Can We Get 100 Percent Home Loan (2024)

Suchintana Patra

Best Answer

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While purchasing the property we need to figure out many things. One of the biggest decisions we should take wisely is how much loan we should take while purchasing a house. Everybody wants to purchase a house and not everyone can afford to purchase a home without taking a loan. Now, CIBIL score is one of the biggest eligibility criteria to get a home loan, there are many questions surrounding this. One of them is can we get 100 percent home loan.Get home loans at the lowest interest rate of 6.5% from NoBroker.

Do banks give 100 percent home loans?

To understand Can I get 100 percent home loan in India, you need to understand the concept of LTV. So what is LTV? The full form of LTV is loan to value ratio.The difference between the loan amount that you will borrow against the total value of the property is called LTV.The formula of LTV is:LTV Ratio for home loan = The borrowed amount/ The value of property X 100.Therefore, if you purchase 1 property of 1 crore and the bank is offering you 70 lakh, then the LTV is 70%.The lower the LTV is, the higher the chances are to get a home loan.

Which bank gives 100 percent home loan?

As per the guidelines of RBI, you cannot get 100% home loan from a bank. So, to answer the question: which bank provide 100 percent home loan?' the answer would be no bank can offer a 100% loan as per the protocol.You can get 90% of the value if you take a loan up to Rs. 30 lakh. If you take a home loan between Rs. 30 lakh and Rs. 75 lakh, you can get up to 80% of the value of the property. If you opt for a home loan above Rs.75 lakh, you can get up to 75% of the value of the property.One way to understand how to get 100 percent home loan is that you can get term loans which can help you out.But as of now, banks are not offering 100% home loans. So I hope you understand the concept of ‘can we get 100 percent home loan?’.Read more:What is demand loan?Home Loan Benefits For LadiesWhat Is A Short Term Loan?

Mohammad P

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I read the answers shared by others and agree with them. Earlier, I wondered whether can I get a 100 percent home loan or not. However, upon inquiring through several banks, I found that lenders do not disburse 100% home loans due to security reasons.

However, you can get a maximum of 90% of the property value as a home loan based on the total valuation of the property. Let me tell you more about this.

Does Bank Provide 100 Home Loans?

• You can’t borrow 100% of the property value as a home loan, as per the regulations of the RBI.

• A certain amount of the cost of the property is given as a loan, and the rest has to be taken care of by the borrower.

So, if you don’t have sufficient funds to cover the down payment of the home loan, I recommend waiting till the time you have enough money to take out a home loan.

Like Jessica said, another option is to take a personal loan to cover the down payment. So, you do have other options.

You can also take a top-up home loan to get some extra funds. A top up home loan is provided by financial institutions that allow you to borrow a specific amount over your current home loan amount.

This is all I have to share. I hope you now know can I get 100 home loan.

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Jessica Noel

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If you are wondering is 100 percent home loan possible, I would like to tell you that the answer is no. Any financial institution is not allowed to give the full amount of the home loan to the borrower as per the guidelines set by the RBI. I am sharing the reasons for the same below. Also, I will help you to know the maximum home loan amount you can get for your property.

Can I Get Full Amount of Home Loan?

As I said earlier, you cannot get 100% per cent of the loan amount for your house. At max, the RBI allows 90% of the amount to be disbursed. But, this too, has some guidelines that need to be followed. First, your loan amount, second, your Loan-To-Value ratio, and your credit report would determine the percentage of the amount of the property you can get.

Moving to another important thing, I would like to tell you that there are other ways to find funds for your house apart from a home loan. One such way is taking a personal loan. Personal loans offer instant loan disbursem*nt, which would help in buying or building your home. I had taken a personal loan for the same purpose last year through NoBroker. You can check them out

. They disbursed 10 lakh rupees instantly, which helped me in the home-buying process.

This is all from my side. I hope this helps you to know can we get 100 percent home loan in India.

Read More:Maximum LTV offered under dropline overdraft in HDFC bank?

Anandi

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I was planning to buy a home but don’t have the savings to pay the part not financed by a home loan. Hence, I started wondering, whether or not I can get a 100 percent loan for home? My friend Satish who is a banker informed me that Banks and other lending organisations usually don't give a 100% home loan. They want you to put down at least some amount of money.

Can Bank give 100 percent home loan?

No! 100 percent home loan financing is not possible by any Bank. Satish also highlighted that most Banks will lend you 75–90% of the cost of your home.

It means that if your property costs, let's say, Rs. 60 lakhs, and your bank is providing a loan equal to 80% of the sale price, you will need to come up with Rs. 12 lakhs on your own. A portion of the contract value, often 10%, must be paid upfront, and another 10% must be paid after the property is taken. This enables to reduce the financial burden on you.

Calculate your EMI on a home loan via the NoBroker EMI calculator

As of now, I am aware that it is usually not possible to obtain a 100 percent loan for home. I realise that it is crucial to shop around and compare lenders while thinking about obtaining a home loan. Also, I need to be sure that I can afford the monthly installments and that you are eligible for the loan.

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saikat

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Availing a home loan before investing in a property is a good move. It will double-ensure that the property is verified. But do learn that home loan 100 percent finance is not possible in India. The maximum limit is 90% for a particular amount. I myself wanted to avail 100% loan, but no bank approved it. The RBI also does not allow 100% loan approval in India, so it is not possible here.

How to get 100 home loan on resale flat?

It is not possible to get 100% of the loan amount mainly due to security purposes, but you can get 90%. RBI has set certain rules for loan approval and here it is-

So you must have understood is it possible to get 100 percent home loan or not.

Who are eligible to apply for a home loan?

The eligibility criteria for availing a home loan differs from one bank to another but here are some of the basic rules-

• The applicant must be an Indian resident

• The maximum loan term is usually capped at 30 years, so it is better to be 30 years or below age while applying for a home loan

• Age limit for salaried individuals is 21 to 65 years and for self-employed individuals,it is 21 years to 65 years

• The applicant must have a minimum salary of Rs 10,000 per month

• his/her business income must be Rs 2 lakh per annum

• Maximum loan tenure is of 30 years

• The applicant must have a good credit score

A home loan 100 percent is not possible to avail of at any bank.

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