{"id":577,"date":"2025-06-28T11:13:35","date_gmt":"2025-06-28T11:13:35","guid":{"rendered":"https:\/\/sjpb.in\/blog\/?p=577"},"modified":"2026-01-08T10:55:58","modified_gmt":"2026-01-08T10:55:58","slug":"home-loan-guide-for-buyers","status":"publish","type":"post","link":"https:\/\/sjpb.in\/blog\/educational\/home-loan\/home-loan-guide-for-buyers\/","title":{"rendered":"Home Loan Guide for First-Time Home Buyers in India 2026"},"content":{"rendered":"\n<p>Are you confused about home loans and looking for a <strong>home loan guide<\/strong>? We have got you covered!\u00a0<\/p>\n\n\n\n<p>From checking your eligibility for the home loan, collecting the necessary documents, learning about the interest rates of banks to finally waiting for the approval of the loan, it could be a lengthy process.<\/p>\n\n\n\n<p>We have brought to you this <strong>best home loan guide for first-time home buyers in 2025<\/strong> which simply explains the entire process. Read further to find out everything related to home loans<\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #ffffff;color:#ffffff\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #ffffff;color:#ffffff\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/sjpb.in\/blog\/educational\/home-loan\/home-loan-guide-for-buyers\/#1_What_is_a_Home_Loan\" >1. What is a Home Loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/sjpb.in\/blog\/educational\/home-loan\/home-loan-guide-for-buyers\/#2_What_is_the_Process_of_Home_Loan_in_Simple_Steps\" >2. What is the Process of Home Loan in Simple Steps?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/sjpb.in\/blog\/educational\/home-loan\/home-loan-guide-for-buyers\/#3_What_are_the_Different_Types_of_Home_Loan\" >3. What are the Different Types of Home Loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/sjpb.in\/blog\/educational\/home-loan\/home-loan-guide-for-buyers\/#4_What_Is_the_Home_Loan_Eligibility_Criteria_in_Odisha\" >4. What Is the Home Loan Eligibility Criteria in Odisha?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/sjpb.in\/blog\/educational\/home-loan\/home-loan-guide-for-buyers\/#5_What_are_The_Documents_Required_for_a_Home_Loan\" >5. What are The Documents Required for a Home Loan?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/sjpb.in\/blog\/educational\/home-loan\/home-loan-guide-for-buyers\/#6_Document_Checklist_for_Availing_a_Home_Loan_in_India\" >6. Document Checklist for Availing a Home Loan in India<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/sjpb.in\/blog\/educational\/home-loan\/home-loan-guide-for-buyers\/#7_What_are_the_Different_Types_of_Home_Loan_Interest_Rates_in_India\" >7. What are the Different Types of Home Loan Interest Rates in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/sjpb.in\/blog\/educational\/home-loan\/home-loan-guide-for-buyers\/#8_Which_Bank_is_Best_for_a_Home_Loan_with_Low_Interest_Rate_in_India_2025\" >8. Which Bank is Best for a Home Loan with Low Interest Rate in India 2025?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/sjpb.in\/blog\/educational\/home-loan\/home-loan-guide-for-buyers\/#9_What_are_the_Top_5_Things_that_You_Should_Keep_in_Mind_Before_Taking_a_Home_Loan_in_India\" >9. What are the Top 5 Things that You Should Keep in Mind Before Taking a Home Loan in India?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/sjpb.in\/blog\/educational\/home-loan\/home-loan-guide-for-buyers\/#10_Ending_Note\" >10. Ending Note<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/sjpb.in\/blog\/educational\/home-loan\/home-loan-guide-for-buyers\/#Frequently_Asked_Questions_FAQs\" >Frequently Asked Questions (FAQs)<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"1_What_is_a_Home_Loan\"><\/span><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">1. <\/mark><strong>What is a Home Loan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In simple terms, a home loan is a financial guarantee provided by a bank to an individual to help in the construction or buying of an <a href=\"https:\/\/www.sjpb.in\/ongoing-projects.html\" target=\"_blank\" rel=\"noreferrer noopener\">apartment<\/a>, land or house.\u00a0<\/p>\n\n\n\n<p>Find out more about home loans by reading our <strong>best home loan guide in India 2025<\/strong> further.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"2_What_is_the_Process_of_Home_Loan_in_Simple_Steps\"><\/span><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">2.<\/mark> <strong>What is the Process of Home Loan in Simple Steps?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_3thumb-min-1024x683.webp\" alt=\"What is the Process of Home Loan in Simple Steps?\" class=\"wp-image-586\" srcset=\"https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_3thumb-min-1024x683.webp 1024w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_3thumb-min-300x200.webp 300w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_3thumb-min-768x512.webp 768w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_3thumb-min-1536x1025.webp 1536w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_3thumb-min-550x367.webp 550w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_3thumb-min.webp 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>It is important to learn about the entire process before you <strong>apply for a home loan<\/strong> by following these simple steps in this <strong>home loan guide<\/strong> below:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Loan Application:<\/strong> You fill the home loan application form of the bank and deposit required documents for the same.<\/li>\n<\/ol>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Loan Approval:<\/strong> The bank checks your application and your eligibility for the home loan based on <strong>employment<\/strong>, <strong>CIBIL score<\/strong>, etc. and approves or rejects it accordingly.<\/li>\n<\/ol>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Loan Disbursement:<\/strong> The bank disburses the loan amount to you or to the real estate vendor directly based on your instructions.<\/li>\n<\/ol>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Repayment: <\/strong>After receiving the loan amount, you <strong>repay it<\/strong> based on the <strong>tenure specified by your bank <\/strong>along with the fixed interest rate.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"3_What_are_the_Different_Types_of_Home_Loan\"><\/span><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">3.<\/mark> What are the Different Types of Home Loan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_4thumb-min-1024x683.webp\" alt=\"What are the Different Types of Home Loan?\" class=\"wp-image-587\" srcset=\"https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_4thumb-min-1024x683.webp 1024w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_4thumb-min-300x200.webp 300w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_4thumb-min-768x512.webp 768w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_4thumb-min-1536x1025.webp 1536w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_4thumb-min-550x367.webp 550w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_4thumb-min.webp 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Let\u2019s take a brief look at all the different types of home loan in our <strong>home loan guide<\/strong>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.hdfc.com\/housing-loans\/home-loans\/what-is-home-a-loan#:~:text=needs%20of%20customers.-,Home%20Loans,this%20type%20of%20loan%20to%20purchase%20under%2Dconstruction%20or%20ready%20properties.,-Home%20Construction%20Loan\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Home Purchase Loans<\/strong><\/a><\/h3>\n\n\n\n<p>These loans are availed by individuals for the purchasing of readily available <a href=\"https:\/\/www.sjpb.in\/ongoing-projects.html\" target=\"_blank\" rel=\"noreferrer noopener\">apartments<\/a>, flats, or houses. These loans are available at nearly every bank in India, but they follow their own interest rates and policies.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.hdfc.com\/housing-loans\/home-loans\/what-is-home-a-loan#:~:text=Plot%20Loan,plot%20loan.\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Land Purchase Loans<\/strong><\/a><\/h3>\n\n\n\n<p>These types of loans are availed by individuals for the purchasing of real estate to construct a new house or building. <a href=\"https:\/\/www.hdfc.com\/blog\/home-finance\/10-things-must-know-avail-home-loan#:~:text=As%20defined%20by%20the%20regulator%2C%20most%20lenders%20provide%20a%20housing%20loan%20ranging%20from%2075%20to%2090%20percent%20of%20the%20cost%20of%20the%20property%20depending%20on%20your%20loan%20value.\" target=\"_blank\" rel=\"noreferrer noopener\">Usually banks provide <strong>85-90% of the cost<\/strong><\/a>, while the remaining 10-15% is left to be arranged by the individual.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.hdfc.com\/housing-loans\/home-loans\/what-is-home-a-loan#:~:text=Home%20Construction%20Loan,on%20that%20land.\" target=\"_blank\" rel=\"noopener\"><strong>Home Construction Loans<\/strong><\/a><\/h3>\n\n\n\n<p>These types of loans are availed by individuals who wish to construct a house on their personal property, keeping the same as collateral.\u00a0<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><a href=\"https:\/\/www.hdfc.com\/housing-loans\/home-loans\/what-is-home-a-loan#:~:text=House%20Renovation%20Loan,roof%20repairs%2C%20etc.\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Home Improvement Loans<\/strong><\/a><\/h3>\n\n\n\n<p>These types of loans are availed by individuals who wish to renovate their existing house. The disbursement of such loans depends on an individual\u2019s debt-to-income ratio (<a href=\"https:\/\/www.wellsfargo.com\/goals-credit\/debt-to-income-calculator\/\" target=\"_blank\" rel=\"noreferrer noopener\">Calculate here<\/a>) and financial standing.<\/p>\n\n\n\n<p>If you are confused about buying properties in Odisha, do check out our two-part <a href=\"https:\/\/sjpb.in\/blog\/educational\/buying-guide\/buying-property-in-odisha-how-to-do-it-right-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">step-by-step beginner home-buyer\u2019s guide<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"4_What_Is_the_Home_Loan_Eligibility_Criteria_in_Odisha\"><\/span><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">4. <\/mark>What Is the Home Loan Eligibility Criteria in Odisha?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_8thumb-min-1024x683.webp\" alt=\"What Is the Home Loan Eligibility Criteria in Odisha?\" class=\"wp-image-590\" srcset=\"https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_8thumb-min-1024x683.webp 1024w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_8thumb-min-300x200.webp 300w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_8thumb-min-768x512.webp 768w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_8thumb-min-1536x1025.webp 1536w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_8thumb-min-550x367.webp 550w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_8thumb-min.webp 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>You must meet the <strong>home loan eligibility criteria in India<\/strong> laid down by individual banks to be eligible for home loans. Let\u2019s take a look at some of the general eligibility criteria of all banks in this <strong>home loan guide<\/strong>.<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>You must be aged between <strong>18 and 60 years<\/strong>.<\/li>\n\n\n\n<li>You need to be a <strong>salaried individual <\/strong>with a <strong>steady income<\/strong>.<\/li>\n\n\n\n<li>Your <strong>salary<\/strong> should be <strong>above the required threshold<\/strong> laid down by the bank.<\/li>\n<\/ol>\n\n\n\n<p><strong>Other eligibility criteria<\/strong> that you should make sure to consider are:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>You must be able to prove to the bank that at least <strong>50% of your salary<\/strong> every month is free to pay the <strong>EMIs (Equated Monthly Instalment)<\/strong>.<\/li>\n<\/ol>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li>You must be able to prove to the bank that you are <strong>free from any other debts<\/strong> to be able to <strong>afford another significant loan amount<\/strong>, or else your <strong>total loan amount may decrease<\/strong>.<\/li>\n<\/ol>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li>You must be able to <strong>pay the down payment amount of the house<\/strong> for which you are taking a loan. Since the banks only provide approximately<strong> <\/strong><a href=\"https:\/\/www.indiashelter.in\/blogs\/what-is-orc-amount-in-home-loan#:~:text=If%20the%20home%20loan%20amount%20you%20want%20to%20avail%20is%20more%20than%20Rs.%2030%20Lakh%20and%20up%20to%20Rs.%2075%20Lakh%2C%20then%20the%20lender%20will%20approve%20only%2080%25%20of%20the%20property%27s%20value%20as%20a%20home%20loan.%20So%2C%20the%20minimum%20contribution%20you%20may%20make%20would%20be%2020%25%20of%20the%20property%27s%20value.\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>80% of the house value as the loan<\/strong><\/a>.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"5_What_are_The_Documents_Required_for_a_Home_Loan\"><\/span><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">5.<\/mark> What are The Documents Required for a Home Loan?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large is-style-default\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_5thumb-min-1024x683.webp\" alt=\"What are The Documents Required for a Home Loan?\" class=\"wp-image-588\" srcset=\"https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_5thumb-min-1024x683.webp 1024w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_5thumb-min-300x200.webp 300w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_5thumb-min-768x512.webp 768w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_5thumb-min-1536x1025.webp 1536w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_5thumb-min-550x367.webp 550w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_5thumb-min.webp 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>Before applying for a home loan, make sure to follow the checklist we have provided below in this <strong>home loan guide<\/strong> to keep all the required documents handy with yourself:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Proof of Identity<\/strong> such as <strong>Aadhar Card<\/strong>, <strong>PAN Card<\/strong>, <strong>Voter ID Card<\/strong>, or <strong>Passport<\/strong>.<\/li>\n<\/ol>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Proof of Address<\/strong> such as <strong>Utility bills<\/strong>, <strong>Aadhaar card<\/strong>, or <strong>Passport<\/strong>.<\/li>\n<\/ol>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Proof of Income<\/strong>:<\/li>\n<\/ol>\n\n\n\n<ul class=\"wp-block-list\">\n<li>For <strong>salaried individuals<\/strong>: Last <strong>3 months salary slips<\/strong> and <strong>Form 16<\/strong>.<\/li>\n\n\n\n<li>For <strong>self-employed individuals<\/strong>: Income Tax Returns (ITR) and bank statements of the last 6 months.<\/li>\n<\/ul>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Property documents<\/strong> such as <a href=\"https:\/\/cleartax.in\/s\/sale-deed-format-download#:~:text=Sale%20agreement%3A,property%20specifications%2C%20etc.\" target=\"_blank\" rel=\"noreferrer noopener\">sale agreement<\/a>, <a href=\"https:\/\/cleartax.in\/s\/title-deed-of-property#:~:text=A%20title%20deed%20is,person%20through%20title%20deeds.\" target=\"_blank\" rel=\"noreferrer noopener\">titled deed<\/a>, and <a href=\"https:\/\/savemax.in\/blogs\/importance-of-building-approval-plans-india\/#:~:text=FAQ%E2%80%99s%3A-,What%20are%20building%20approval%20plans%3F,for%20ensuring%20compliance%20with%20building%20codes%2C%20zoning%20regulations%2C%20and%20safety%20standards.,-Who%20creates%20building\" target=\"_blank\" rel=\"noreferrer noopener\">approved building plan<\/a>.<\/li>\n<\/ol>\n\n\n\n<ol start=\"5\" class=\"wp-block-list\">\n<li><strong>Employment detail documents<\/strong> such as <a href=\"https:\/\/www.incometax.gov.in\/iec\/foportal\/\" target=\"_blank\" rel=\"noreferrer noopener\">Income Tax Returns (ITR)<\/a> and <a href=\"https:\/\/cgolegal.com\/employment-certificate\/#:~:text=An%20employment%20certificate%20is%20a%20statement%20of%20fact%2C%20not%20of%20intent%2C%20made%20by%20the%20employer%20upon%20termination%20of%20employment.%20This%20document%20must%20contain%20an%20accurate%20and%20truthful%20description%20of%20the%20employment%20history.%20Its%20form%20and%20content%20are%20strictly%20set%20by%20the%20Labour%20Code%20and%20related%20regulations.\" target=\"_blank\" rel=\"noreferrer noopener\">Employment Certificate<\/a>.<\/li>\n<\/ol>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"6_Document_Checklist_for_Availing_a_Home_Loan_in_India\"><\/span><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">6. <\/mark><strong>Document Checklist for Availing a Home Loan in India<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><thead><tr><th><strong>Document Category<\/strong><\/th><th><strong>For Salaried Individuals<\/strong><\/th><th><strong>For Self-Employed Individuals<\/strong><\/th><\/tr><\/thead><tbody><tr><td><strong>Proof of Identity<\/strong><\/td><td>Aadhaar Card, PAN Card, Voter ID Card, Passport<\/td><td>Aadhaar Card, PAN Card, Voter ID Card, Passport<\/td><\/tr><tr><td><strong>Proof of Address<\/strong><\/td><td>Utility bills, Aadhaar card, Passport<\/td><td>Utility bills, Aadhaar card, Passport<\/td><\/tr><tr><td><strong>Proof of Income<\/strong><\/td><td>Last 3 months\u2019 salary slips, Form 16<\/td><td>Income Tax Returns (ITR), Bank statements of the last 6 months<\/td><\/tr><tr><td><strong>Property Documents<\/strong><\/td><td>Sale agreement, Title deed, Approved building plan<\/td><td>Sale agreement, Title deed, Approved building plan<\/td><\/tr><tr><td><strong>Employment Details<\/strong><\/td><td>Income Tax Returns (ITR), Employment Certificate, Last 6 months\u2019 bank statements showing salary credits<\/td><td>Business Address Proof, Business License\/Registration Certificate, GST Returns (if applicable)<\/td><\/tr><tr><td><strong>Other (General)<\/strong><\/td><td>Duly filled and signed loan application form<\/td><td>Duly filled and signed loan application form<\/td><\/tr><tr><td><\/td><td>Passport-sized photographs<\/td><td>2. Passport-sized photographs<\/td><\/tr><tr><td><\/td><td>Processing fee cheque (if applicable)<\/td><td>3. Processing fee cheque (if applicable)<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"7_What_are_the_Different_Types_of_Home_Loan_Interest_Rates_in_India\"><\/span><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">7.<\/mark> What are the Different Types of Home Loan Interest Rates in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_6thumb-min-1024x683.webp\" alt=\"What are the Different Types of Home Loan Interest Rates in India?\" class=\"wp-image-589\" srcset=\"https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_6thumb-min-1024x683.webp 1024w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_6thumb-min-300x200.webp 300w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_6thumb-min-768x512.webp 768w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_6thumb-min-1536x1025.webp 1536w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_6thumb-min-550x367.webp 550w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_6thumb-min.webp 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<p>The home loan interest rates differ for each bank in Odisha. Let\u2019s take a look at the interest rates found in the<strong> top 10 most preferred banks for home loans in India<\/strong> in our<strong> home loan guide.<\/strong> :<\/p>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Sl. No.<\/strong><\/td><td><strong>Bank<\/strong><\/td><td><strong>Interest Rate (p.a.)<\/strong><\/td><\/tr><tr><td>1<\/td><td><a href=\"https:\/\/canarabank.com\/interest-rate-range-on-loans#:~:text=Housing%20Loan,8.26%25\" target=\"_blank\" rel=\"noreferrer noopener\">Canara Bank<\/a><\/td><td><strong>7.40%<\/strong><\/td><\/tr><tr><td>2<\/td><td><a href=\"https:\/\/sbi.co.in\/web\/interest-rates\/interest-rates\/loan-schemes-interest-rates\/home-loans-interest-rates-current\" target=\"_blank\" rel=\"noreferrer noopener\">State Bank of India (SBI)<\/a><\/td><td><strong>7.50%<\/strong><\/td><\/tr><tr><td>3<\/td><td><a href=\"https:\/\/www.kotak.com\/en\/personal-banking\/loans\/home-loan\/interest-rates.html#:~:text=The%20Home%20Loan%20interest%20rate%20in%20India%20varies%20depending%20on%20factors%20such%20as%20the%20loan%20amount%2C%20tenure%2C%20and%20applicant%27s%20credit%20profile.%20The%20current%20Home%20Loan%20interest%20rate%20at%20Kotak%20Mahindra%20Bank%20starts%20at%208.20%25%20per%20annum.\" target=\"_blank\" rel=\"noreferrer noopener\">Kotak Mahindra Bank<\/a><\/td><td><strong>8.20%<\/strong><\/td><\/tr><tr><td>4<\/td><td><a href=\"https:\/\/www.hdfc.com\/checklist\/home-loan-interest-rates#:~:text=For%20All%20Loans,8.45%25%20to%209.30%25\" target=\"_blank\" rel=\"noreferrer noopener\">HDFC Bank<\/a><\/td><td><strong>8.45%<\/strong><\/td><\/tr><tr><td>5<\/td><td><a href=\"https:\/\/www.icicibank.com\/personal-banking\/loans\/home-loan\/interest-rates#:~:text=ICICI%20Bank%20offers%20attractive%20Home%20Loan%20interest%20rates%20for%20eligible%20applicants.%20You%20can%20choose%20between%20fixed%20and%20floating%20rates%20of%20interest%20and%20apply%20for%20Home%20Loan%20online%20for%20an%20amount%20%E2%82%B95%20crore%20with%20minimal%20documentation%2C%20and%20at%20an%20attractive%20interest%20rate%20of%208.50%25*%20p.a.\" target=\"_blank\" rel=\"noreferrer noopener\">ICICI Bank<\/a><\/td><td><strong>8.50%<\/strong><\/td><\/tr><tr><td>6<\/td><td><a href=\"https:\/\/www.axisbank.com\/retail\/loans\/home-loan\/interest-rates-charges\" target=\"_blank\" rel=\"noreferrer noopener\">Axis Bank<\/a><\/td><td><strong>8.75%<\/strong><\/td><\/tr><tr><td>7<\/td><td><a href=\"https:\/\/www.bankofbaroda.in\/personal-banking\/loans\/home-loan\/baroda-home-loan\" target=\"_blank\" rel=\"noreferrer noopener\">Bank of Baroda\u00a0<\/a><\/td><td><strong>8.90%<\/strong><\/td><\/tr><tr><td>8<\/td><td><a href=\"https:\/\/www.pnbindia.in\/interst-rate-on-advances-linked-to-mclr.html\" target=\"_blank\" rel=\"noreferrer noopener\">Punjab National Bank<\/a><\/td><td><strong>8.95%<\/strong><\/td><\/tr><tr><td>9<\/td><td><a href=\"https:\/\/www.unionbankofindia.co.in\/en\/Details\/home-loan-interest-rate#:~:text=What%20is%20the,monthly%20income%2C%20etc.\" target=\"_blank\" rel=\"noreferrer noopener\">Union Bank of India<\/a><\/td><td><strong>9.00%<\/strong><\/td><\/tr><tr><td>10<\/td><td><a href=\"https:\/\/www.idfcfirstbank.com\/personal-banking\/loans\/home-loan\/home-loan-interest-rates#:~:text=ROI%20starting%20from%208.85%25*\" target=\"_blank\" rel=\"noreferrer noopener\">IDFC FIRST Bank<\/a><\/td><td><strong>9.25%<\/strong><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"8_Which_Bank_is_Best_for_a_Home_Loan_with_Low_Interest_Rate_in_India_2025\"><\/span><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">8.<\/mark> Which Bank is Best for a Home Loan with Low Interest Rate in India 2025?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><a href=\"https:\/\/homeloans.sbi\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>State Bank of India (SBI)<\/strong><\/a> is the best bank for availing a home loan in India with a starting interest rate of<strong> 7.50%<\/strong>.\u00a0<\/p>\n\n\n\n<p>It is a trusted bank since it is under the <strong>government of India jurisdiction<\/strong>. <strong>State Bank of India<\/strong> also has a <strong>wide branch network<\/strong> and <strong>transparent terms<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"9_What_are_the_Top_5_Things_that_You_Should_Keep_in_Mind_Before_Taking_a_Home_Loan_in_India\"><\/span><strong><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">9.<\/mark> What are the Top 5 Things that You Should Keep in Mind Before Taking a Home Loan in India?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li><strong>Eligibility Criteria<\/strong><\/li>\n<\/ol>\n\n\n\n<p>You should always check the <strong>eligibility criteria for a home loan<\/strong>, such as your <strong>debt to income ratio<\/strong> and your <strong>repayment capacity<\/strong>.<\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Loan Amount<\/strong><\/li>\n<\/ol>\n\n\n\n<p>You should always use an <a href=\"https:\/\/groww.in\/calculators\/home-loan-emi-calculator\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>EMI calculator<\/strong><\/a> before availing a home loan to keep track of your finances, and adjust your expenditure accordingly.\u00a0<\/p>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>EMI\/Pre-EMI<\/strong><\/li>\n<\/ol>\n\n\n\n<p>Keep in mind that: <strong>The longer the loan tenure, the lesser is the EMI<\/strong>. You can always repay in bulk within the loan tenure to reduce your burden.<\/p>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Home First or Loan First<\/strong><\/li>\n<\/ol>\n\n\n\n<p>You can always avail a loan before shortlisting the property making your decision flexible.<\/p>\n\n\n\n<ol start=\"5\" class=\"wp-block-list\">\n<li><strong>Types of Home Loan<\/strong><\/li>\n<\/ol>\n\n\n\n<p>While availing home loans, you could choose between <a href=\"https:\/\/www.hdfc.com\/blog\/home-finance\/opt-fixed-rate-floating-rate-home-loan#:~:text=Also%20referred%20to%20as%20%E2%80%98adjustable%20rate%20home%20loan%E2%80%99%2C%20these%20loans%20are%20linked%20to%20the%20lender%E2%80%99s%20benchmark%20rate%2C%20which%2C%20in%20turn%2C%20moves%20in%20sync%20with%20the%20market%20interest%20rate.%20If%20there%20is%20a%20change%20in%20the%20benchmark%20rate%2C%20the%20interest%20rate%20on%20the%20loan%20also%20changes%20proportionately.\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>floating rate<\/strong><\/a> and <a href=\"https:\/\/www.ujjivansfb.in\/banking-blogs\/borrow\/fixed-vs-floating-home-loan-interest-rate-which-is-better#:~:text=fixed%20interest%20rates%20remain%20unchanged%20throughout%20the%20home%20loan%20tenure%2C%20regardless%20of%20any%20fluctuations%20in%20benchmark%20rates\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>fixed rate loans<\/strong><\/a>, providing you with both flexible and stable options respectively.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"10_Ending_Note\"><\/span><mark style=\"background-color:rgba(0, 0, 0, 0)\" class=\"has-inline-color has-vivid-red-color\">10.<\/mark> <strong>Ending Note<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Choosing the right home loan option in the market is difficult, hence making a smart and informed decision is really important for you.\u00a0<\/p>\n\n\n\n<p>From finalizing the property of your choice to calculating your loan amount based on your financial future could save both your time and money.\u00a0<\/p>\n\n\n\n<p>We hope this <strong>home loan guide<\/strong> provides you with the right information on your journey. If you are looking for <a href=\"https:\/\/www.sjpb.in\/ongoing-projects.html\" target=\"_blank\" rel=\"noreferrer noopener\">premium apartments in Bhubaneswar<\/a>, the Sri Jagannath Promoters and Builders have the best offers for you, which you can make yours today with the right home loan options. If you liked this blog, consider checking out our available apartment ranges from premium to luxurious.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_7thumb-min-1024x683.webp\" alt=\"Premium apartment exterior in Odisha\" class=\"wp-image-593\" srcset=\"https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_7thumb-min-1024x683.webp 1024w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_7thumb-min-300x200.webp 300w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_7thumb-min-768x512.webp 768w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_7thumb-min-1536x1025.webp 1536w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_7thumb-min-550x367.webp 550w, https:\/\/sjpb.in\/blog\/wp-content\/uploads\/2025\/06\/sjpb_blog2_7thumb-min.webp 2000w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_FAQs\"><\/span><strong>Frequently Asked Questions (FAQs)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p><strong>How much home loan can I get based on my salary?<\/strong><\/p>\n\n\n\n<p>Generally, you can get a loan amount up to <strong>60 times your net monthly salary <\/strong>from banks, depending on your credit score and other liabilities.<\/p>\n\n\n\n<p><strong>What is the minimum credit score required for a home loan?<\/strong><\/p>\n\n\n\n<p>Most banks prefer a <strong>CIBIL score of 750 or above<\/strong> for the loan approval and better interest rates. However, a <strong>CIBIL score of 700 or above <\/strong>\u00a0is also <strong>acceptable<\/strong>.<\/p>\n\n\n\n<p><strong>How long does it take to get a home loan sanctioned?<\/strong><\/p>\n\n\n\n<p>It usually takes between <strong>7 to 15 working days<\/strong>, depending on documentation and property verification.<\/p>\n\n\n\n<p><strong>Are there any tax benefits on home loans?<\/strong><\/p>\n\n\n\n<p>Yes, you can claim tax deductions under <a href=\"https:\/\/www.hdfc.com\/blog\/home-finance\/home-loan-tax-benefit#:~:text=If%20a%20home%20loan%20is,taken%20by%20a%20single%20applicant.\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Section 80C and Section 24 (b)<\/strong><\/a> of the Income Tax Act.<\/p>\n\n\n\n<p><strong>What is the difference between fixed and floating interest rates?<\/strong><\/p>\n\n\n\n<p>A <strong>fixed rate<\/strong> stays constant throughout the loan tenure, offering stability, while a <strong>floating rate<\/strong> varies with market conditions, which can lower or increase your EMIs over time.<\/p>\n\n\n\n<p><strong>I\u2019m planning to buy a property in Odisha. Where can I find a beginner-friendly guide?<\/strong><\/p>\n\n\n\n<p>If you\u2019re a first-time buyer, it is crucial to understand the key locations and processes which can yield you a good return of investment. Check out our detailed <a href=\"https:\/\/sjpb.in\/blog\/educational\/buying-guide\/buying-property-in-odisha-how-to-do-it-right\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>beginner\u2019s guide to buying property Buying in Odisha<\/strong><\/a> for expert tips and steps.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Are you confused about home loans and looking for a home loan guide? We have got you covered!\u00a0 From checking your eligibility for the home loan, collecting the necessary documents, learning about the interest rates of banks to finally waiting for the approval of the loan, it could be a lengthy process. We have brought [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":592,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46,38],"tags":[49,47,39],"class_list":["post-577","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-home-loan","category-buying-guide","tag-educational-2","tag-homeloan","tag-realestate"],"_links":{"self":[{"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/posts\/577","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/comments?post=577"}],"version-history":[{"count":17,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/posts\/577\/revisions"}],"predecessor-version":[{"id":1263,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/posts\/577\/revisions\/1263"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/media\/592"}],"wp:attachment":[{"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/media?parent=577"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/categories?post=577"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sjpb.in\/blog\/wp-json\/wp\/v2\/tags?post=577"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}