Last year, to buy a 3 BHK, I planned to avail of a home loan. I have been wondering for a long time, “Can I get 90 percent home loan?” To clarify it, I visited my SBI bank branch and asked an official about it. After much discussion, I learned that a 90% home loan can be obtained for a certain amount. Let me share the details here.
Can You Get Home Loan 90 Percent of Property Value?
You can avail of a home loan up to 90 percent if the property value falls below Rs 30 lakh. This means that in such a case, you will need to make 10% of the total amount as a down payment. Do remember that 90 percent home loan finance will also depend on your credit score, eligibility, and other factors. You must visit your bank and clarify it.
How much Loan can I Avail for a Property between Rs 30 Lakhs and Rs. 75 Lakhs?
If your property ranges from Rs 30 lakh to Rs 75 lakh, you can get a home loan up to 80% of the property value and make a down payment of 20%. In case the property value is above 75 lakhs, you can avail of a home loan of up to 75% and make a down payment of 25%.
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Hey Pal,
In a move that is likely to increase the amount of credit available to borrowers and boost confidence in a troubled real estate market, the Reserve Bank of India (RBI) raised the amount banks can advance for the purchase of real estate and also decreased the so-called risk weights attached to some categories of home loans. I use to wonder can I get 90 percent home loan in India? I got to know from the latest news that for residential loans of at least 30 lakh, the RBI permitted a loan-to-value ratio (LTV) of up to 90% in an announcement. 90% LTV was previously restricted to loans up to 20 lakh.
Calculate EMI on home loans via the NoBroker EMI calculator. Get home loans without hefty paperwork through NoBrokerAccording to this, if the LTV ratio is 90%, you will need to pay at least 10% of the property's value out of your own pocket, with the remaining 90% being covered by a mortgage loan. LTV ratio is required to determine the minimum down payment required for buying a house or other property.
LTV Ratio and Eligibility for Home Loans:If the LTV ratio is lower, your loan eligibility will be greater. If the LTV ratio is low, your chances of obtaining a house loan with better terms, including the interest rate, will also be improved. When you apply for a home loan, your lender will let you know the LTV ratio, and if it is on the lower side, you can bargain with the lender to get better terms—lower interest rates, a longer payback period, etc. Since there is less risk involved in lending to you, lower LTV ratios may result in lower interest rates on your home loan.
I would like to conclude here as I think this answers your query, can I get 90 percent home loan in India? I hope this helps:)
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Authors Of The Question
Can I Get 90 Percent Home Loan?
Riya
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2 Year
2022-11-30T19:42:30+00:00 2024-01-02T15:45:22+00:00Comment
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