A home loan to buy, build or improve a home
A home loan is secured against the property, runs for a long time and is the largest commitment most people take on. Our lending partners decide the amount, the rate and the tenure. We help you get the file and the property papers right before it goes in.
Secured against the property being financed.
We introduce, the lender decides
TommyAndFurry Insurance does not lend money. We introduce you to lending partners who handle the kind of loan you are asking about. The loan agreement is between you and the lender you choose, and the lender alone decides whether to approve your application and on what terms.
Loans are offered by our lending partners and are subject to their eligibility criteria, terms and approval. [LENDING PARTNER DISCLOSURE]
No one can promise you a loan, a rate or a date before a lender has assessed your application. We will not tell you that you are approved, and we will not quote a rate a lender has not offered you.
What a home loan is
A home loan funds part of the cost of a property: buying a ready or under-construction home, buying a plot and building on it, extending or renovating, or moving an existing loan to another lender. The lender holds the property as security until the loan is repaid.
You fund a share of the cost yourself — the down payment, sometimes called the margin — and the lender funds the rest. How much it will fund, over what period ([MAX TENURE]) and at what rate ([INTEREST RATE]) are the lender's decisions, taken after it has valued the property and assessed you.
The property is the lender's security. If the loan is not repaid as agreed, the lender can enforce that security against the property. Be sure the EMI works in your budget over the whole tenure, not just today.
Who it usually suits
Buying a home to live in
A ready property or one under construction, where you can fund the down payment yourself and carry the EMI for the long run.
Building on a plot you own
Lenders treat a plot-and-construction loan differently from buying a finished home, and usually release the money in stages against the work done.
Extending or renovating
Adding a room, a floor or a major repair, where the work is substantial enough to justify a long-term loan rather than an unsecured one.
Moving an existing loan
A balance transfer moves your outstanding loan to another lender. It is worth looking at only if the rate, the fees and the cost of switching together leave you better off than you are now.
When it isn't the right tool: Not a way to raise general-purpose cash against a home you already own: that is a loan against property. And not a substitute for saving the down payment, because lenders never fund the whole cost.
What lenders typically look at
General points, not any lender's criteria. Each of our lending partners applies its own credit policy and can weigh these differently.
Income and how steady it is
Your income, its source and how long you have earned it, since this loan runs for years. Lenders consider income from [MIN INCOME] upwards under their own policies.
The EMIs you already pay
Existing commitments are weighed against your income to see how much more an EMI can take without stretching you.
Your repayment record
How you have repaid loans and cards before now, assessed by the lender under its own scoring. We have no sight of that assessment.
The property itself
The lender values the property and checks its title, its approvals and whether it could be sold if it ever needed to be. Its valuation can differ from the price you agreed, and it funds a share of the value rather than the whole cost.
Your age and the tenure
The tenure normally has to finish within the lender's age limits, so your age affects how long the loan can run. Lenders cap the tenure at [MAX TENURE].
Co-applicants
Adding an earning co-applicant can change what a lender will consider. Everyone who signs is liable for the whole loan, not a share of it.
Terms we cannot confirm yet
These are the numbers people ask about first, and we will not guess at them. Each one is set by the lender for each application, and will appear here once our lending partners have confirmed it.
- Loan amount
- [LOAN AMOUNT RANGE]Within its own range, the lender decides what it will sanction.
- Interest rate
- [INTEREST RATE]Quoted by the lender for your application. We cannot quote it for them.
- Maximum tenure
- [MAX TENURE]A longer tenure lowers the EMI and raises the total interest paid.
- Processing fee and charges
- [PROCESSING FEE]Charged by the lender. Every charge should be listed in its sanction letter.
- Income considered from
- [MIN INCOME]Each lender sets its own cut-off under its own credit policy.
- Lending partners
- [LENDING PARTNERS]Published here once each partner agreement is in place.
Documents usually needed
A general list, not a lender's list. Each lending partner publishes its own requirements and can ask for more.
Identity and address
- PAN card
- Aadhaar or another address proof the lender accepts
- Recent passport-size photograph
Income, if you are salaried
- Recent salary slips
- Bank statements showing your salary credits
- Form 16 or your income-tax return
Income, if you are self-employed
- Income-tax returns with the computation of income
- Financial statements for the period the lender asks for
- Current-account bank statements
- GST returns, if you are registered
The property
- Agreement to sell, allotment letter or sale deed
- Title documents and the chain of earlier deeds
- Approved building plan, and the occupancy or completion certificate where one applies
- Latest property-tax receipts and the society's no-objection letter, where one applies
- The builder's demand letter, for a property under construction
- For a balance transfer: your current lender's statement, foreclosure letter and list of documents held
How to apply
Check what your income supports
Start with the home-loan eligibility calculator and the EMI calculator, so you are house-hunting with a realistic number in mind.
Send us an enquiry
Tell us the amount, the city and whether you are buying, building, renovating or transferring. An advisor calls you back.
Assemble the file
We go through the KYC, income and property papers our lending partners ask for and check them with you before the application goes in.
Valuation and legal check
The lender values the property and has its title and approvals examined. This is the lender's own process and it may raise questions on the papers.
Sanction, then disbursal
If it approves, the lender issues a sanction letter with the amount, rate, fees and tenure, then disburses: in one go for a ready property, in stages for construction. Read the sanction letter and the loan agreement before you sign.
Do the sums first
- EMI calculatorPut in an amount, a rate and a tenure and see the monthly EMI, the total interest and the total you would repay.
- Home-loan eligibilityA rough indication of what your income and existing EMIs could support, before you speak to any lender.
Both calculators work on the numbers you type in and give you an estimate. They are not an offer, and the lender's own assessment is what decides your loan.
Home loan questions
How much of the price will a lender fund?
A share of the property's value as the lender assesses it, never the whole cost. You put in the rest as your own contribution, and you also budget for stamp duty, registration and the lender's charges. The exact share is set by the lender's policy.
Is a home loan cheaper than a personal loan?
It is secured against the property, and secured lending is generally priced below unsecured lending. What you would actually pay is [INTEREST RATE], quoted by the lender for your application.
Fixed or floating rate?
A floating rate moves with the lender's benchmark, so your EMI or your tenure can change; a fixed rate stays put for the period the lender fixes it for. Which options exist, and on what terms, is up to each lender. Ask for both in writing and compare them over the full tenure.
What about tax benefits?
Home-loan repayments can attract benefits under the Income-tax Act, but what you can claim depends on your own circumstances and on the rules in force. We do not give tax advice: speak to a tax adviser before you count on a benefit.
Do I need insurance on the property?
Some lenders require the property, or the loan, to be covered as a condition of their sanction. That requirement is the lender's. Where cover is needed you are free to buy it wherever you like, and we are happy to help you compare it.
Can I add a co-applicant later?
Whether a co-applicant can be added after sanction, and what that involves, is the lender's call, and it is usually easier to sort out before the loan is sanctioned than after. Tell us at the enquiry stage if you expect to have one.