Home Loan for Salaried Person

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.

Home Loan for Salaried Person – Features and Benefits 

• Impressive Interest Rates: Generally, banks and NBFCs offer home loans to salaried individuals with impressive interest rates at affordable prices.
• Flexible Repayment: Lenders offer flexible repayment tenures to the salaried person, ultimately allowing you to choose a loan term that fits perfectly with your financial situation. With this feature, applicants can choose both short and long-term repayment tenure.
• Higher Amounts: Salaried professionals can avail of a higher limit as most banks and NBFCs prefer to offer a greater home loan amount to the salaried professional than to self-employed individuals.
• Foreclosure Options: Banks and NBFCs offers prepayment and foreclosure feature to the applicants. This allows users to end the loan prior to the end of the loan term.
• Balance Transfer: You can transfer your existing home loan to another lender offering better terms and interest rates through the balance transfer facility.

Home Loan for Salaried Person – Eligibility Criteria 

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:

• Age: A salaried individual must be between 23 to 75 years. A self-employed individual can apply for a salaried person home loan if the individual’s age ranges from 25 to  70 years.
• Employment: Salaried employees should have at least 3 years of employment experience. Applying for this home loan requires a minimum of 5 years of business vintage.
• Credit Score: A healthy credit score is necessary to apply for a salaried person home loan. Generally, banks and NBFCs prefer candidates who have a credit score of 750 and above.
• Income: Banks and NBFCs regularly check and verify the income of the individuals applying for a home loan salaried person. Income should be sufficient for EMIs that need to be paid by the borrower. 
• Loan Tenure: Any individual applying for a home loan within available loan tenure is acceptable by the banks and NBFCs.
• Documents: Every applicant must possess all the necessary documents required to apply for a Salaried Persons home loan.

Home loan for Salaried Person – Documents Required 

All the required documents for home loans for salaried persons are mentioned below:

• Identity: Driving License, Voter ID, Passport, and Aadhaar Card are required to verify identity.
• Income: These documents include the latest salary slip from the existing employer, ITR of last year, bank statement, P/L statement or balance sheet.
• Address: Documents that are required to verify the address of the applicant are address-proof documents. These documents are utility bills, passports, rental agreements, etc.
• Age:  Documents that are required to verify the age of the applicant are age-proof documents. Documents required for the age proof are a birth certificate, Aadhaar Card, and Voter ID.

HDFC Bank Home Loan for Salaried Person

SBI home loan for a Salaried Person