Common Home Loan Myths Debunked: What You Should Really Know

Thinking about buying a home but unsure if you’ll get a home loan?

Maybe someone told you:

“You need a big salary to apply for a home loan.”
“Only banks give home loans.”
“If your credit score isn’t perfect, forget it.”

These are common home loan myths — and most of them are not true anymore.

In this blog, we’ll break down the most popular misconceptions about home loans in India — and help you understand the truth in simple words.

Myth 1: “You need a high salary for home loan approval”

Truth: You don’t need a huge salary to apply for a home loan.

Lenders check your income, expenses, and how much EMI you can afford. Even if your salary is ₹25,000 or ₹30,000 per month, you can still get a home loan — as long as your EMI fits within your income.

At what salary can I get a home loan? It depends on your EMI capacity. Try a free eligibility check with Easy Home Finance — no paperwork needed.

Myth 2: “Only banks offer home loans”

Truth: This is a big myth.

Today, NBFCs (Non-Banking Financial Companies) also offer home loans. In fact, many people now prefer NBFCs because they:

Approve faster
Have easier rules
Offer paperless applications
Are more friendly to self-employed people

Are NBFCs safe for home loans? Yes — if they’re RBI and NHB approved, like Easy Home Finance.

Myth 3: “You need a perfect CIBIL score”

Truth: A perfect score is not required.

While a good CIBIL score helps, it’s not the only thing lenders check. Some lenders also look at your job stability, income pattern, and bank records.

CIBIL score myths? You don’t need 800+. Even 700+ is considered good by most lenders.

Myth 4: “Only salaried people get home loans”

Truth: Self-employed people can also get home loans.

You don’t need a salary slip. If you run a business, work as a freelancer, or own a shop, you can apply too — with documents like ITRs or bank statements.

Is home loan only for salaried people? No. Many NBFCs have special home loan options for self-employed.

Myth 5: “You can’t get a home loan without a co-applicant”

Truth: You can apply for home loan on your own.

A co-applicant (like a spouse or parent) helps increase the loan amount — but is not mandatory. If your income is enough, you can get the loan solo.

Can I get a home loan without a co-applicant? Yes, absolutely.

Myth 6: “You must make a big down payment”

Truth: Not true anymore.

Most lenders offer up to 90% of the home’s cost. That means your home loan down payment can be as low as 10%. You don’t need to save lakhs for years before applying.

Many people are able to buy homes sooner than they thought — just by checking the latest affordable home loan options.

Myth 7: “The home loan process is slow and full of paperwork”

Truth: That used to be true — but not anymore.

Thanks to digital lenders like Easy Home Finance, the process is now:

Paperless
Online
Quick (sometimes within 24 hours)

Does home loan require a long process? No — not with a paperless home loan NBFC like Easy.

Final Thoughts: The Truth About Home Loans

There are many myths about home loans in India, but now you know the facts. Whether you’re salaried or self-employed, have a high income or moderate one — you can explore your options confidently.

Home loan myths debunked
You don’t need a perfect credit score
You don’t need to be rich
You don’t have to visit a bank

At Easy Home Finance, we make it simple to: