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Homeownership is one of the most wanted and normal dreams for the vast majority of people in India. A house is viewed as a place where memories are made, families are supported, and fates are in safe hands. Yet, for many people, purchasing an ideal house requires a critical financial strength, which frequently appears to be challenging for some. That is where home loans become the greatest ally, making the fantasy of homeownership a reality for salaried people.
Thus, we should get everything rolling on the way to homeownership, where we work on the intricacies and provide you with the data you want to arrive at informed conclusions about home loans. Whether it's the comprehension of eligibility criteria, exploring loan costs, or unravelling the documentation, everything has been taken care of in this blog. So, read on.
Every bank and NBFC have set certain criteria that determine the eligibility of the candidate applying for a home loan for a salaried person. This eligibility criterion, with the inclusion of all affecting factors, is explained below:
All the required documents for home loans for salaried persons are mentioned below:
| Category | Details |
| Interest Rates | 8.50% to 9.40% |
| Fees and Charges | Processing fee– Upto 0.50% or ₹3000 Lower rate switch– Upto 0.50% of the principal outstanding |
| Eligibility |
|
| Required Documents | Identity proof– Aadhar Card, Voter ID, PAN card, etc. Employment Proof– Salary Slip, ID Card, Employment letter, etc. Income Proof– Bank Statement, IT Return form, etc. Address Proof– Driving Licence, utility bills, Passport, etc. |
| Category | Details |
| Interest Rates | 8.40% to 10.15% |
| Fees and Charges | Processing fee– Upto 0.17% or ₹2000 to ₹10,000 Late repayment charges– 1% to 2% of the outstanding EMI |
| Eligibility |
|
| Required Documents | Identity proof– Aadhar Card, Voter ID, Pan Card, etc. Employment Proof– Salary Slip, ID Card, Employment letter, etc. Income Proof– Bank Statement, IT Return form, etc. Address Proof– Driving Licence, utility bills, Passport, etc. |
The amount of the home loan that a salaried person can get depends on the eligibility criteria of a certain bank and NBFC. Generally, a salaried person can get a home loan of up to 72 times the gross monthly income.
Any home loan that fits perfectly with the financial requirement of the applicant is considered best for a salaried person.
If your salary is ₹50,000, you can get up to ₹36,00,000 home loan.
The general home loan interest rate for a salaried person ranges from 8.50% to 14.75%.