rates from 6.85% p.a. — updated April 2026.
8-Step Home Loan Application Process
From eligibility check to disbursement — your complete roadmap.
Check Your Eligibility
Verify age (21–65 for salaried, 23–70 for self-employed), CIBIL score (700+ required, 750+ for best rates), and income (minimum ₹25,000/month for salaried). Use MoneyKarma's free eligibility checker — no CIBIL impact.
Compare Lenders and Rates
Compare home loan rates from 90+ banks and HFCs on MoneyKarma. As of April 2026, rates start from 6.85% p.a. (Bank of Baroda). Also compare processing fees (0.25%–2%), prepayment charges, and balance transfer terms.
Calculate EMI and Loan Amount
Ensure total monthly EMIs across all loans stay below 40–50% of gross income. For ₹50 lakh at 7.10% over 20 years, EMI ≈ ₹39,066. Use MoneyKarma's EMI calculator for your specific figures.
Collect Documents
Salaried: PAN, Aadhaar, 3 months salary slips, Form 16, 6-month bank statement. Self-employed: PAN, Aadhaar, 3 years ITR, P&L, balance sheet. Property: sale agreement, title deed, approved building plan, NOC from builder.
Submit Application
Apply online on the lender's website or visit a branch. Upload all documents. Pay processing fee (₹5,000–₹15,000, sometimes waived). Keep a reference number for tracking.
Credit Appraisal and Sanction
The lender verifies documents and runs credit appraisal within 48–72 hours. On approval, you receive a sanction letter stating approved amount, rate, tenure, and EMI. Valid for 3–6 months.
Property Legal and Technical Verification
The lender's legal team verifies title documents and their technical team inspects the property. Takes 5–10 business days. Property must have a clear title and all local authority approvals.
Agreement and Disbursement
Sign the loan agreement. Set up NACH mandate for EMI auto-debit. Disbursement goes directly to seller (resale) or builder in tranches (under construction). Total timeline: 7–15 business days.
Document Checklist for Home Loan
Keep these documents ready before you apply.
Current Home Loan Rates — April 2026
| Lender | Rate (p.a.) | Type |
|---|---|---|
| Bank of Baroda | 6.85% onwards | Public sector |
| Central Bank of India | 7.10% onwards | Public sector |
| Canara Bank | 7.15% onwards | Public sector |
| HDFC Bank | 7.20% onwards | Private |
| SBI | 7.25% onwards | Public sector |
| ICICI Bank | 7.45% onwards | Private |
Rates are indicative. Actual rate depends on your CIBIL score, income, and loan amount. Compare personalised rates from 90+ lenders
Frequently Asked Questions — Home Loan Application
Find answers to commonly asked questions about our financial services.
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