A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Home loans for Private Sector Employees

    Employees of private companies need not worry about getting approved for a home loan from any bank or Non-Banking Financial Company (NBFC). Salaried individuals from private companies are eligible for home loans from almost every financial institution in the country.

    If you are considering applying for a home loan now, here’s what you need to know before you apply:

    • The eligibility criteria for home loans from leading lenders is usually the following:
      • Salaried or self-employed individual 
      • Indian citizen 
      • Between the age of 21 (at the start of the loan) and 60 (at the time of loan maturity) 
    • You will have to furnish documents for:
      • Proof of identity 
      • Proof of address 
      • Proof of date of birth 
      • Proof of income. 
    • For salaried individuals, the proof of income is usually:
      • Pay slips of the last 3 months to 6 months 
      • Bank statements of the last 6 months 
      • Form 16 or employment continuity proof of the last 2 years. 
    • Your credit score may be taken into account by most financial institutions as it is a reflection of your repayment capacity and financial habits/discipline or lack thereof. A high credit score increases your chances of getting your home loan approved faster. You can also negotiate for lower interest rates and waiver or reduction of processing fees.
    • Apply for your home loan offline or online 

    As a private sector employee, your chances of getting approved for a home loan are higher if you are employed with a reputed private company, have a stable source of income, low debts, and high credit score. Getting a home loan is now just a few clicks away or requires just a visit to your nearest bank branch. 

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