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Home Loans

Choosing the Right Home Loan

Your Path to Home ownership with MyFinCorp

Welcome to MyFinCorp, is one of the leading player in financial services space in Hyderabad, Telangana State India and your trusted partner in achieving the dream of homeownership. We offer a range of home loan solutions designed to meet your unique needs and financial goals. Whether you’re a first-time buyer or looking to refinance, our competitive rates, flexible terms, and expert guidance ensure a smooth and stress-free experience.

At MyFinCorp, we believe in transparent, honest, and straightforward lending practices. We are committed to helping you navigate the home loan process with confidence and ease. Start your journey to homeownership today with MyFinCorp – where your dreams of owning a home become a reality.

Benefit from some of the lowest rates in the market, making homeownership more affordable.

Tailor your loan terms to fit your financial situation with various repayment plans.

Our streamlined application and approval process gets you into your new home faster.

Our experienced loan officers provide personalized support every step of the way.

From FHA and VA loans to refinancing options, we offer a variety of products to suit your needs.

8.5%

Interest Rate

Starts from 8.5 to 12%

90%

Loan Amount Range

Up to 90% on Property value

0.5%

Fees and Charges

Start from 0.5% to 1%

For Salaried Employees

KYC: Applicant and Co-Applicant

PAN Card (Mandate)
Aadhar Card (Mandate)
Voter ID (optional)
Driving License (optional)
Passport (optional)
Latest Passport Size Photo
Employer ID card
Resident Address Proof

Income Proof Documents:

3 months Pay slips (Latest)
IT returns for the past 2 years or Form 16 or PF ( Provident Fund ) Statement
6 months Bank Statement latest where your salary is credited

For Self-employed

KYC: Applicant and Co-Applicant

PAN Card (Mandate)
Aadhar Card (Mandate)
Voter ID (optional)
Driving License (optional)
Passport (optional)
Latest Passport Size Photo

Income Proof Documents :

Income Tax Returns ( ITRs ) for the Last 3 years ( Along with Profit & Loss and Balance sheet and Computation of income)
Office or Shop Business Registration Certificate.
One year Bank Statement from personal a/c and Current Account
GST registration certificates, 1 year GST monthly returns (if applicable.)
Partnership deed in case of partnership firms (if the applicant is one of the partners).
Certificate of Incorporation in case of Limited or Pvt. Ltd Company (if the applicant is one of the Directors).

For NRI

KYC : Applicant and Co-Applicant

Valid passport and visa (attested copy)
PAN, Driving License, Aadhar Card
Address proof with the current overseas address
Documents must be attested by Overseas Notary Public or Indian Embassy/Consulate.
passport size photograph
Employer identity card

Income Proof Documents for NRI

For Salaried
- Employment contract Letter with an English translation (if it’s in another language)
- Last 6 months’ salary slips or salary certificate
- Last one Year bank statements showing salary credits
- Latest Individual Tax Return (duly acknowledged copy) except for NRIs/PIOs located in Middle East countries & Merchant Navy employees.
For Self-employed
- Business address proof
- Income proof in case of Self-employed Professionals / Businessmen.
- Last 2 years’ balance sheet and P&L accounts (audited / C.A. certified).
- Last 2 years’ Individual Tax Return except for NRIs/PIOs located in Middle East countries
- Last 12 months’ bank statements of overseas account(s) in the name of individual as well as company.
GPA ( General Power Attorney ) PAN, Aadhar Who is Staying in India

Property documents

Agreement of Sale
Mother link Document Copies of all, that can establish the chain of ownership for the past 20 years.
Building Construction Permission Plan
Encumbrance certificate for 20 years
Property tax paid receipt

Eligibility criteria for a home loan in India typically include: Age: Most lenders require applicants to be between 21 and 65 years old. Income: A stable and sufficient income to cover EMI payments. Lenders may have minimum income requirements. Employment Status: Salaried individuals, self-employed professionals, and business owners are eligible, but criteria may vary. Credit Score: A good credit score (usually 700 and above) can enhance loan approval chances and result in better interest rates. Property Type: The property must meet the lender's criteria and legal requirements.

Interest rates on home loans in India are determined based on several factors: Repo Rate: The rate at which the Reserve Bank of India (RBI) lends to commercial banks influences lending rates. Credit Score: A higher credit score can result in a lower interest rate. Loan Amount: Larger loan amounts may attract different interest rates. Loan Tenure: Longer tenures can affect the interest rate. Lender Policies: Different banks and financial institutions have varying interest rate policies.

various types of home loans cater to different needs: Home Purchase Loan: For buying a new or resale property. Home Construction Loan: For constructing a new house. Home Improvement Loan: For renovating or repairing an existing home. Home Extension Loan: For expanding or extending an existing home. Land Purchase Loan: For purchasing a plot of land. Balance Transfer Loan: For transferring an existing home loan to another lender for better terms. Top-Up Loan: An additional loan amount over and above an existing home loan.

The maximum tenure for a home loan in India typically ranges from 20 to 30 years, depending on the lender's policies. Longer tenures result in lower EMIs but higher interest payments over the loan's life. Borrowers should choose a tenure that balances their monthly affordability with overall interest costs.

Home loan borrowers in India can avail of several tax benefits under the Income Tax Act: Section 80C: Deduction of up to INR 1.5 lakh on principal repayment. Section 24(b): Deduction of up to INR 2 lakh on interest paid for a self-occupied property. For let-out properties, there is no upper limit, but the total loss from house property that can be set off against other income is capped at INR 2 lakh. Section 80EE: Additional deduction of up to INR 50,000 on interest for first-time homebuyers, subject to certain conditions. Section 80EEA: Additional deduction of up to INR 1.5 lakh on interest for home loans sanctioned between April 1, 2019, and March 31, 2022, for affordable housing, subject to conditions.