Home Loans - Simplified!!
If you want to get a home loan but are scared of the hectic process that takes months to get approved, then worry not. With ReferLoan it is as smooth as butter.

Visit Our Website
For the first step, you will have to visit our website to explore the loan options that fit your needs.
Select and Apply
Once you shortlist the loan you have been looking for, apply for it, and proceed with the further process.
Submit Your Document
One of the most important steps. Now you will have to submit all the required documents digitally.
Enjoy Your Financial Freedom!
Once your application is approved based on your eligibility, you will have your loan amount disbursed to your bank account.
Advantages of Getting a Home Loan from ReferLoan
Getting a loan from ReferLoan is the most convenient and beneficial way to get a mortgage. As you start your home-buying journey, we are here to help with our easy loan process, competitive rates, and flexible closing times.
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Minimal Documentation
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Rapid Procedure
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Instant Approval
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Determined Loan Tenure
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Low-Interest Rates
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Wide Range of Lenders
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No Collateral Required*
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Flexible EMIs

Types of Home Loan
One shoe doesn't fit all, just like one Home Loan doesn't fit all the needs of every individual. Therefore, there are various types of Home Loans available in the market.Whether you are a first home buyer, moving to a bigger home, stretching your budget to finance your new vacation home, or repaying your existing home loan, chances are there's a home loan out there only for you. And if not, then there are surely a few types of home loans that would suit your needs. Let’s check a few!
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01
Home Purchase Loan
The most common type of home loan availed is a home loan for buying ready-to-move-in properties, under-construction properties, and pre-owned homes/resale properties. RBI guidelines state that lenders can offer a loan-to-value (LTV) ratio of up to 75-90% of the property value.
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02
Home Construction Loan
With this type of home loan, you can only get the money if you own a plot of land and plan to construct a house on it.
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03
Composite Loan
In order to get a home loan, you will need to first purchase a plot of land. This type of mortgage is perfect for individuals who want to invest in or build their house. The first disbursement will be made towards the purchase of the plot, which means that it won’t matter how much money you put down as long as you have enough saved up.
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04
Home Renovation/Improvement Loan
This can be used to finance home repairs and renovation expenses of the existing house. The interest rate for this loan is the same as that for a regular home loan, but its tenure is shorter.
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05
Bridge Loan
A short-term home loan can be suitable for individuals who wish to purchase a new house with the sale proceeds of the existing home. The loan helps you cover the gap between buying a new house and selling an existing one.
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06
Interest Saver Loan
In order to take out a loan, borrowers need to have their bank account linked with their home loan. If you deposited an amount over and above the EMI amount, your prepayment towards the loan will be used in a different way – it will be saved on the interest rate.
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07
Step Up Loan
Another type of home loan is where borrowers pay lower interest rates during the initial years, but after that, they receive an increasing EMI. This makes the overall loan affordability for young professionals who have just started their careers!
Home Loan Eligibility Criteria
Income
In the case of a salaried person, Income plays an important role while applying for a home Loan and the minimum salary should not be less than Rs.25,000/- per month. In the case of a self-employed person, your eligibility is determined by the latest ITR or Income TAX Returns divided by 12 which makes the eligibility criteria.
Employment or Business continuation
The minimum employment for a salaried person fully relies on their Income TAX Returns with form 16 and form 26AS and other documentation. In the case of a Self-employed person, the last 3 years of Income TAX Returns and another financial statement like a balance sheet, etc. which we will discuss in detail in the documentation part.
Property Value
The value of the particular property is considered while applying
for a Home Loan because Banks and NBFCs give the finances up to 75%
to 90% of the total value of the property.
Age of Applicant: this matters a lot while applying for a home loan
and differ for a
salaried and self-employed person as well as for guarantor as well
If the applicant Is Self-Employed then the minimum salary can be
21 Years
and goes up to the maximum age of 65 Years.
In the case of a salaried person, the minimum age decided by the
bank is
21 Years and the maximum age should not be more than 60
Years.
CIBIL score
For applying for a home loan, a perfect CIBIL score is required
which should not be less than 700.
If the applicant’s CIBIL is less than 700 then the applicant must
have a VALID REASON for a lower CIBIL.
If the applicant CIBIL gets affected due to COVID Lockdown
due to which the applicant
has to suffer for job or business which delayed the repayment of
loans and the applicant is back with work and the business profit
goes up then the bank will disburse the home loan for the certain
applicant,
rather than this no home loan for CIBIL less than 700.
Occupation
The eligibility is different, but the applicant who is salaried employees, self–employed professionals, self–employed nonprofessionals, and private limited companies are applicable.
Documents Required for Home Loan
KYC of an applicant consist of the following documents
PAN Card
Aadhaar Card
Driving Licence
Voter ID
Passport
Registered rent agreement
Current passport size photograph
Salaried income documents
Self Employed person documents
Salaried income documents
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Last 3 months' salary slip
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Form 16 of last 2 years
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Income Tax Return if any of last 2 Years
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Last 3 months' bank statement if the salary directly credited in the bank account
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Certificate of employment from current employer
Self Employed person documents
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Income tax returns of previous 2 years
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Statement of finances with a proper balance sheet with profit and loss in that sheet
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Bank statement with continuity of business
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GST registration evidence of business
Other documentations
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Cancel cheque or bank passbook front page copy
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Any recent loan with a proper repayment sheet
Fees and other charges are regarded Home Loan
Application fee
To cover all the preliminary expenses that lenders incur for conducting the verification, application fees are charged.
Processing Fee
It covers the cost of credit appraisal, which is dependent on a borrowers’ credit profile, income, and the home loan scheme. Processing fees are not always levied by all lenders.
Administrative fee
The administrative fee levied by lenders is split into two parts- the part charged after the loan sanction, and the part which is known as the administration fee.
Repayment Mode Related Charges
When a borrower requests their lenders to change their existing repayment mode during the loan tenure, there is usually a fee associated with it. This fee can range from Rs. 500 to Rs. 1,000 per instance (swap).
CERSAI charges
The CERSAI website is a central online security interest registry in India that allows potential lenders to check whether the pledged property is not claimed by some other lender.
Legal fee
When a lender engages a firm to scrutinize borrowers’ legal documents, they may charge a legal fee as part of the processing fee.