Home Loan

Guide: Eligibility, Benefits & Why Use IRB’s Intermediate Service

What is a Home Loan?

A home loan is a secured loan offered by banks and financial institutions to help individuals purchase, construct, or renovate residential properties. The property itself acts as the collateral for the loan, and repayment is made in monthly installments (EMIs) over a fixed tenure.

Whether you’re buying your first home or upgrading to a better one, a home loan can turn your dream into reality with financial flexibility.

✅ Eligibility for a Home Loan

Eligibility for a home loan depends on several factors. Here’s a breakdown of the typical criteria:

1. Age

• Applicants must be between 21 to 65 years.

2. Employment Type

• Available to both salaried individuals and self-employed professionals or business owners.

3. Income Level

• Salaried: Minimum net monthly income of ₹25,000 or more.
• Self-employed: Must show consistent income through bank statements and IT returns.

4. Credit Score

• Ideal score: 700 and above.
• A high credit score improves loan approval chances and may qualify you for lower interest rates.

5. Loan Amount & EMI Affordability

• The loan amount depends on your income, liabilities, and property value.
• Most banks allow a loan-to-income ratio of up to 60% of your monthly income.

6. Property Criteria

• Property must be legally approved and fall within the lending institution’s eligible location.

🌍 Why Use the Intermediate Service for Home Loans from International Resource Bank (IRB)?

IRB offers an Intermediate Service – a specialized advisory and support solution designed to help applicants navigate the home loan process more efficiently. Here’s why it’s beneficial:

1. Personalized Loan Matching

• The service evaluates your financial profile and matches you with the most suitable loan product among IRB’s offerings.

2. Dedicated Loan Advisors

• You get access to experienced professionals who assist with application, documentation, eligibility optimization, and follow-ups.

3. Faster Approvals

• With streamlined processes and backend support, the intermediate team can expedite approvals and disbursals.

4. Better Negotiation on Rates

• Advisors may help negotiate lower interest rates or secure special offers not available to direct applicants.

5. Transparent Processing

• Complete visibility on fees, charges, tenure, and terms, with no hidden costs.

6. End-to-End Assistance

• From property verification to legal checks, the intermediate service ensures hassle-free execution.

💬 Frequently Asked Questions (FAQs)

Q1. How much home loan can I get?

A: The loan amount depends on your income, credit score, and property value. IRB typically finances up to 75%-90% of the property’s cost.

Q2. What is the tenure of a home loan?

A: Home loans can be repaid over 5 to 30 years, depending on your preference and eligibility.

Q3. Is it mandatory to have a co-applicant?

A: Not mandatory, but having a co-applicant (like a spouse or parent) can increase your loan eligibility.

Q4. What documents are required for a home loan?

A: Common documents include:

• ID & address proof (Aadhaar, PAN)
• Income proof (salary slips, ITRs)
• Property documents (sale deed, NOC)
• Bank statements (last 6 months)

Q5. What is the interest rate on IRB home loans?

A: IRB offers competitive rates starting from 8.50% p.a. (subject to credit profile and tenure).

Q6. Can I prepay or foreclose my home loan?

A: Yes. Home loans can be prepaid or foreclosed, often with zero or minimal charges, especially for floating-rate loans.

Q7. What is the benefit of using the Intermediate Service at IRB?

A: The Intermediate Service helps optimize your chances, simplify paperwork, ensure quick approval, and even get better terms – making the entire home loan process more efficient and stress-free.

🏡 Final Words

Buying a home is a significant milestone. With the right support system, like IRB’s Intermediate Home Loan Service, the journey can be smooth, secure, and financially sound. Whether you’re a first-time buyer or looking to upgrade, IRB ensures that your home loan experience is guided, transparent, and tailored to your needs.

Before applying:

• Check your eligibility and credit score
• Use a home loan EMI calculator
• Understand the terms clearly
• Compare loan products via the Intermediate Service