Home Loans for Salaried Employees
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Salaried employees are offered house loan by major banks and Non-Banking Financial Companies (NBFCs). Attractive interest rates and other benefits help salaried individuals make the most of their home loan and buy their dream home without any hassle or delay.
Features and Benefits of Home Loans for Salaried Individuals
Home loans for salaried employees have the following features and benefits:
- Eligibility criteria is easier to meet
- Affordable interest rates
- Quick loan disbursal
- Higher loan amount offered based on salary and other factors
- Minimal documentation
Best Home Loans for Salaried People
Home Loans for Salaried People | Best for |
HDFC Home Loan | Low interest rate |
Axis Asha Home Loan | Loan up to 35 Lakhs |
IDBI Home Loan | Flexible Interest Rate |
LIC Home Loan | Residential Property buyers |
Aadhar Housing Finance | Low income group |
Hero Housing Finance | Easy Documentation |
Comparing home loans for salaried people that are offered by different lenders will help in making a more informed decision about which is the best home loan for you. Here are a few of the home loans from leading financial institutions in the country today:
- HDFC Bank Home LoanHDFC Bank home loans can be used to purchase properties from private builders and government authorities. The key features of the home loan scheme are as follows:Explore: HDFC Home Loan
- Lower interest rate when women are co-owners
- Up to 90% of the property cost
- Loan repayment tenure of up to 30 years
- Axis Bank Asha Home LoanAxis Bank Asha Home Loan scheme offers loans of up to 90% of the property value for loans of up to Rs.35 lakh. The key features of the scheme are as follows:Explore: Axis Home Loan
- Low interest rates
- Minimum combined income of Rs.8,000 per month for eligibility
- 12 EMIs waived off (subject to conditions)
- IDBI Bank Home LoanIDBI Bank Home Loans provide in-principle loan approval even before you select a property, which gives you more freedom and flexibility when searching for the right property. The key features of the scheme are as given below:Explore: IDBI Home Loan
- Customised features for salaried employees
- Flexible loan repayment options from Tranche-based Equated Monthly Instalments (EMIs) to Step-up and Step-down Repayment Facility and Flexible Loan Instalment Plan
- Already approved projects to simplify the selection process
- LIC Housing Finance Ltd Home LoanLIC Housing Finance Ltd. Home Loan can be availed by salaried employees of private, public, or government organisations, as well as those who draw part of their salary in cash, and also those seeking a loan repayment tenure that extends beyond their retirement age. The key features of the home loan scheme are as given below:Explore: LIC Housing Finance
- Facility for online home loan sanction
- Low interest rates
- Can be used for contruction or purchase of residential property as well as for repairs or renovation of an existing residential property
- Aadhar Housing Finance Ltd. Home Loan for Salaried EmployeesAadhar Housing Finance Ltd. Home Loan for Salaried Employees has a monthly salary eligibility starting from Rs.5,000 per month, making it possible for salaried people from a wide range of sectors to own their dream home. The key features of the scheme are as follows:Explore: Aadhar Housing Finance
- Loan of up to 80% of property cost
- Maximum loan repayment tenure of up to 30 years
- Home loan of up to Rs.1 crore based on eligibility
- Hero Housing Finance New Home Loan - Cash SalariedThe Hero Housing Finance New Home Loan - Cash Salaried allows for interest subsidy under the Pradhan Mantri Awas Yojana (PMAY) Credit Linked Subsidy Scheme (CLSS). The key features of the scheme are as given below:Explore: Hero Housing Finance
- Maximum loan amount of up to Rs.5 crore for salaried individuals with up to 2 years of experience
- Maximum loan repayment tenure of up to 20 years
- Easy documentation
With the help of the home loans like the ones listed above, salaried individuals can now make their dream of owning their home a reality. Home loan interest rates for all compared to salaried employees is more affordable, with attractive features and flexible repayment tenures, owning your own home is now possible without any hassles at all.
FAQs on Home Loan for Salaried Employees
- Is it possible for salaried employees with low CIBIL score to get a home loan?
Yes, the salaried employees with a low CIBIL score can get a home loan. However, in such cases, the borrower may be charged a higher rate of interest and may not get flexibility in repayment schedule.
- What are the minimum age criteria to apply for a home loan in the case of salaried employees?
The minimum age criteria to apply for a home loan for salaried employees is 18 years in most cases. However, it is advisable to check with the bank for more details on the age criteria for loan applications.
- Is it mandatory to submit bank statements when applying for a home loan?
Most lenders require you to submit income proof when you apply for a home loan. In such cases, you may be required to submit the bank statements, or you can submit ITR, salary slips as an alternate.
- Which documents are accepted as residential proofs by the bank when applying for a home loan?
Most of the banks accept Aadhaar card, PAN card, or utility bills like water bill, electricity bill, etc. as address when applying for a home loan. However, it is advisable to check with the bank for more details on the list of documents required for a home loan application.
- Can I submit an online application for a home loan?
Yes, most banks accept online applications for home loans. However, it is advisable to check with the lending bank for further details regarding the online application.
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