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Home Loan for Advocates

Home Loan for Lawyers

Last Updated 18th Oct 2021

  • Many lenders offer home loans for advocates at a competitive interest rate of 6.50%.
  • You can take home loans for any purpose like buying a constructed house, flat, plot or renovating.
  • You can repay the home loan in up to a tenure of 30 years.
  • If you want to repay the loan before the tenure, you will have to pay foreclosure charges which are currently Nil for floating rate home loans.
  • To get the best home loan offers, you can apply with MyLoanCare by submitting minimal documents
Apply for Home Loan @ 6.50%* Get upto ₹ 1,000* Cashback

Home Loan for Advocates

Amongst the many lenders that offer home loans in India, some offer customised home loans to advocates or lawyers. An advocate or a lawyer can take a home loan if they are running their law firm/practice with another firm or a salaried lawyer. If you are an advocate, you can buy your dream house at a competitive interest rate of 6.50%. You can use a home loan to buy a flat, plot, construct a house, or renovate. You can avail of a maximum loan of up to 90% for the property’s market value.

Best Banks for Lawyers Home Loan

BanksLowest Interest RateEMI per lakh(in Rs)
SBI 6.65%₹ 642
HDFC 6.70%₹ 645
Citibank 6.50%₹ 675
Bank of Baroda 6.75%₹ 649
ICICI Bank 6.70%₹ 645
Axis Bank 6.65%₹ 642
PNB Housing Finance 7.20%₹ 679
LIC Housing Finance 6.66%₹ 643
Bajaj Home Finance 6.80%₹ 763
Sundaram Home Finance 6.95%₹ 772

Home Loan Eligibility Criteria for Advocates

Eligibility for a home loan is essential for advocates if they wish to take a housing loan. The housing loan eligibility criteria for advocates is as follows:-

  • The applicant must be an Indian citizen.
  • Must be between 18 years to 70 years.
  • Should have a work experience of 3 years.
  • Net monthly income must be above ₹ 20,000.

Housing Loan for Advocates Interest Rate

Bank NameInterest Rate For Salaried LawyersInterest Rate for Self Employed Lawyers
SBI 6.65% 6.70%
HDFC 6.75% 6.90%
ICICI Bank 8.20% 6.65%
Yes Bank 6.65% 6.90%
Canara Bank 6.90% 7.60%

Home Loan Documents Requirements for Advocates

For quick approval of a home loan, you need to submit various documents to the lenders. The list of documents is below:-

  • Photo Id proof (any): Aadhar card, PAN card, Driving license, Passport
  • Address proof (any): PAN card, Passport, Driving license, utility bills of last three months
  • Income proof: Last six months bank statements, Form 16, business proof
  • Other documents: Law firm registration certificate/Membership certificate of Bar Council
  • Property documents: Deed of sale or sale agreement, allotment letter, a permission letter from appropriate authorities, conveyance deed and approved building plan

Apply for a Home Loan for Advocates

Applying for a home loan is an easy process nowadays due to the advent of technology. However, you can visit the nearest bank branch of a lender or apply with MyLoanCare:-

  • Step 1: Fill the Home Loan Application Form at MyLoanCare.
  • Step 2: Fill in required information like profession, name, income, phone number, and residence type.
  • Step 3: Click on ‘Get Quote’
  • Step 4: Enter the OTP which you have received on the entered mobile number.’
  • Step 5: Click on ‘Submit’
  • Step 6: Now, fill in more information about existing loans, and property, etc.
  • Step 7: Further, you will get the best home loan offers as per your eligibility.
  • Step 8: To help with the further process, the MyLoanCare executive will call you.
  • Step 9: The executive will assist you till the loan gets disbursed into your account.

FAQs

Can an advocate get a home loan?

Yes, an advocate can get a home loan if they are salaried or self-employed professionals. In addition, many banks offer customised offers on home loans for lawyers.

What are the offers for advocates of home loans?

Advocates can get the best offers on home loans like low-interest rates, low processing fees, and pre-approved offers. You can avail of these advantages if you have a credit score above 700 and a good relationship with the bank.

How can advocates get a home loan?

A lawyer can get a home loan above 18 years and below 70 years. Also, they should have a minimum work experience of 3 years.

What is the interest rate for SBI home loans for advocates?

The interest rate of SBI on home loans for advocates starts from 6.65% and goes up to 10.45%. Therefore, the interest rate may vary for different loan amounts.

How much home loan can advocates get?

A lawyer can get a loan of 75% to 90% of the property’s market value to buy a constructed house, plot or renovation.


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Home Loan News - Oct 2021
  • 2021-10-14 : Axis Bank Slashes Home Loan Balance Transfer Rate
    Indian private sector bank, Axis Bank has revised home loan balance transfer rates. Now, the lender is offering a rate of 6.60%, earlier the rate was 6.90%. Also, processing fees are decreased to Rs 2021+GST.
  • 2021-10-14 : ICICI Bank Introduces ‘Home Utsav’
    ICICI Bank has introduced the ‘Home Utsav’ offer, which is a virtual property exhibition that allows home buyers to select their dream home project by browsing through projects by sitting at home or office. A customer can also avail of benefits on a home loan like lower interest rates, special processing fees and much more.
  • 2021-10-12 : Axis Bank Has Launched Open API For Customers
    Axis Bank unveils open APIs (Application Programming Interface), these APIs will help retail and corporate customers/ partners to use banking services integrated across partner platforms. This banking portal has retail as well as corporate products like loans, accounts, deposits, payments, trade, collections and bills.
  • 2021-10-11 : Punjab National Bank Introduces 6S Campaign
    Punjab National Bank (PNB) has launched the 6S Campaign. The campaign consists of schemes like Swabhiman, Samruddhi, Sampark and Shikhar, Sankalp and Swagat. The objective of the campaign is to spread awareness about the development of financial services and accelerate credit growth, improve penetration of social security schemes and drive digital banking push.
  • 2021-10-07 : IDBI Bank Introduces Special Festive Offer
    IDBI Bank has introduced a special festive offer called ‘i_zoomdrive’. The scheme allows quick processing, competitive interest rates, prepayment charges are waived off and 100% financing for certain segments. These offers are available on auto loans, education loans and home loans.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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