Compare & Apply for Home Loans for Salaried in India

Home loans refers to the sum of money borrowed by a salaried individual to buy their dream property. In this case borrower gives guarantee for the property even though they are entitled to use the property for residential purpose.

How much home loan on Salary is sanctioned by the banks?

Financial institutes usually fund 75%-90% of the property's market value. Borrowers income profile along with banks internal lending policies also determine the value. The remaining amount needs to be self-financed by the borrower ranging from 10% to 25%.

Why should you avail a Home loan for Salaried?

For many people having a home of their own is a dream. Given the limited income it’s a lucrative option for them. Home loans for salaried allows one to avail tax exemptions and build own house with the future salary income, such a home loan on salary allows one to fulfil their aspirations.
 

Convenience, easy processing, and comfortable loan tenure makes it all the more easy to opt for the home loan for salaried. This is one product offered by most of the banking institutions at interest rates varying from 8.75%-11% with easy documentation process making it a viable loan product.

Why Choose LoansJagat?
 

LoansJagat is a leading platform which enables individuals and businesses to get access to best loan offers from over 40 banks and NBFCs with complete flexibility and transparency to choose from. Started in 2002, LoansJagat is a process-oriented organization that has stringent customer safeguard policies and offers a world-class customer experience.
 

Applying for a Home loan on Salary? Don’t make these mistakes!
 

Having a home loan on salary is a dream cherished by many individuals in the society. Loans provided today are the stepping stone for one to actualise that dream.
 

Let us take example of Rohan whose yearly salary is Rs 15 lakh and has decided to purchase a house in Delhi and thus needs a home loan for Salaried of Rs 50 Lakh. He wants to ensure that all his requirements are fulfilled without him taking any other personal loan and EMI should not be a burden to him when he is on his way to fulfil his long-cherished dream. In order to a hassle-free experience while getting bank approval for loan, he should avoid making following mistakes:
 

Paperwork - Clarity should be given to the banks about the objective as a first step. Financial institutes are within their rights to know how and where funds will be used. Also, keep all the required documents pertaining to income and property ready which form the basis for approval.

Financial Position - Borrower should have a clear calculation about their investments for home loan on salary. This will help them in having the visibility that how many loans they can afford and how much EMI is payable against loan that shall not eat away all their salary.

Credit Rating - Borrower should be aware of their creditworthiness. Most of the banks check customers past loan history and their repayment trends to arrive on final conclusion on principal and interest for the home loan for salaried.

Agreement Terms - It is the responsibility of the borrower to read the terms of the agreement clearly before signing. One should be clear about the charges that come with the loan in case of pre-closure, late payment of EMI's.