A home loan helps you finance the purchase of your dream house without exhausting your savings. If, as a salaried person, you wish to take a home loan, here are 3 tips to prepare for the loan.
Check out the Home Loan Benefits Offered by a Lender
It's best to choose a lending bank that offers a range of benefits on home loans. These benefits may often include the following:
- Home loans for both salaried and self-employed individuals.
- Even if you can't arrange formal income proofs but have a good repayment history, the bank's experts can help you get a home loan.
- You can get a home loan within 72 hours only without the need to visit the bank several times.
- A large loan amount ranging from ₹3 lakhs to ₹5 crores is available for a long tenure of up to 25 years.
- Attractive interest rates.
- To increase the home loan eligibility for salaried persons and get access to better interest rates, you can add a co-applicant like your mother or wife, even if she isn't earning. This can also encourage women to be co-borrowers and homebuyers.
- Availability of home loans for various kinds of properties at different stages of construction
- If you belong to the Economically Weaker Section or Low Income Group, you're allowed to take an affordable housing loan at the bank under Pradhan Mantri Awas Yojana. This housing scheme, introduced by the Government of India, offers you a subsidy benefit of up to ₹2.67 on housing loans under PMAY. Even salaried individuals can apply for such a loan. Just remember to apply before March 31, 2022.
Also, Read - Guide To Register For ENACH
Meet the Eligibility Criteria
After choosing a lending bank, ensure to check the home loan eligibility for salaried persons on the bank's website. According to it, a salaried primary applicant generally needs to be:
- A resident or non-resident Indian
- 23-60 years old (resident Indians) or 25-60 years old (non-resident Indians)
- Working with MNCs, public or private sector companies or LLP, partnerships or proprietorship
Usually, the co-applicant needs to be 18-65 years old.
Both you and your co-applicant (if any) need to meet the eligibility criteria to apply for a home loan.
Check the Documents Required for Home Loans for Salaried
Remember to check the home loan procedure for documentation on the website of the chosen bank. Then make sure to be ready with all the necessary documents to apply for the loan. These often include:
- Fully filled and signed application form
- Identity and residence proofs (KYC) like Voter ID card, PAN card, Aadhaar, Job card issued by NREGA etc.
- Property documents (unless you haven't finalised a property)
If you want a home loan without ITR, see whether you can submit other income proofs like your bank statement of the last 3 months or your salary slip of the last 2 months.
Once you get the loan, consider managing home loan finances by using the online EMI calculator on the bank's website. It shows the accurate EMIs payable so you can repay the loan properly.
Also, Read - Impact Of EMI Default On CIBIL