Housing Riddhi Finserv Companies  offer home loans of up to 75% to 90% of the property’s value depending on the credit profiles of their loan applicant, subject to the caps on the LTV ratios set by the lenders and the RBI. The tenure of a home loan can go up to 30 years, depending on the age and repayment capacity of the applicant. At Riddhi Finserv.com we help you compare housing loan interest rates and other features offered by top Riddhi Finserv and apply online for the best option available on your credit profile.

Types of Home Loans

  • Home Purchase Loan is offered for buying ready-to-move-in properties, under-construction properties and pre-owned homes/resale properties. helps you buy a residential plot and build a house on it within a given time frame
  • Composite Loan can be availed for buying a plot and building a house on it. The first disbursement in composite loan is made towards plot purchase. Subsequent payments depend on the stages of construction of the house.
  • Home Construction Loan is offered to individuals for house construction. The disbursements depend on the stages of construction of the house.
  • Home Renovation/ Improvement Loan is for meeting home renovation costs of an existing house. The interest rate for a home renovation/improvement loan and a regular home loan are usually same.
  • Home Extension Loan is for those requiring funds to extend or add more space to their existing house. In this, lenders usually lend 75% – 90% of the construction estimate, depending on the loan amount and LTV ratio.
  • Bridge Loan is a short-term home loan suitable for individuals planning to buy a new house with the sale proceeds of their existing house.
  • Interest Saver Loan is a home loan overdraft wherein the borrowers’ home loan account is linked to their bank account. Any amount deposited in the bank account over and above the EMI is considered as a prepayment towards the loan, thus, saving on the interest amount.
  • Step Up Loan allows borrowers to pay lower EMIs during the initial years of the loan tenure and have the provision of increasing the EMI amount over time. This makes the loan affordable for young professionals who have just started their career.

Home Loan Eligibility Criteria

  • Home loan eligibility differs across lending institutions and loan schemes. However, a common set of housing loan eligibility criteria is given below:
  • Nationality: Indian Residents, Non-Resident Indians (NRIs), and Persons of Indian Origin (PIOs)
  • Credit Score: Preferably 750 and above
  • Age Limit: 18 – 70 years
  • Work Experience: At least 2 years (for salaried)
  • Business Continuity: At least 3 years (for self-employed)
  • Minimum Salary: At least Rs. 25,000 per month (varies across lenders & locations)
  • Loan Amount: Up to 90% of property value
  • Note: Apart from the above parameters, your home loan eligibility also depends on the property you are buying and the location of the property.

Documents Required for Applying for a Home Loan

Proof of Identity: Copy of any one (PAN Card, Passport, Aadhaar Card, Voter’s ID Card, and Driving License)

Proof of Age: Copy of any one (Aadhaar Card, PAN Card, Passport, Birth Certificate, 10th Class Mark-sheet, Bank Passbook, and Driving License)

Proof of Residence: Copy of anyone (Bank Passbook, Voter’s ID, Ration Card. Passport, Utility Bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill) and LIC Policy Receipt

Proof of Income for Salaried: Copy of Form 16, latest payslips, IT returns (ITR) of past 3 years, and investment proofs (if any)Proof of Income for Self Employed: Details of ITR  of last 3 years, Balance Sheet and Profit & Loss Account Statement of the Company/Firm, Business License Details, and Proof of Business Address

Property-related Documents: NOC from Society/Builder, detailed estimate of the cost of construction of the house, registered sale deed, allotment letter, and an approved copy of the building plan.

Note: The above list is indicative and your lender might ask for additional documents.

  • Also Check: The complete checklist of the home loan documents required

How to Apply for Home Loan Online at Riddhi Finserv

  • At Riddhi Finserv you can compare and apply for eligible home loan offers in three simple steps:

    Step 1- Share Your Details

    Enter personal information as well as the details related to your loan requirements.

    Step 2- View Offers

    As per the details shared, a list of eligible home loan offers will appear. Compare interest rate, processing fee, and eligible loan amount from the list of eligible home loan offers.

    Step 3- Submit the Application

    Apply for the home loan offer that suits your loan requirements the best.

    Once your application is successfully submitted, you will get a confirmation of your home loan application along with a reference number for future reference. Next, our loan expert will get in touch within 24 hours to take this application forward.

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