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Home Loans Simplified by Ambak
Easy, Fast, and Reliable

Maximize your savings instantly with best home loan rates, expert advice, and a seamless digital experience.

home loan
home loan
The Ambak Guarantee
As high as
90%
of Property Value
As low as
8.3%
Interest Rates
India’s top
50+
Financiers

At Ambak, we assist you in comparing housing loan interest rates and other features from leading banks and Housing Finance Companies (HFCs), enabling you to apply online for the best option based on your credit profile.

Banks and HFCs offer home loans covering 75% to 90% of the property’s value, determined by the applicant’s credit profile and the LTV ratio limits imposed by lenders and the RBI. These loans may have repayment periods of up to 30 years.

Ambak’s Fast & Transparent Home Loan Process
  • Check Eligibility - Know Your Power!

    Unlock your home buying potential in just a few clicks.

  • Get Best Offers - Compare & Conquer!

    We find you the best rates from top lenders, all in one place.

  • Get Disbursal - Keys in Hand, Stress Gone!

    We handle the maze, you celebrate the milestone.

Unlock Exclusive Home Loan Offers Instantly With Our Lending Partners
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  • Proven Expertise
    5,000+
    Loan applications processed nationwide
  • Leading Loan Specialists
    1,000+
    Experienced loan partners across India
  • Committed to You
    1,000+
    Happy homeowners across India
  • Preferred by Top Lenders
    50+
    Collaboration with leading institutions
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The Ambak Advantage
The key to your dream home awaits!
  • No More Delays, Get Your Loans Quick
    Our hassle-free home loan process makes getting approved a breeze.
  • Expert & Dedicated Help At Every Step
    Your trusted team, from start to dream with your dedicated loan advisor.
  • Low Interest Rates, Big Savings
    Get personalized home loan matches from top lenders to fit your needs.
  • Honest Loans, No Surprises
    What you see is what you get. No hidden charges.
Types of Home Loans
The key to your dream home awaits!
type Home Loan
Home Purchase Loan

This loan is tailored for purchasing ready-to-move-in properties, under-construction homes, or pre-owned/resale properties. It also supports buying a residential plot with the option to build a house within a set timeframe.

Composite Loan

Perfect for those aiming to buy a plot and construct a house on it. The initial loan disbursement covers the plot purchase, with future payments aligned with the construction stages.

Home Construction Loan

Specifically designed for building a new house. Loan disbursements are made in phases, matching the progress of the construction.

Home Renovation/Improvement Loan

This loan covers the costs associated with renovating or improving an existing home. Interest rates are generally the same as those for a standard home loan.

Home Extension Loan

Ideal for homeowners looking to extend or add more space to their current home. Lenders usually finance 75% to 90% of the construction costs, depending on the loan amount and LTV ratio.

Bridge Loan

A short-term loan designed for individuals planning to purchase a new home with the proceeds from selling their current property. Interest Saver Loan: A home loan overdraft that links to the borrower’s bank account. Any extra funds deposited beyond the EMI are treated as prepayments, reducing the overall interest.

Step-Up Loan

Offers lower EMIs in the initial years, with the flexibility to increase payments over time. This loan is particularly suitable for young professionals early in their careers.

Home Loan Tax Benefits

Home loan borrowers can enjoy significant tax savings under various sections of the Income Tax Act. Here are the key tax benefits on your home loan EMIs:

tax
ITR SectionTax DeductionMaximum deductible amount for taxation
Section 24(b)Interest PaidRs. 2 Lakhs
Section 80(c)Principal (including stamp duty & registration fee)Rs. 2 Lakhs
Enhance your chances of securing a home loan by following these tips.
type Home Loan

Maintain a credit score of at least 750: Ensure timely payments and low credit utilization to reflect your creditworthiness.

Increase your income: Boost your repayment capacity by securing a higher-paying job, freelancing, or starting a side business.

Add a financially contributing family member as a co-applicant: This can increase your combined eligibility.

Reduce your debt: Lower your debt-to-income (DTI) ratio by paying off existing debts like Credit Card bills and Personal Loans.

Choose a lower Loan-to-Value (LTV) ratio: A lower LTV ratio decreases the loan amount, improving your chances of approval.

Save for a down payment: A larger down payment reduces the loan amount needed and lowers the lender's risk.

Compare home loan offers from multiple banks and HFCs: Find the best deal that suits your financial situation.

Keep your total EMIs, including the new home loan EMI, within 55-60% of your net salary: Ensure your overall debt burden is manageable.

Maintain a stable employment record: A consistent job history enhances your reliability in the eyes of lenders.

Avoid late payments: Timely payments protect your credit score and improve loan eligibility.

FAQs

  • 1. What documents are required for a home loan?

    The required property documents for a home loan can vary depending on the purpose of the loan. For instance, the documentation needed to purchase a new house might differ from what’s required for constructing a home. For a detailed list of documents required for a home loan, it’s best to consult with your lender.

  • 2. Which bank offers the best home loan?

    The ideal bank for a home loan often depends on the lowest interest rates, as lower rates help reduce the overall interest cost. However, it’s also crucial to consider factors like loan tenure, loan amount, LTV ratio, processing fees, and the speed of loan approval. Instead of individually visiting each lender’s website, you can simplify your search by using online financial marketplaces (like ambak.com) to compare home loan rates and features from various banks and HFCs.

  • 3. Can I get a home loan for the full property value?

    No, home loans do not cover the entire property value. The Reserve Bank of India (RBI) has set Loan-to-Value (LTV) ratio limits. For loans up to Rs 30 lakh, the LTV ratio can be up to 90%. For loans between Rs 30 lakh and Rs 75 lakh, it’s capped at 80%, and for loans above Rs 75 lakh, the LTV ratio is limited to 75%. Borrowers must cover the remaining amount through a down payment.

  • 4. What is the maximum home loan I can get?

    The maximum home loan amount is often determined by the lender using methods like the Multiplier Method or the EMI/NMI Ratio. These methods consider your income and existing financial obligations. Some lenders also combine these methods to assess your eligibility.

  • 5. How do lenders evaluate EMI affordability?

    Lenders assess your ability to repay by considering your total EMI obligations, including the proposed home loan EMI, which should ideally be within 50-60% of your monthly income. Online EMI calculators can help you estimate the optimal loan amount and tenure based on your repayment capacity.

  • 6. Can I get a home loan with a poor credit score?

    Obtaining a home loan with a low credit score is challenging, as different lenders have varying credit risk policies. It's advisable to use online platforms to compare home loan rates and terms from multiple lenders, even with a poor credit score.

  • 7. What credit score do I need for a home loan?

    Lenders generally prefer applicants with a credit score of 750 or above, as it indicates responsible credit behavior and lowers credit risk. A high credit score can also qualify you for better interest rates. Regularly checking your credit score is recommended.

  • 8. What is the EMI for a Rs. 20 lakh home loan?

    The EMI for a Rs. 20 lakh home loan depends on the interest rate and tenure. For example, at an 8.50% interest rate over 20 years, the EMI would be Rs. 17,356. You can use an EMI calculator to determine EMIs for different rates and tenures.

  • 9. Who can co-sign a home loan?

    Your spouse or close family members like parents, siblings, or children can co-sign a home loan with you. Additionally, all co-owners of the property must be co-applicants.

  • 10. Are there prepayment charges for home loans?

    For floating-rate home loans, lenders do not charge prepayment penalties as per RBI regulations. However, fixed-rate home loans may incur prepayment fees.

  • 11. What is a home loan balance transfer?

    A home loan balance transfer allows borrowers to switch their existing loan to another lender with lower interest rates or better terms. This option is beneficial for those who initially secured a loan at a higher rate and now qualify for a lower rate.

  • 12. Can I take two home loans simultaneously?

    Yes, you can take a second home loan if the lender is satisfied with your repayment capacity, credit profile, and the details of the second property.

  • 13. How long does it take to get a home loan approved?

    Home loan approval typically takes 1 to 2 weeks but can vary based on the lender’s process, your credit profile, and the property details.

  • 14. What’s the difference between a fixed-rate and floating-rate home loan?

    A fixed-rate home loan has a constant interest rate throughout the loan tenure, protecting you from rate increases but also preventing you from benefiting if rates drop. A floating-rate loan’s interest rate fluctuates with market conditions, often offering lower initial rates but with potential changes over time.

  • 15. Can I prepay my home loan?

    Yes, you can prepay your home loan. For floating-rate loans, no prepayment charges apply. However, fixed-rate loans may incur fees, typically 2-4% of the prepaid amount.

  • 16. Are home loan repayments eligible for tax deductions?

    Yes, the principal repayment qualifies for deductions under Section 80C of the Income Tax Act, and the interest payment qualifies under Section 24(b).

  • 17. Can I switch from a fixed-rate to a floating-rate home loan?

    Yes, most lenders allow borrowers to switch from a fixed-rate to a floating-rate loan (or vice versa) by paying a conversion fee.

  • 18. What is the maximum home loan amount under the PMAY-G scheme?

    Under the Pradhan Mantri Awas Yojana-Gramin (PMAY-G) scheme, beneficiaries can avail a maximum home loan amount of up to Rs 70,000.

  • 19. What documents are needed for a home loan application?

    Key documents include identity and address proof, income statements, bank statements, credit reports, property documents, and proof of employer address. Requirements may vary across lenders.

  • 20. Can joint applicants apply for a home loan?

    Yes, applying with a co-applicant like a spouse or family member can enhance your loan eligibility by combining incomes.

  • 21. Does employment type and experience impact home loan eligibility?

    Yes, having a stable job with a reputable employer and substantial work experience increases your chances of loan approval. Self-employed individuals can still secure home loans with sufficient income proof.

  • 22. How can Ambak assist in getting a home loan?

    Ambak offers expert guidance and impartial advice, helping you navigate the home loan process to find the best loan without pressuring you to make quick decisions.