How to Apply for a Home Loan in Hosur: Step-by-Step Guide for First-Time Buyers

Applying for a home loan in Hosur is a straightforward process if you follow the right steps. Here’s a step-by-step guide given by Lakshmi Properties, one of the best real estate consultant in Hosur to help first-time buyers navigate the process smoothly.

Step 1: Check Your Loan Eligibility

Banks and NBFCs evaluate your eligibility based on:

• Income & Employment – Salaried (minimum ₹25,000/month) or self-employed.

• Credit Score – A CIBIL score of 700+ improves approval chances.

• Age Limit – Usually 21 to 65 years at loan maturity.

• Existing Loans – Fewer loans mean a higher loan amount eligibility.

Step 2: Compare Home Loan Offers

Different banks offer varying interest rates, loan tenure, and processing fees. Compare:

• SBI – 8.45% onwards

• HDFC – 8.50% onwards

• ICICI – 8.65% onwards 

• LIC Housing Finance – 8.75% onwards 

Loan Tenure: Up to 30 years

Processing Fee: 0.25% – 1% of the loan amount

Step 3: Gather Required Documents

• Identity Proof – Aadhaar, PAN Card, Passport

• Address Proof – Utility bill, Voter ID, Driving License

• Income Proof –

o Salaried: 3 months’ salary slips, Form 16, bank statements

o Self-Employed: ITR (last 3 years), business proof, bank statements

o Property Documents – Sale agreement, title deed, approved building plan

Step 4: Apply for the Loan

You can apply for a home loan in Hosur via:

Online: Through bank/NBFC websites

Offline: Visit the nearest bank branch with documents

Step 5: Property Verification & Loan Approval

• Bank’s Legal Team verifies the property documents.

• Technical Inspection checks the property’s market value.

• If approved, you’ll receive a Sanction Letter with loan terms.

Step 6: Loan Disbursement & Agreement Signing

• Sign the loan agreement and submit post-dated cheques or auto-debit mandate.

• The loan amount is disbursed to the builder or seller.

Step 7: Start EMI Payments

• Your EMI starts after loan disbursement.

• Use auto-pay or ECS mandate to avoid missed payments.

Bonus: Government Schemes for First-Time Buyers

PMAY (Pradhan Mantri Awas Yojana) – Subsidy up to ₹2.67 lakh for eligible buyers.

Tax Benefits – Get deductions under Section 80C & 24(b) for loan repayment.

Conclusion – Final Checklist for a Hassle-Free Loan Process

• Compare multiple lenders for the best interest rate.

• Maintain a credit score of 700+ for quick approval

• Ensure the property is RERA-registered to avoid legal issues.

• Choose a tenure that balances EMI affordability & interest savings.