In case you are a salaried individual being offered a home loan by major non-banking financial companies (NBFCs) and banks. Attractive rate of interest and other advantages assist salaried to make the most out of their home loan and buy their dream home without any delay or hassle.
Benefits and features of home loan for salaried –
Home loans for salaried persons have the listed benefits and features –
· Eligibility parameter is simpler to meet
· Affordable rate of interest
· Instant loan disbursal
· Minimal documentation
· Higher loan proceeds are offered based on salary and distinct other parameters
Home loan for salaried person options–
|Home loan for salaried person||Best for|
|Aadhar Housing Finance||Low-income group|
|Hero Housing Finance||Simple and easy documentation|
|LIC Home Loan||Residential property buyers|
|IDBI Home Loan||Flexible rate of interest|
|Axis Asha Home Loan||Loan as high as Rs 35 lakh|
|HDFC Home Loan||Low rate of interest|
Comparing home loans for a salaried individual that are provided by distinct lenders will assist in making an informed decision regarding which is a prudent home loan for you. Here are crucial home loans from leading lenders in India today –
HDFC bank home loan –
HDFC bank home loans may be availed to buy properties from government authorities and private builders. Crucial key features of the home loan scheme include –
· Lower rate of interest when women are basically co-owners.
· Loan repayment tenure of as high as 30 years.
· Up to 90 per cent of the property cost.
Axis bank Asha home loan –
Axis bank Asha home loan provides loans of as high as 90 per cent of property value for loans as high as Rs 35 lakh. The major features of the home loan scheme are –
· Low rate of interest
· Minimal combined income equaling Rs 8,000 every month for eligibility parameter
· 12 EMIs (equated monthly instalments) waived off
IDBI bank home loan –
IDBI bank home loans offer in-principal approval even before you choose a property, which endows you with more flexibility and freedom when searching for the correct property. The major scheme’s key features are given below –
· Customised features for salaried
· Already approved projects for simplifying the selection procedure
· Flexible loan repayment choices are available which may range anywhere from tranche-linked EMI (equated monthly instalment) to step-down and step-up repayment options and flexible instalment plans.
· Already approved projects for simplifying the selection procedure.
LIC housing finance ltd. home loan
LIC housing finance ltd. a home loan may be availed by salaried individuals of public, private or government organisation and those who draw part of their salary in the form of cash and even those seeking a repayment tenure that extend beyond their retirement age. The major key features of home loans are –
· Facility for online home loan sanction
· Low rate of interest
· Can be utilised for the purchase or construction of the residential property and for renovation or repair of existing residential property.
Aadhar housing finance ltd. home loan for salaried
Aadhar housing finance ltd. allows salaried to borrow home loans at monthly salary eligibility beginning from Rs 5,000 every month, making it possible for the salaried from distinct sectors to own a dream home. The major key parameters of this scheme include –
· Loan of as high as 80 per cent of the property cost.
· Home loan of as high as Rs 1 crore depending on the eligibility.
· Maximum loan tenure of as high as 30 years.
Hero housing finance home loan – cash salaried
Hero housing finance home loan permits you to avail of interest subsidy under PMAY (Pradhan Mantri Awas Yojana) CLSS (credit-linked subsidy scheme). Major crucial features of this scheme include –
· Maximum loan proceeds allowed is of as high as Rs 5 crore for salaried with an experience of as high as 2 years.
· Maximum loan tenure allowed is as high as 20 years.
· Simple documentation.
Anyone can place an application for a home loan, but the home loan amount that is sanctioned by the lenders is distinct for all borrowers –
In India, many of you can fund the buy of your new home or land piece through a home loan. Also, people even apply for home loans to fund the extension or renovation of homes. For salaried, however, being eligible for a home loan depends on your monthly net salary. Note that lenders base your rates on RBI’s repo rate in case you avail a floating rate and in the case of a fixed rate, lenders consider MCLR to compute your interest rate. One of the important lenders that base your fixed interest rate basis is MCLR is State Bank of India i.e., it uses the SBI MCLR rate to compute your rate of interest.
How does your salary impact your home loan eligibility?
Lenders provide home loans to you i.e., salaried depending on your monthly salary. A home loan request submitted by you is sanctioned as well as approved when lenders after evaluating your creditworthiness. Salary of the salaried consist of 2 major parts i.e., basic salary as well as allowances. Allowances include the following –
· A medical allowance
· LTA or leave travel allowance
· HRA or house rent allowance
Important parameters that impact your home loan eligibility
Besides the borrower’s salary, other crucial parameters even impact your eligibility for a home loan. Such parameters are mentioned below –
Borrower’s age –
Lenders usually expect you to complete your repayment of a home loan by the time you attain your retirement age. Owing to this reason, lenders may prefer granting a home loan to you if you belong to the younger population as you hold a longer work life.
Work experience and employer –
If you are a salaried working with a reputed organisation, then you are more probable to avail a home loan. Holding a stable job means that you can repay your home loan timely through EMIs or equated monthly instalments. Lenders even consider your work experience before approving your home loan. Considerable work experience means a stable job and better potential to repay a home loan on time.
Credit score –
Lenders factor in your credit score while sanctioning your home loan request. A credit score is an important 3-digit number between 300 and 900, which shows your credibility. The closer your credit score to 900, the higher your credibility.