Home loan 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:

1. The eligibility criteria for home loans from leading lenders is usually the following:
   1. Salaried or self-employed individual 
   2. Indian citizen 
   3. Between the age of 21 (at the start of the loan) and 60 (at the time of loan maturity) 
2. You will have to furnish documents for:
   1. Proof of identity 
   2. Proof of address 
   3. Proof of date of birth 
   4. Proof of income. 
3. For salaried individuals, the proof of income is usually:
   1. Pay slips of the last 3 months to 6 months 
   2. Bank statements of the last 6 months 
   3. Form 16 or employment continuity proof of the last 2 years. 
4. 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.
5. Apply for your home loan offline or online