Home Loan

For most Indian families, a home loan isn't just paperwork — it's the bridge between a rented flat and a place that's truly yours, where your children grow up and your parents finally feel settled. Going bank to bank alone usually means hearing the same pitch ten times and still not knowing if you got the best deal. At Prarvi, we compare 30+ banks and NBFCs side by side, negotiate on your behalf, and hand-hold you through every document, so the only thing you focus on is picking up the keys, not chasing paperwork. Long tenures, real tax savings, and repayment that flexes with your life, not against it.

★ What lenders typically fund
1. Nationalized banks usually finance up to 85% of your property's agreement value.
2. Private and multinational banks may go further — up to 140–150% when your income and profile support it.
3. Home-loan licensed NBFCs can consider up to 150% of agreement value, or around 75% of market value when the property is worth more on paper.
4. Stamp duty, registration, AUDA, and AEC charges are often included; maintenance and parking fees usually are not.

★ Pick a tenure that fits your life
1. Repayment periods range from 5 to 30 years — choose based on your age and monthly budget.
2. Paying extra whenever you can? Shorten the loan tenure or reduce your EMI — most lenders offer both.
3. Tax benefits on principal and interest can make a longer tenure more affordable than it looks on paper.

★ Fixed vs floating rates
1. Full fixed-rate home loans for the entire tenure are rare today — RBI rules changed the market.
2. Many offers stay fixed for the first 1–3 years, then switch to floating rates linked to the lender's base rate.
3. When RBI moves rates, your EMI typically follows — lower when rates fall, higher when they rise.

★ Prepay freely, transfer carefully
1. Prepaying with your own savings? Banks and NBFCs generally cannot charge a penalty under RBI guidelines.
2. Balance transfer to another bank for a lower rate may still cost 2%–4%, depending on the lender.
3. Not sure if switching saves money? That's exactly what we compare across 30+ banks for you — free of charge.

★ KYC Documents
1. PAN card
2. Aadhaar card
3. Passport-size photographs (3 copies)

★ Income — Salaried
1. Salary slips — last 6 months
2. Form 16 — last 2 years
3. Bank statements — last 12 months (salary account)
4. Company ID card
5. Appointment / offer letter

★ Income — Self-employed / Business
1. IT returns — last 3 years
2. Balance sheet, computation & P&L — last 3 years
3. Bank statements — last 12 months (current & savings)
4. Business proof — Gumasta / Udhyog Aadhaar / GST certificate
5. Business address proof — light bill or rent agreement
6. Property papers (master file)

★ Address Proof
1. Latest electricity bill
2. Rent agreement (if rented)

★ Existing Loans (if any)
1. Loan account statement — last 12 months
2. Sanction letter of current loan

★ For Salaried Individuals (Normal Profile)
1. Indian citizenship is a must.
2. Age should be between 21 to 55 years.
3. Employment with Limited, Pvt. Ltd, Government, LLP, MNC, and certain other companies.
4. Minimum 6 months with the current company and 3 years overall (exceptions for Cat A companies).
5. Salary account required with ECS/NEFT salary credits.
6. Deductions like PF, PT, TDS from salary are needed.
7. CIBIL score of 700 or above.

★ For Salaried Individuals (Affordable Profile)
1. Indian citizenship is a must.
2. Age should be between 21 to 55 years.
3. Employment with Limited, Pvt. Ltd, Government, LLP, MNC, and certain other companies.
4. Minimum 6 months with the current company and 3 years overall (exceptions for Cat A companies).
5. ECS, NEFT, IMPS, or Bank Transfer salary credits, including cash salary.
6. Minimum salary of Rs. 15,000/- (Rs. 25,000/- for cash salary).
7. CIBIL score of 600 or above.

★ For Self-Employed Individuals (Prime Profile)
1. Minimum 4-year-old business (complete 3 financial years).
2. Minimum turnover of more than Rs. 5 lakhs.
3. Various business categories accepted.
4. Loan amount calculation follows the DSTR calculator.
5. 1-year-old current account required.
6. Loan amount based on average IT Return of last two years.
7. CIBIL score of 700 or above.

★ For Self-Employed Individuals (Affordable Profile)
1. Minimum 3-year-old business (complete 2 financial years).
2. Minimum turnover of more than Rs. 5 lakhs.
3. Multiple business categories accepted.
4. 1-year-old current or savings account required.
5. Average IT Return determines loan amount.
6. CIBIL score of 600 or above.

✔ Self-Attestation Required: Please ensure that all necessary documents are self-attested by each individual separately.
✔ Hardcopy Submission: Kindly submit all your documents in hardcopy format together.
✔ Softcopy via Email: Additionally, please email us all the softcopies of the documents in PDF format to contact@prarviconsultancy.com

1. Multiple Quotes, Best Choice: Seek quotes from diverse vendors and banks. Analyze thoroughly to make the optimum selection.
2. Listen to All Voices: Pay attention to every vendor's perspective. Unique insights can unlock valuable knowledge.
3. Transparency Pays Off: Share your full financial background. Honesty aids in finding tailored solutions.
4. Credit Story Matters: Discuss your credit history with vendors. This ensures accurate results and minimizes rejections.
5. Politeness Prevails: Maintain a respectful attitude. A positive relationship is a long-term asset.
6. Prepare Ahead: Arrange all documents and security cheques before applying. This proactive approach saves time.
7. Stay Connected: Stay updated on your application's status by keeping in touch with vendors.
8. Track Application Progress: Use the application number on the bank's website to stay informed about your loan journey.
9. Cost Clarity: Understand all expenses related to your home loan upfront.
10. Mortgage Insight: Determine whether registering a mortgage is mandatory. Opting for non-registration can reduce costs.
11. Insurance Consideration: Check if Loan Protector, property, and life insurance are obligatory. Awareness of insurance policies is essential.
12. Project Partnerships: Opt for banks or NBFCs with pre-approved projects. This eliminates property-related complications.