Get a home loan at 7.50% p.a. onwards through Paisabazaar for tenures of up to 30 years. Compare interest rates and loan features from top lenders and apply for the best home loan online.

Updated: 13-06-2025 07:27:08 AM

Home Loan Details
Interest Rate	Starting from 7.50% p.a. at Paisabazaar
Maximum Loan Amount	Depends on the credit profile of the applicant
Tenure	Up to 30 years
Processing Fees	Up to 2% of the loan amount

What is Home Loan?

Q: What is the interest rate on a home loan?

Currently, home loan interest rates start from 8.10% p.a. The final interest rate at which the bank or HFC will offer a home loan will depend on the applicant’s credit score, loan amount, employment profile, employer’s profile, LTV ratio, etc.

Home loan is a secured loan facility, which banks and HFCs offer for purchasing, constructing, renovating, repairing and extending an existing/ new residential property. The loan is backed by the underlying property till the loan repayment. In case of default by the borrower, the lender has the legal right to take the concerned property into possession and then auction the property to recover the unpaid loan amount.

Home Loan Interest Rates

Home loan interest rates offered to the applicants would depend on their credit scores, monthly income, loan amount, LTV ratio, job profile, employer’s profile, etc.

Top Banks & HFCs Offering the Best Home Loan Rates

Name of Lender	Loans Up to Rs. 30 Lakh	Loans Above Rs. 30 Lakh to Rs. 75 Lakh	Loans Above Rs. 75 Lakh
SBI	8.00%-9.20% p.a.	8.00%-9.20% p.a.	8.00%-9.20% p.a.	Check Eligibility
HDFC Bank Limited	8.45% p.a. onwards	8.45% p.a. onwards	8.45% p.a. onwards	Check Eligibility
Bajaj Housing Finance	7.99%-17.00%	7.99%-17.00%	7.99%-17.00%	Check Eligibility
ICICI Bank	8.50% p.a. onwards	8.50% p.a. onwards	8.50% p.a. onwards	Check Eligibility
Axis Bank	8.75%-12.80% p.a.	8.75%-12.80% p.a.	8.75%-9.65% p.a.	Check Eligibility
Federal Bank	9.15% p.a. onwards	9.15% p.a. onwards	9.15% p.a. onwards	Check Eligibility
Punjab National Bank	7.55% - 9.35% p.a.	7.50% - 9.25% p.a.	7.50% - 9.25% p.a.	Check Eligibility
Kotak Mahindra Bank	8.65% p.a. onwards	8.65% p.a. onwards	8.65% p.a. onwards	Check Eligibility
Bank of Baroda	7.50% - 10.15% p.a.	7.50% - 10.15% p.a.	7.50% - 10.40% p.a.	Check Eligibility
Canara Bank	8.00% – 10.75% p.a.	7.95% – 10.75% p.a.	7.90% – 10.65% p.a.	Check Eligibility
IDFC FIRST Bank	8.85% p.a. onwards	8.85% p.a. onwards	8.85% p.a. onwards	Check Eligibility
IDBI Bank	8.00% p.a. onwards	8.00% p.a. onwards	8.00% p.a. onwards	Check Eligibility
Punjab & Sind Bank	7.55% - 10.75% p.a.	7.55% - 10.75% p.a.	7.55% - 10.75% p.a.	Check Eligibility
RBL Bank	9.00% p.a. onwards	9.00% p.a. onwards	9.00% p.a. onwards	Check Eligibility
LIC Housing Finance	8.00% p.a. onwards	8.00% p.a. onwards	8.00% p.a. onwards	Check Eligibility
Tata Capital Housing Finance	8.75% p.a. onwards	8.75% p.a. onwards	8.75% p.a. onwards	Check Eligibility
PNB Housing Finance	8.50% - 14.50% p.a.	8.50% - 14.50% p.a.	8.50%-11.45% p.a.	Check Eligibility
Sammaan Capital (Formerly known as Indiabulls Housing Finance)	8.75% onwards	8.75% onwards	8.75% onwards	Check Eligibility
Aditya Birla Capital	8.50% onwards	8.50% onwards	8.50% onwards	Check Eligibility
India Shelter Home Loan	11.59% onwards	11.59% onwards	11.59% onwards	Check Eligibility
L&T Finance Limited	8.65% p.a. onwards	8.65% p.a. onwards	8.65% p.a. onwards	Check Eligibility
Godrej Housing Finance	8.55% onwards	8.55% onwards	8.55% onwards	Check Eligibility
Home First Finance	11.90% onwards	11.90% onwards	11.90% onwards	Check Eligibility
Easy Home Finance	8.95% onwards	8.95% onwards	8.95% onwards	Check Eligibility
Piramal Capital Housing Finance	9.50% onwards	9.50% onwards	9.50% onwards	Check Eligibility
Cholamandalam Investment and Finance	10.50% onwards	10.50% onwards	10.50% onwards	Check Eligibility

Note: Interest rates as of 13 June 2025

Why Choose Paisabazaar?

Best Loan Deals – Handpicked offers from 30+ lenders
Balance Transfer Facility – Transfer at lower rates with top up loans
Overdraft Loan Facility – Cut interest cost by parking surpluses
Customer Support – End-to-end assistance from our team

Steps to Apply for a Home Loan at Paisabazaar

Compare and apply for home loan online in 5 simple steps:

Step 1: Enter your mobile number in the application form
Step 2: Enter OTP to verify your mobile number
Step 3: Share details related to your loan requirements
Step 4: Provide your personal details
Step 5: Compare offers and apply for the best-suited loan

Home Loan Processing Fees and Other Charges

Home loan processing fees may vary widely based on lenders and credit profiles of loan applicants. To give a fair idea of the home loan fees and charges, read the table below:

Particulars	Charges
Processing Fee	1% – 2% of loan amount
Foreclosure/Prepayment Charges	For floating rate: Nil
Foreclosure/Prepayment Charges	For fixed rate: Around 2% – 4% on the principal outstanding
Overdue Charges on EMI	2% per month of the unpaid EMI
EMI Bounce Charges	Around Rs 400
Legal Fee	As per Actuals

Home Loan Eligibility Criteria

Home loan eligibility differs across lending institutions and home 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 730 and above
Minimum Age: 18 years with some lenders setting the minimum age of 21 years
Maximum Age: Usually 70 years at the time of loan maturity with some lenders extending the tenure till 75 years of age
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.

Also Check: Top 10 Tips to Consider before Availing a Home Loan

Check Your Monthly EMI with Home Loan Calculator

Home loan EMI calculator helps individuals calculate EMIs and total interest cost payable on their home loans. They can use various combinations of interest rates, loan amounts and tenures to ascertain the optimum tenure and EMI after considering their loan repayment capacity.

Home Loan EMI Calculator

Amount

₹

Interest Rate

Tenure

Year(s)

Home Loan EMI Calculator

Monthly EMI ₹ 15,622

Total Amount Payble ₹ 5,62,395(Principal + interest)

Principal Amount ₹ 5,00,000

Total Interest Payble ₹ 62,395

Documents Required to Apply for a Home Loan

Lenders require documents from their home loan applicants as a proof to establish their identity, place of residence, income and repayment capacity.

These documents may vary across lenders based on the individual credit profile, property type, home loan type, etc. Given below are the key home loan documents that an applicant will need to furnish when applying for the loan.

Requirements	Resident Indians
Proof of Identity	PAN card, Passport, Aadhaar Card, Voter ID Card or Driving License
Proof of Residence	Bank Passbook, Voter ID Card, Ration Card, Passport, Utility Bills or LIC Policy Receipt
Proof of Income for Salaried	Form 16, Salary Slips, ITR of past 3 years, Investment Proofs (if any)
Proof of Income for Self-Employed	Business License Details, Proof of Business Address, ITR of last 3 years, Balance Sheet and Profit & Loss Account Statement of the Company/Firm
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.
Other Documents	If any previous loan from other lenders, then loan a/c statement for the last 1 year.

Different Types of Home Loans in India

Banks and HFCs offer different types of home loan schemes to service the unique requirements of various customer segments. Below is a brief overview of some common types of home loans.

Home Purchase Loan	This loan is offered to buy ready-to-move-in, under-construction and resale properties, as well as residential plots to build a house within a set time frame.
Home Construction Loan	This home loan facility, also known as self-construction home loan, allows borrowers to construct their own house on plots already owned by them.
Plot Purchase Loan	This loan facility allows individuals to finance their plot purchases and then turn their dream home into reality within a pre-specified period.
Home Renovation	This loan facility allows borrowers to finance the expansion, renovation, improvement, structural changes or essential repairs of their existing homes.
Home Extension Loan	Existing homeowners can avail this loan facility to extend their property or add more space to it to meet the needs of their growing family.
Overdraft Facility	This home loan variant allows borrowers to reduce their interest cost by depositing surpluses in the Overdraft A/c and make withdrawals as per their needs.
Step Up/ Flexi Home Loan	This home loan facility allows borrowers to service just interest components during the predetermined pre-EMI period and repay regular EMIs thereafter.

Key Features and Benefits of a Home Loan

Availing a home loan can help in the following ways:

Enabling home ownership sooner: Home prices in India are usually multiple times higher than an individual’s annual disposable income, making it challenging for most people to buy a housing property on their savings alone. In such a case, a home loan can help you buy your dream home sooner without having to wait till you accumulate money for your dream home. Moreover, utilizing all your available savings/investments upfront for home purchase may adversely impact your other financial goals. With a home loan, you can manage your finances better by committing only a portion of your annual income towards home purchase.
Longer repayment period: When compared to its alternatives like personal loans, home loan offers longer repayment period usually extending up to 30 years. Such a longer repayment period helps in spreading out the total loan amount over a greater number of months, resulting in more affordable EMIs.
Lower interest rates: Home loan interest rates are significantly lower than personal loan interest rates. Home loan interest rates start from 8.30% p.a. whereas personal loan interest rates start from 10.50% p.a. Lower interest rates lead to reduction in the overall interest cost on the loan, making it more affordable for the borrowers. Some banks/ HFCs also offer interest concessions of 0.05% to their women home loan applicants.
Tax benefits: As per Section 80C of the Income Tax Act, home loan borrowers can claim tax deduction of up to Rs. 1.5 lakh on principal repayments made in a financial year. As per Section 24(b), a deduction of up to Rs. 2 lakh can be claimed on home loan interest payments made in a financial year. However, it’s important to note that home loan borrowers choosing the new tax regime are not eligible to claim tax deductions under these Sections.
No prepayment charges: Most banks/HFCs offer home loans at floating interest rates. Due to this, they do not levy any prepayment/foreclosure charges when borrowers prepay or foreclose their home loans. Even in case of most fixed rate home loans, lenders waive off prepayment/foreclosure charges, provided the prepayment is made from borrowers’ own fund sources.
Interest-only home loans: Many lenders offer interest-only home loan schemes wherein borrowers pay just the interest component of the loan during the initial years of the loan tenure and later on makes the regular EMI payments commence until the loan maturity. These home loan schemes are best suited for those who are living on rent and plan to buy an under-construction property. This is also beneficial for those who currently lack adequate monthly surpluses to pay their loan EMIs and have near certainty regarding their income increase in the near future.

Top Reasons Why Home Loan Applications Get Rejected

Your home loan application can be rejected due to several reasons, some of them are listed as below:

Low credit score: Your credit score is a numerical representation of how well you have handled credit in the past. Having a low credit score usually indicates poor financial discipline, causing lenders to deem you as a risky borrower and reject your home loan application. Applicants having credit score of 730 and above usually have higher chances of getting loan approval.
Low loan repayment capacity: Lenders usually prefer offering home loans to those having their total loan EMI obligations, including the EMI of the proposed loan, within 50-55% of their monthly income. Those exceeding this limit have lower chances of availing home loan.
Issues related to property: If the property doesn’t meet the lender’s requirements (e.g., value, condition) or does not adhere to the regulations of the local authorities, it can lead to loan rejection. For instance, lenders will not approve your loan application if your property is in some legal dispute, does not have a clear title, is too old or is not authorised by the local authorities.
Multiple loan or credit applications within a short span: Lender-initiated requests of credit reports are known as hard enquiries. With every hard enquiry initiated, credit bureaus reduce the applicant’s credit score by a few numbers. Making multiple hard inquiries within a short period may sharply decline the applicant’s credit score, thus, reducing his chances of getting a home loan.
Ineligible occupation profile: Individuals whose occupation or employer profile is not among the lenders’ list of preferred occupation/employer profiles may not get their loans approved.

What Are the Tax Benefits Available on Home Loans in India?

House loan borrowers can avail tax benefits under various sections of the Income Tax Act. These home loan tax benefits help borrowers save a substantial amount of money every year. Below are the tax benefits that you can get on your home loan EMI payments:

Section of Income Tax Act	Nature of Home Loan Tax Deduction	Max. Tax Deductible Amt.
Section 24(b)	Interest paid	Rs. 2 lakh
Section 80C	Principal (including stamp duty and registration fee)	Rs. 1.5 lakh

Dos and Don’ts to Get Your Home Loan Approved Faster

Dos	Don’ts
Keep your credit score at 730 or above	Apply for home loan without checking your credit score
Limit your total EMI obligations within 50-60% of your net monthly income	Use emergency fund for making higher down payment
Compare home loan offers from various lenders	Apply with multiple lenders within a short span
Try making larger down payment to reduce LTV ratio	Forgo existing investments for making higher down payment
Add a co-applicant for higher loan eligibility	Plan EMI payments without considering the monthly contributions you need to make towards your crucial financial goals

Steps to Take if Your Loan Application Gets Rejected

If your home loan application was rejected, follow these tips to improve your chances of approval next time you apply or a home loan:

Build/maintain your credit score at 730 or above
Check for any inaccuracies in your credit report
Add an earning member of your family as a co-applicant
Contribute more towards home down payment
Compare housing loan offers of various banks and HFCs before making the loan deal
Avoid making multiple loan applications within a short span of time
Ensure your total EMI obligations (including the proposed home loan EMI) are within 55-60% of your net monthly income

Can I get a home loan for the entire property value?

No, you cannot take a home loan for the entire property value as the Reserve Bank of India (RBI) has limited the loan-to-value (LTV) ratio of housing loans. As per RBI guidelines, for loan amounts up to Rs 30 lakh, the LTV ratio can go up to 90% of the property value; for loan amounts above Rs 30 lakh and up to Rs 75 lakh, the LTV ratio limit is up to 80% of the property value and for loan amounts above Rs 75 lakh, the LTV ratio can go up to 75% of the property value.

This means that at least 10% of the remaining value has to be paid by the borrower as down payment. Subject to the caps set by the RBI on LTV ratios, banks/HFCs further fix the LTV ratio on the basis of the risk assessment and credit profile of the loan applicant. Those with lower creditworthiness are usually offered lower LTV ratio.

Difference Between a Fixed Rate and Floating Rate Home Loan

Fixed Interest Rate	Floating Interest Rate
EMIs remain same throughout the loan tenure regardless of the changes in the interest rate regime	EMIs change with the changes in the linked benchmark rates
Offers higher certainty in financial planning	Sudden increase in EMIs might derail household finances of the borrowers
Better option when the current interest rate is quite low and an upward trend is anticipated in the future	Better option when the current interest rates are quite high and a downward trend is predicted in the future
No benefit from the falling interest rate regime	Benefit from the lowered interest rate if the underlying benchmark rate decreases
Lenders charge higher rates as compared to floating rate home loans	Interest rate offered on a floating rate home loan is generally lower than that of home loans availed at fixed interest rate
Lenders are free to levy charges on prepayments or foreclosure of fixed rate home loans	As per RBI’s guidelines, banks and HFCs are not allowed to levy prepayment and foreclosure charges on floating rate home loans disbursed to individuals

Is Balance Transfer a Good Idea for a Home Loan?

A home loan balance transfer can be a smart financial move if you want:

Lower Interest Rates: If your credit profile has improved over time, you may now be eligible for lower interest rates than what you were initially offered. Transferring your loan to a lender offering better rates can reduce your EMIs and overall interest burden.

Longer Loan Tenure: Some lenders offer the option to extend your loan tenure beyond the residual term of your current loan. This helps in lowering your monthly EMIs, although it might increase the total interest paid over the loan period.

Top-Up Loan Facility: Balance transfer applicants often become eligible for a top-up loan, which can be used for personal or professional purposes without end-use restrictions. This is beneficial if your current lender isn’t offering a top-up loan or is charging a higher interest rate on it.

Additional Benefits: Switching to a new lender might also offer perks like zero processing fees, EMI waivers, or better customer service, enhancing your overall loan experience.

However, a balance transfer may not be ideal if you’re in the later stages of your home loan tenure or if the net savings after deducting the applicable fees and charges such as processing fees (charged by the new lender) and foreclosure charges (applicable only in case of fixed rates) are minimal. Always calculate the total cost-benefit before deciding to transfer your home loan.

Are There Any Government Subsidies Available for Home Loans?

The Government of India offers subsidies on home loans through the Pradhan Mantri Awas Yojana – Urban 2.0. Under the scheme, financial assistance of up to Rs 2.5 lakh per unit will be provided to 1 crore urban poor and middle-class families for purchasing, building or renting affordable homes in urban areas.

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FAQs on Home Loan

How to avail a home loan?

Consumers can avail home loans directly from the banks and HFCs. As many home loan lenders now-a-days facilitate online home loan application processes, consumers can consider applying for them through such lender’s official websites, mobile apps or internet banking platforms. Alternatively, consumers can also get a housing loan through online financial marketplaces to fetch home loan offers from multiple lenders from a single platform, depending on the consumers’ credit profiles.

What is the interest rate on a home loan?

Currently, home loan interest rates start from 7.85% p.a. The final interest rate at which the bank or HFC will offer a home loan will depend on the applicant’s credit score, loan amount, employment profile, employer’s profile, LTV ratio, etc.

Who is eligible for a home loan?

Home loan companies offer home loans to all resident and non-resident Indians. They can be salaried or self-employed professionals/non-professionals.

What are the property documents required for home loan?

The property documents required to avail home loans may vary on a case-to-case basis. The documents for home loans availed for buying a new house will vary from the documents for home loans availed for house construction. For a detailed home loan document list.

How much home loan can I get on Rs. 40,000 salary?

Home loan lenders determine applicants’ eligible loan amount based on the EMI/NMI ratio and LTV ratio, which vary as per the lender’s credit risk policy. To estimate the loan amount, consumers can use their lender’s home loan eligibility calculator on the website or explore online financial marketplaces like Paisabazaar for maximum loan offers from different lenders.

Which bank is the best for availing a home loan?

For most consumers, choosing a lender with the lowest home loan interest rate is the key to saving on overall interest cost. However, apart from rates, factors such as loan tenure, amount, LTV ratio, processing fees, approval time and disbursement efficiency are important when looking for the best home loan provider.Instead of visiting lender websites in person, consumers can simplify their search by comparing rates, tenure, fees and more on online financial marketplaces such as Paisabazaar.

What is the maximum home loan amount that I can get?

Some lenders use the Multiplier Method to determine your maximum home loan eligibility, which involves calculating the eligible loan amount using a predetermined multiple of an applicant’s monthly net income. They usually offer loan amounts of up to 72 times an applicant’s gross monthly income or 6 times their gross annual income (for non-salary applicants).Others use the EMI/NMI Ratio, which requires the applicant’s total EMI obligations to be within a predetermined proportion, typically 55-60% of their income. Some lenders combine both of these methods to determine the loan amount eligible for the applicant.

How do lenders check the EMI affordability for their home loan applicants?

Lenders consider the repayment capacity of home loan applicants while evaluating their loan application and loan amount eligibility. Home loan lenders usually prefer to lend to home loan applicants whose total EMI including the proposed home loan EMI is within 55-60% of their monthly income. Hence, home loan applicants can use online home loan EMI calculators to find the optimal home loan amount and tenure based on their repayment capacity.

What are my home loan options with a poor or low credit score?

It is difficult to say which home loan you will get with a low credit score as different lenders have different credit risk policies. Therefore, consumers with poor credit scores should visit online marketplaces like Paisabazaar to check and compare home loan rates and other loan features such as tenure, processing fees and other related costs from different banks and HFCs.

How much credit score should I have to get a housing loan?

Lenders prefer to approve home loans to applicants with a credit score of 730 and above because such high credit scores reflect responsible credit behavior and reduce the credit risk for lenders. This is why many lenders offer lower home loan rates to applicants with high credit scores. However, some lenders offer home loans at higher interest rates to applicants with low credit scores. Therefore, one must check their credit scores at regular intervals.

What is the EMI for Rs. 20 lakh home loan?

EMI calculation for a Rs. 20 lakh home loan would depend on the interest rate and tenure. Let’s assume the interest rate and tenure on your Rs. 20 lakh home loan is 8.50% p.a. and 20 years, respectively. In such a case, your home loan EMI would be Rs. 17,356. For calculating EMI based on other tenure and interest rate values, you can use a home loan EMI calculator.

Who can co-sign a home loan?

Your spouse or blood relatives like your father, mother, siblings and children can co-sign a home loan with you. Also, all co-owners of the property must be co-applicants in a home loan.

Are there any prepayment charges in case of a house loan?

In case of floating rate home loans, lenders do not charge prepayment penalty as per RBI guidelines. However, lenders may charge prepayment penalty in case of prepayment of fixed rate home loans.

What is a home loan balance transfer?

Home loan balance transfer allows existing home loan borrowers to transfer their outstanding home loan to a new lender at lower interest rates and/or better loan terms. This facility is especially helpful for borrowers who had taken a home loan at higher interest rates but are now eligible for lower interest rates due to their improved credit profile or a reduction in market interest rates.

Can I take two home loans at the same time?

Yes, if the lender of your second home loan is satisfied with your repayment capacity, credit profile and features of the mortgaged property, you can avail a second home loan for another property.

How long does it take to get a home loan sanctioned?

Generally, it takes 1 to 2 weeks for lenders to approve a home loan. However, this can vary considerably depending on the loan approval process of the banks/HFCs, the credit profile of the applicant and the features of the property to be purchased/constructed.

Can I prepay my outstanding housing loan amount?

Yes, you can prepay your home loan. If you have a floating rate home loan, no prepayment charges will be levied. However, in case of fixed rate home loans, lenders may levy a prepayment charge of around 2% to 4%.

Can I avail tax deductions on my home loan?

Yes. Repayment of the principal amount will be eligible for tax deduction under section 80C of the Income Tax Act. Repayment of the interest component will be eligible for tax deduction under section 24(b) of the Income Tax Act.

Can I switch from a fixed rate to a floating rate during my home loan tenure?

Yes, most lenders offering home loans at both fixed and floating rates allow their existing home loan borrowers to convert their fixed rate loans into floating rate loans and vice versa, on the payment of conversion or switching fee.

What is the maximum home loan amount allowed under the PMAY-G scheme?

Under Pradhan Mantri Awas Yojana-Gramin scheme, beneficiaries can avail a maximum home loan amount of up to Rs 70,000.

What is a home loan foreclosure charge?

Home loan foreclosure charge is a penalty that your home loan lender may levy when you pay off the loan before the end of the loan tenure. However, the Reserve Bank of India (RBI) has prohibited banks and Housing Finance Companies (HFCs) from charging foreclosure charges on floating rate home loans. Lenders offering home loans at fixed rates usually do not charge foreclosure fees when paid off from the borrower’s own fund sources.

What could be the hidden charges for home loans?

As per the RBI guidelines on Fair Practices Code for Lenders, home loan application forms should include information about the fees/charges, if any. Lenders should also give the notice of any change in the terms and conditions including interest rates, service charges etc. in advance to the borrowers. Therefore, borrowers should always stay updated regarding the schedule of charges of their home loans.

What is a home loan notice of intimation?

A Notice of Intimation (NOI) is a document that serves to inform relevant statutory authorities regarding purchase of a house property or when a home loan is availed for the said house property. The issuance of this notice has been in effect since April 1, 2013, as a measure to combat property fraud, avoid duplicate registrations of the same property, and prevent multiple loans being taken out on a single home.

Is it possible to get a top-up loan on my ongoing home loan?

Existing home loan borrowers can opt for home loan top-up facility to meet additional expenses related to home construction/ improvement/extension, purchase of a new house or taking care of any personal needs except for any speculative purposes. However, lenders will sanction top up home loans only after factoring in the credit profile and repayment history of the borrower.

Is Home Loan Insurance Mandatory for Borrowers in India?

Home loan insurance is not mandatory for home loan borrowers. However, lenders may recommend or require it to ensure loan repayment in case of unforeseen events like death, disability, or property damage.

Written By:

Shamik Ghosh

Shamik Ghosh is the Head of Content and Organic Growth at Paisabazaar, bringing over 16 years of deep experience in content and research. He specializes in building consumer focussed content in financial services, with a particular focus on lending.

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