Introduction to Home Loans for First-Time Buyers

Owning your first home is a dream come true, and Loanpao makes it achievable with tailored home loans for first-time buyers in India. We partner with leading banks and NBFCs to offer low-interest loans, government subsidies like PMAY, and expert guidance to simplify your home-buying journey in 2025.

Why Choose Loanpao for Home Loans?

Loanpao’s home loans are designed for first-time buyers, offering:

  • Competitive Rates: Starting at 8.5% p.a. with subsidies.
  • Government Support: Access to PMAY subsidies up to ₹2.67 lakh.
  • Flexible Tenure: Repayment up to 30 years for affordable EMIs.
  • Fast Processing: Loan approval and disbursal in 7–15 days.
  • Tax Benefits: Deductions under Section 80C and 24(b) of the Income Tax Act.

Government Schemes for First-Time Buyers

Loanpao facilitates loans under these key schemes:

Scheme Details
Pradhan Mantri Awas Yojana (PMAY) Up to ₹2.67 lakh subsidy for EWS/LIG/MIG categories
Credit-Linked Subsidy Scheme (CLSS) Interest subsidy of 3–6.5% on home loans
RERA-Approved Projects Loans for verified affordable housing projects
State Housing Schemes Additional benefits in select states

Note: Subsidy eligibility depends on income, property type, and location.

Eligibility Criteria

To qualify for a home loan with Loanpao, you need:

  • Age: 21–65 years.
  • Income: Minimum ₹2.4 lakh p.a. (salaried) or ₹3.6 lakh p.a. (self-employed).
  • Employment: Stable job or business for at least 2 years.
  • Credit Score: Preferably 700+ for better rates.
  • Property: RERA-approved or bank-compliant property.

Documents Required

Submit these for loan approval:

  • Identity Proof: Aadhaar, PAN, or Voter ID.
  • Address Proof: Utility bill, passport, or ration card.
  • Income Proof: 3 months’ salary slips, 2 years’ ITR, or bank statements.
  • Property Documents: Sale agreement, title deed, or NOC.
  • PMAY Enrollment: Registration proof, if applicable.

Types of Home Loans

Loanpao offers various home loan options:

  • Home Purchase Loan: For buying new or resale properties.
  • Home Construction Loan: For building a house on owned land.
  • Home Improvement Loan: For renovations or upgrades.
  • Balance Transfer Loan: To transfer existing loans for better rates.
  • Top-Up Loan: Additional funds for personal needs.

Benefits of Loanpao’s Home Loans

Choosing Loanpao provides:

  • Low interest rates starting at 8.5% p.a.
  • Rapid disbursal within 7–15 days.
  • Flexible repayment up to 30 years.
  • Access to PMAY and state subsidies.
  • Expert support for documentation and approval.

Apply for a Home Loan

Start your home-buying journey with Loanpao:

Frequently Asked Questions

Rates start at 8.5% p.a., with lower rates possible under PMAY subsidies.

First-time buyers with annual income up to ₹18 lakh (MIG-II) and no prior home ownership.

Loanpao ensures approval and disbursal within 7–15 days post-verification.