A home loan is a sum of money borrowed from a financial institution to purchase a house. The borrower repays the loan amount with interest in equated monthly installments (EMIs) over a chosen tenure.

Eligibility criteria typically include age, income stability, credit score, employment type (salaried or self-employed), and existing financial liabilities. Each bank may have slightly different requirements.

Common documents include identity proof (PAN card, Aadhaar card), address proof, income proof (salary slips, bank statements, IT returns), property documents, and bank statements for the last 6-12 months.

Interest rates are determined by various factors such as the type of interest rate (fixed or floating), the borrower's credit score, the loan amount, tenure, and the bank's internal policies. Floating rates are linked to external benchmarks like the repo rate.

Yes, most banks offer home loans for under-construction properties. The disbursement of the loan usually happens in stages, linked to the construction progress of the property.