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What CIBIL score is needed for a home loan in India?

A CIBIL score of 750 or above qualifies borrowers for the best interest rates from public sector banks and leading private banks. Scores of 700-749 attract slightly higher rates or may require a larger down payment. NBFCs and HFCs typically lend to borrowers with scores as low as 650, albeit at higher rates. Borrowers with no credit history can access lenders offering income-based underwriting without CIBIL dependency.

What is the maximum home loan tenure available in India?

The maximum home loan tenure available from most banks and HFCs is 30 years, subject to the loan being fully repaid before the borrower's age of 70 (65 for some lenders). Longer tenure reduces monthly EMI but significantly increases total interest outgo – a ₹50 lakh home loan at 9% over 30 years costs ₹94.8 lakh in interest vs ₹51.5 lakh over 15 years.

Can a company set up a loan tie-up for its employees?

Yes – corporate loan tie-up programmes are offered by most major banks, NBFCs, and lending DSAs. Under these programmes, employees of the partnered company receive preferential interest rates (0.25%-1% lower), simplified documentation (just salary slip and employer letter), and faster disbursal. There is typically zero cost to the employer. HR departments with 100+ employees qualify for dedicated corporate loan programmes from Trade4Asia-listed providers.

What is the difference between a fixed and floating rate home loan?

A fixed rate home loan maintains the same interest rate for the entire tenure regardless of market rate movements – providing EMI certainty but no benefit when rates fall. A floating rate loan is linked to the lender's Repo Linked Lending Rate (RLLR) and adjusts with RBI repo rate changes. RBI mandates nil prepayment charges on floating rate loans. Given India's rate cycle history, floating rate loans have delivered lower total interest cost over most 10-year+ periods.

Is it possible to get a home loan for an under-construction property?

Yes – home loans for under-construction properties are available from most banks and HFCs. Disbursement is typically stage-wise (linked to construction completion milestones), and the full EMI begins only after complete disbursal. During the construction period, borrowers pay only the interest on the disbursed amount (pre-EMI interest). RERA registration of the project is increasingly required by lenders as a disbursement condition.