Home Loan
Money Bells offers a range of home loans in India to help individuals purchase their dream homes. As a significant investment, we understand the importance of making the right decision, which is why we provide comprehensive information on home finance, including interest rates, eligibility criteria, and customisable loan offerings. Whether you are a first-time homebuyer, upgrading to your dream home or planning to reduce your Housing Loan EMI by shifting, we have the perfect solution to suit your needs. Our website offers helpful resources such as home loan calculators and FAQs to guide you towards making an informed decision. Take the first step towards owning your dream home in India today by applying for housing finance with Money Bells.
Features and Benefits of a Home Loan
Attractive Interest Rates
Rates linked to RBI’s repo rates
Minimal Documentation
Hassle-free, simple and quick processing
50% off on processing fees
For all digital applications
25 Year Tenure
Customizable repayment tenure as per your need
The Do’s and Don'ts while applying for a Home Loan
Dos
- Investigate the details of the Home Loan as well as the property you are looking to acquire.
- Be mindful of unexpected expenses and plan appropriately.
- Make a point of keeping all the paperwork close at hand.
- Before qualifying for a house loan, you should work on improving your credit.
Dont's
- Applying for a house loan on different aggregator sites may lower your chances of approval.
- Carrying too many loans while applying for a house loan may jeopardise your creditworthiness.
- Do not overspend on a credit card or postpone loan repayments since they will have a negative impact on your credit rating.
- Do not take out a home loan that you will find challenging to repay.
Eligibility Criteria
Age 21-70 years
Income For salaried: At least 30,000 per month
For self-employed: At least 5 lakh p.a.
Credit Score: Preferably 700 or above
Occupation Type: Salaried and Self-Employed Professionals/Non Professionals
Job/Business Stability: For salaried: At least 2 years of work experience
For self-employed: At least 3 years in business
Documents Required:
2 passport size photographs
KYC Documents- Aadhar Card, PAN Card, Voter ID, Driving License, Passport
Bank Account statements for the past three months
Salary slips for the past three months
Photocopy of the documents of the property under consideration
Customer speak
I had always heard that applying for a loan could be a headache, but Money Bells proved me wrong! I was able to secure a home loan with such ease. The application process was smooth, the team was incredibly helpful, and they took care of all the details. I got my loan approved much quicker than I expected. Highly recommend Money Bells for anyone looking for hassle-free loan services!
I needed a personal loan in a hurry, and Money Bells made it so easy. The online process was simple to follow, and I was able to submit everything digitally. The loan was approved in no time, and I couldn’t be more grateful for their fast and efficient service. They truly understand the urgency of their customers. Thanks to the team at Money Bells!
As an investor, I've worked with several loan providers, but none have been as straightforward and transparent as Money Bells. I applied for a property loan, and the process was quick and stress-free. The team walked me through every step, answered all my questions, and ensured that I understood everything. I highly recommend Money Bells for anyone seeking property financing!
I never thought getting a loan could be so easy. Money Bells provided exceptional customer service from start to finish. The entire process of applying for a home loan was seamless, and they kept me updated at every stage. The flexibility and support they offer made the experience stress-free. I’m so happy with my decision to go with Money Bells!
Ready to take the next step?
Frequently Asked Questions
At MoneyBells, we follow the guidelines set by the Reserve Bank of India (RBI), which ensures transparency and fairness in home loan agreements. According to RBI regulations, there is no prepayment penalty on floating rate home loans. This means you can pay off your loan early without worrying about extra charges, offering you greater flexibility and the opportunity to reduce your interest burden.
However, for fixed-rate home loans, some lenders may charge a prepayment penalty if you choose to pay off the loan early, depending on the terms of your agreement. Rest assured, we ensure that our policies are clear, and our team is always here to guide you through any prepayment options that work best for you.
We offer home loans with flexible tenures ranging from 5 to 25 years. The exact tenure will depend on the loan amount approved and your financial profile. Whether you’re looking for a shorter-term solution or a more long-term investment, we tailor our offerings to meet your needs.
Absolutely! With a home loan, you can benefit from significant tax savings, including:
Tax deductions on the principal repayment: You can claim a maximum annual deduction of up to Rs. 1.5 lakhs under Section 80C.
Tax benefits on interest payments: Under Section 24, you can deduct up to Rs. 2 lakhs per year on the interest paid for a self-occupied property.
Tax savings for joint borrowers: If you and your spouse co-sign a loan, you can each claim up to Rs. 3.5 lakhs in tax deductions, meaning a total of Rs. 7 lakhs in tax benefits! We make sure you get the most out of your home loan.
If you’ve been making timely repayments on your existing home loan, you could qualify for a top-up loan. This additional loan allows you to borrow the amount you’ve already paid off on your current home loan. Top-up loans come with lower interest rates than personal loans and require minimal paperwork, making it an easy option to fund additional needs, whether it’s for home improvements or other expenses.
Unfortunately, joint home loans can only be applied for with immediate family members, such as a spouse, parents, or children. We understand the importance of sharing responsibilities, and we’re happy to help you explore options with your close family members to secure the best deal.
A home loan or a housing Finance is a secured loan that provides you with finance to buy your dream home. The home loan interest rate depends on your profile and depending upon your eligibility you can get a loan as high as 120%* of the white value. We can check your eligibility.
Borrowing a home loan can be a great way to lift off your financial burden. When you avail of a home loan, you have the privilege of repaying the borrowed amount in smaller installments, rather than arranging for a large sum of money at once. That’s why, many home buyers choose to borrow a house loan.
Kotak Home Loan understands how precious your investment is for you, and funds 75 to 80 % of your property cost. The home loan process is simple, convenient and seamless. Lucrative housing loan interest rates and home loan insurance premiums are an important advantage of Kotak Home Loans.
You can switch from one type of interest rate to another. You can achieve this by paying switch charges levied by the lender.
Availing of a home loan is a huge undertaking. That is why the government has introduced several provisions in the Income Tax Act to lessen the home loan burden on the taxpayers. These deductions are on the interest amount, principal amount, stamp duty and registration charges, pre-construction interest and even for the first-time home buyers.
Home loan comes in various types. Here are a few of them:
- Home Loan for Property Purchase: You can buy personal or commercial property with this type of home loan.
- Home Loan to Buy Land and Self-construction of Property: This type of home loan can be availed when you desire to construct a property on a piece of land on your own.
- Home Renovation Loan: Use the borrowed money to renovate your house.
- Home Loan Balance Transfer: You can transfer your current home loan to a different bank for better loan terms.
Kotak Mahindra Bank’s home loan comes with minimal fees and charges. The home loan processing fee is based on the principal amount and tenure. The processing fee also differs depending on the type of employment of the applicant. For a salaried applicant, the processing fee is up to 0.5% while for a self-employed applicant the fee is up to 1%. Visit our website to know more about how to get a home loan.
Kotak Mahindra Bank’s home loan comes with minimal fees and charges. The home loan processing fee is based on the principal amount and tenure. The processing fee also differs depending on the type of employment of the applicant. For a salaried applicant, the processing fee is up to 0.5% while for a self-employed applicant the fee is up to 1%. Visit our website to know more about how to get a home loan.
There are various factors that banks use to decide whether you are eligible for a home loan or not. These factors are:
- Monthly income
- Type of work
- Qualification
- Credit history
- Age
- Source of income
- Number of dependents
- Future plans
The EMI amount you have to pay is based on the principal amount of your home loan, the interest rate, and the home loan tenure . You can effectively calculate the monthly installments with our easy-to-use Home Loan EMI Calculator.