Buying or constructing a Home used to be extremely difficult. People had to save for their whole lives to save enough money to buy a home for themselves. Today, you can take a Housing Loan and pay off the amount in small portions taking a huge load off your shoulder.

With constant inflation, prices of all sorts of raw materials and land have increased substantially. Most people cannot afford to make such heavy expenses at once. So, the easiest thing to do is to take a Housing Loan, which you can quickly pay off with your EMI’s in small portions. 

We live in a tech-savvy world, and anyone can apply for Home Loans online. You can easily compare Home Loan Interest Rates online and choose the best loan scheme. 

It is crucial to choose the right Housing Loan for yourself. Finding the right loan scheme for yourself is very important for long-term comfort in paying off the loan amount. So, below are some tips to choose the right Housing Loan scheme.

Analyse Your Requirements: You can start by analysing your needs and requirements for Housing Loan

When you purchase a home, it is easy to find out how much of a loan you would need, but If you are planning to get a Home constructed for yourself, you need to prepare an expense sheet. You can feed all the expenses you think you’ll incur in constructing of Home.

If you take a loan amount that is less than your requirements, you may get stuck in the process. Also, if you have taken more than you need, you’ll be paying interest on that amount for no reason. So, it is advised to draft your expense sheet before taking the loan properly.

Finding The Best Home Loan Scheme: Home Loans are very common and popular in India. Lenders often provide festive discounts to the borrowers. You should try to find such opportunities. You can compare Home Loan Interest rates of different lenders online. 

Tip: To get the Home Loan at the least interest rates, you should maintain your credit score above 800. A credit score or CIBIL Score analyses your previous loan repayments. A good credit score can get you the best deals on Home Loans.

Loan Against Property: You can avail of a loan against your property as well. When you avail of a loan against your property, it becomes a secured loan for the lender, and therefore you can get the loan at even lower interest rates. You should take these loans only if you are confident of paying back the loan amount, or you may lose your property.

Tip: People who don’t have a property or want to put their property at risk shouldn’t take these loans. You can avail of regular loans of up to 30lacs at 6.70% Interest rates with HDFC Home Loan. You have to input details about your requirements on the website, and you can easily apply for the loan online from

Flexibility in Repayment: Home Loans involve larger amounts of money compared to most lenders. The repayment tenure of Home Loans is also greater than most loans. Therefore, you should always try to find a loan scheme that has flexibility in repayment of the loan amount. Flexibility means that the lender does not charge heavy penalties on pre-closure or foreclosure of your loan account.

Tip: As per your requirements, you should also try to find a scheme where you have the option of Flexible EMI’s. They come in handy for borrowers who don’t have fixed income coming every month.

Bottom Line

These were some basic tips that a borrower must follow to choose the right housing loan scheme. Housing loans are gaining more and more popularity in India because of real estate market growth. Government has several schemes to help the lenders in paying their loan amounts.


To avail of the scheme, you must adhere to certain eligibility criteria.  The PMAY-Urban scheme was launched six years ago, in the year 2015. It helps people pay off their loans by providing them subsidies on the interest rates of their loan amounts.

 Housing Loans help the economy to grow. It helps the banking system grow and the people along with it. You should not think twice about taking a home loan if you have a regular flow of income. India has many lenders that provide Home Loans. You can easily compare Home Loan interest rates and apply for the loan online.