What is the current home loan interest rate in India 2026?+
Home loan rates in India 2026 range from 8.50% to 10.5% per annum depending on the bank, loan amount, and credit score. SBI home loans start at 8.50%, HDFC Bank at 8.75%, ICICI Bank at 8.75%. Women borrowers typically get 0.05–0.10% lower rates.
What is the maximum home loan I can get?+
Banks typically fund 75–90% of the property value (LTV ratio). For loans up to ₹30 lakh, LTV can be 90%. For ₹30–75 lakh, LTV is 80%. Above ₹75 lakh, LTV is 75%. Your loan eligibility also depends on your net monthly income — EMI should not exceed 40–50% of your take-home salary.
What tax benefits are available on a home loan?+
Home loan tax benefits under old tax regime: Section 24(b): Deduction up to ₹2 lakh per year on interest paid (for self-occupied property). Section 80C: Deduction up to ₹1.5 lakh per year on principal repayment. First-time buyers can get additional ₹1.5 lakh deduction under Section 80EEA (if property value ≤ ₹45 lakh).
What is the maximum home loan tenure?+
Most banks offer home loans for up to 30 years. The maximum tenure depends on your age — loans are typically structured to be repaid before you turn 70. SBI and LIC Housing offer up to 30-year tenure. Longer tenure reduces EMI but significantly increases total interest paid.
How is home loan EMI calculated?+
Home loan EMI formula: EMI = P × r × (1+r)ⁿ / [(1+r)ⁿ – 1]. Where P = loan amount, r = monthly interest rate (annual rate ÷ 12 ÷ 100), n = tenure in months. Example: ₹50 lakh loan at 8.5% for 20 years = EMI of approximately ₹43,391 per month.
What are the documents required for a home loan?+
Documents required: KYC (Aadhaar, PAN), income proof (salary slips, Form 16, ITR for 2-3 years), bank statements (6 months), property documents (sale agreement, title deed, approved plan), NOC from builder (for under-construction), property valuation report, and processing fee cheque.