Home Loans for Salaried Employees
Home loans for salaried employees are offered by many Indian banks and financial institutions. If you work for a good company and have a stable income, it should not be difficult to get a home loan approved.
Key Features and Benefits of Home Loans for Salaried Employees
- Affordable and attractive interest rates
- Eligibility criteria are easy and simple
- Loan disbursals are quicker
- Minimum documents required
- Higher loan amounts can be approved based on salary, place of employment details, etc.
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ICICI Bank Festive Home Loan Rates |
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Adjustable home loan rates |
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Loan slab |
Interest rate for Salaried |
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Credit score 800+ |
8.75% |
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Credit score 750-800 |
8.75% |
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ICICI Bank Standard Home Loan Rates |
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Adjustable home loan rates |
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Loan slab |
Interest rate for Salaried |
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Up to 35 lakhs |
9.70% |
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35 lakhs to 75 lakhs |
9.70% |
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Above 75 lakhs |
9.70% |
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IDFC Bank Standard Home Loan Rates |
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Adjustable home loan rates |
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Loan slab |
Interest rate for Salaried |
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Up to 5 crores |
8.75% onwards |
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Kotak Bank Standard Home Loan Rates |
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Adjustable home loan rates |
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Loan slab |
Interest rate for Salaried |
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Up to 5 crores |
8.30% - 9.00% |
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Citi Bank Standard Home Loan Rates |
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Adjustable home loan rates |
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Loan slab |
Interest rate for Salaried |
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Up to 10 crores |
8.00% onwards |
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Adjustable home loan rates |
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Interest rate for Salaried |
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800+ |
8.75%-9.25% |
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775-799 |
8.80%-9.30% |
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750-775 |
8.95%-9.45% |
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725-750 |
9.25%-9.75% |
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700-725 |
9.55%-10.05% |
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650-700 |
10.65%-11.15% |
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up to 650 |
10.85%-11.35% |
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Cibil > 170 |
10.90%-11.40% |
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Cibil <=170 |
10.20%-10.70% |
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Bank of Maharashtra Home Loan Rates |
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Adjustable home loan rates |
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Credit Score |
Interest rate for Salaried |
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For loans up to 30 lakhs |
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800+ |
8.00% |
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750-799 |
8.40% |
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700-749 |
8.70% |
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650-699 |
9.00% |
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600-649 |
9.05% |
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Below 600 |
9.50% |
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-1 to 05 |
8.90% |
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For loans above 30 lakhs |
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800+ |
8.00% |
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750-799 |
8.40% |
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700-749 |
8.70% |
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650-699 |
9.05% |
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600-649 |
9.10% |
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Below 600 |
9.70% |
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-1 to 05 |
9.05% |
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Punjab National Bank Home Loan Rates |
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Adjustable home loan rates |
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Credit Score |
Interest rate for Salaried |
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For loans up to 30 lakhs |
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800+ |
8.70% |
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750-799 |
8.70% |
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700-749 |
8.85% |
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600-699 |
9.20% |
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For loans above 30 lakhs |
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800+ |
8.55% |
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750-799 |
8.60% |
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700-749 |
8.75% |
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650-699 |
9.10% |
Eligibility Criteria for Home Loans for Salaried People
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Eligibility Criteria for Home loans by Top Lenders |
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Salaried |
Nationality |
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Age (in years) |
Income |
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HDFC |
21-65 |
Rs.10,000 p.m. |
Resident Indian |
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Bajaj Finance |
23-62 |
Rs. 30,000 to Rs. 50,000 p.m. |
Resident Indian |
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PNB Housing |
21-70 |
Rs. 15,000 |
Indian/NRI |
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Canara Bank |
18-70 |
Not Available |
Indian/NRI |
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Indiashelter |
Not Available |
Not Available |
Not Available |
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ICICI |
21-60 |
Rs. 25,000 |
Resident Indian |
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IDFC |
21-60 |
Rs. 1 lakh per annum |
Resident and non-resident Indians |
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Kotak |
18-60 |
Rs. 15,000 |
Resident Indian/NRI |
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SBI |
18-70 |
Not Available |
Resident Indian/NRI |
Documents required for Home Loans by Salaried People
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Documents Required for Home Loans |
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Identity Proof |
Residence Proof |
Income Proof |
Property documents |
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HDFC |
PAN Card or Form 60/Passport/Voter ID/Aadhaar card/driving license |
Passport/driving license/Voter ID, Aadhaar card |
Salary slips for the last 3 months/Bank statements for the last 6 months/Form-16 and IT returns |
Title deeds/Agreement copy/Receipt of initial payment |
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Bajaj Finance |
Passport/Voter ID/Aadhaar card/driving license/PAN Card |
Electricity bill/Bank statement/Telephone bill/Passbook/Passport |
Employee ID Cards/Salary slips for last 3 months/Bank statements for last 6 months/Form 16 |
Original sale deed/NOC from society/allotment -possession letter |
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PNB Housing |
Pan Card/Passport/certificate from statutory authority |
Passport/driving license/Voter ID, Aadhaar card/Telephone Bill/Ration Card/ |
Salary slips for the last 3 months/Bank statements for the last 6 months/Form-16 & IT returns |
Allotment letter/Builder buyer agreement/Payment receipt/Sale deed/Possession certificate/NOC from builder or society/Approved map |
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Canara Bank |
Passport/Voter ID/Aadhaar card/driving license/PAN Card/ 2 Passport size photographs |
Bank Statement/Ration Card/Telephone Bill/Electricity bill/letter from employer |
Certificate of employer/Salary slips for last 3 months/Bank statements for last 6 months/Form 16 for last 3 years |
Sale deed/Approved plan copy/valuation report/Allotment letter/Legal Scrutiny report/Sale agreement |
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Indiashelter |
Voter ID/Aadhaar card/driving license/PAN Card |
Passport/Voter ID/Aadhaar card/driving license/PAN Card/Birth Certificate/10th or 12th passing certificate |
IT Returns/Salary slips for last 3 months/LIC Policy/FD or RD/loan account details/savings or investment details |
Property documents |
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ICICI |
Passport/Voter ID/Aadhaar card/driving license/PAN Card |
Telephone bill/Electricity bill |
Salary slips for the last 3 months/Bank statements for the last 6 months/Form-16 & IT returns |
Property tax receipt/Proof of business address/assets and liabilities statement |
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IDFC |
Passport/Voter ID/Aadhaar card/driving license/PAN Card/Job Card/National Population Register |
Passport/Voter ID/Aadhaar card/driving license/PAN Card/Job Card/National Population Register |
Salary slips for last 3 months/Bank statements for last 6 months/Form-16 & IT returns/ /Credit card statement/Repayment track |
Sale deed/Allotment/Possession letter/NOC from society/Chain Title agreement |
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Kotak |
Passport/Voter ID/Aadhaar card/driving license/PAN Card |
Passport/driving license/Voter ID, Aadhaar card/Telephone Bill/Ration Card/ |
Salary slips for last 3 months/Bank statements for last 6 months/Form-16 & IT returns/ Credit card statement/Repayment track/Power of attorney |
All property documents with sanctioned map |
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SBI |
Passport/Voter ID/Aadhaar card/driving license/PAN Card |
Telephone bill/Electricity bill/Gas bill/Water bill/Passport/Aadhaar card/driving license |
Salary slips for the last 3 months/Bank statements for the last 6 months/ Form -16 & IT returns |
Occupancy certificate/Agreement for sale/Share certificate/Approved Plan Copy/Payment Receipts/permission for construction |
Types of Interest Rates on Home Loans
- Fixed Interest Rate – A fixed interest rate remains the same throughout the tenure of the loan. This gives you the benefit of planning your outflows in advance and doesn’t change with increasing market interest rates.
- Advantages – No uncertain increase in EMIs. You can plan well your outflows for the next few years.
- Disadvantages – You might not be able to reap the benefits of changing market rates if it goes down.
- Floating Interest Rate – This type of interest rate is linked to the market interest rate. It can go up and down during the tenure of the loan.
- Advantages – A decreased market rate will help you decrease your monthly outflow.
- Disadvantages – Your outflow keeps changing and there can be an unexpectedly increased outflow of money because of an increase in interest rates.
Application Process for a Home Loan
Home Loan Application via CreditMantri
Select your choice of a home loan by Follow the below steps to apply.
- Choose the lender of your choice
- Click on “Check Eligibility”
- Fill in details like email ID, Mobile number, Residence city, Employment type, Residence pin code, and info about any loans that you may have
- Tick all checkboxes for agreement terms.
- Click on “Submit”
- Enter the OTP received on your registered mobile number.
- Proceed with the rest of the application and your application will be processed in no time.
Offline Application Process for a Home Loan
You can walk into the bank branches with the necessary documents. The staff will help you with the form filling, documentation, and the rest of the process.
Online Application Process for a Home Loan
You can Log in to the website of your preferred lender. Go to their “Home Loan” page and apply for the home loan of your choice.
FAQ of Home Loans For Salaried Employees
1:What factors affect home loan eligibility for salaried people?
Credit score, credit report, employment status, debt obligations, income, etc. are some of the factors that affect home loan eligibility.
2:How much housing loan can a salaried person get?
A salaried person can usually get a loan equivalent to up to 60 times the salary.
3:How soon can a salaried person get a home loan?
You can get a home loan sanctioned as early as 72 years.
4:What are the types of home loans available for salaried people?
Home loans for the purchase or construction of a property, home loans for renovation, and home loans for the purchase of a plot are available for salaried individuals.