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Most lenders will have their unique set of eligibility requirements that the applicant needs to meet in order to apply for a home loan. Let us understand the home loan eligibility for a salaried person with the help of an example. However, this is not the final amount which the employee takes home, there are some mandatory deductions from the gross total like deductions for the Employee Provident Fund , Tax Deduction at Source , Professional Tax, etc.
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Can I get a home loan with fewer Proof of Income documents?
The checklist is indicative and additional documents could be asked for during the home loan sanction process. When you apply for a loan on open salary account, you will get quite a lot of benefits of which one is to get an easy, hassle-free, and instant loan disbursal. This means you need not wait for a lot of time when you apply for a personal loan. Especially when you apply for a personal loan for salaried person you get the benefit of getting approval time within a smaller period. Before applying for a housing loan, it is essential to first check the Home Loan eligibility criteria laid down by the lenders, especially regarding monthly income.
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Flexi Interest Calculator
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You may issue standing instructions to your banker to pay the installments through ECS , opt for direct deduction of monthly installments by your employer or issue post-dated cheques from your salary account. The documentation needed to be submitted along with your home loan application form is available here. This link provides a detailed checklist of KYC, Income and property related documents required for the processing of your home loan application.
Home Loan Application Process
After this what remains is known as net salary or the in-hand salary of an employee. By continuing to use the site, you are accepting the bank's privacy policy. The information collected would be used to improve your web journey & to personalize your website experience. Pay your bills, shop online and make payment to any merchant unified payments interface ID easily and instantly. They are easy to get, require little to no documentation, don’t ask you to put up any collateral, and unlike other loans, Personal Loans can be used for anything you want. A health insurance policy provides financial protection to the policyholder against planned or unplanned medical expenditures.
We may provide you with various money solutions and options which are generally available basis your investment profile or those which are generally held by persons of similar investment profile. You authorize us to use/disseminate the information to provide the Financial Solutions however it is not necessarily for you to act on it. It only serves an indicative use of information which you may execute in the manner agreed by you. You also agree and authorize ABC Companies / its third-party service providers to contact you at the contact information provided for service related communication relating to your product or facilities offered even if your number is in National Do Not Call Registry. You also acknowledge and agree that, unless specifically provided otherwise, these Terms of Use only apply to this Website and facilities provided on this Website. As a salaried employee, your income is a primary determinant in getting a desired home loan amount approved.
Now meeting with the personal loan salary eligibility and gaining an instant loan on salary slip is possible with Loaney. With the help of Loaney, it is possible to gain better and faster approvals while not needing to stay in line. Also being a complete online application, you can do it anywhere and anytime with zero charges being applied. Lesser than 10 minutes of application will be needed when you opt for Loaney. All you need to do is follow some simple directions to get your loan on salary account to be approved. Lastly, you need to make sure that you have a good credit score to avail personal loan for private employees.
Before applying for a home loan, it is necessary that you also have a look at your credit score on the CIBIL score website. You can apply for housing loans at any time once you have decided to purchase or construct a property, even if you have not selected the property or the construction has not commenced. You can even apply for a home loan whilst you are working abroad, to plan for your return to India in future. Choose a home loan provider who offers doorstep assistance or gives you the facility to apply online for a home loan by uploading the required documents from the comfort and safety of your home or office. With minimal documentation, applying for a HDFC home loan is quick and hassle free.
If you were to apply for a personal loan there would have been a long list of requirements that would have needed to be met to be sanctioned. However, since you are planning on applying for a loan based on salary account you only need to meet some simple eligibility criteria. The facilities on the Website are not intended to provide any legal, tax or financial or securities related advice. You agree and understand that the Website is not and shall never be construed as a financial planner, financial intermediary, investment advisor, broker or tax advisor. The facilities are intended only to assist you in your money needs and decision-making and is broad and general in scope.
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