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Home Loan for Salaried Person

Almost all major banks, non-banking financial companies (NBFCs), and housing finance companies (HFCs) offer home loans to salaried employees. Salaried employees usually have a regular and stable source of income, making them reliable borrowers. Home loan for salaried persons are offered at attractive interest rates and they also receive other r benefits like concession in interest rate for salaried women borrowers, processing fee concession, easy eligibility criteria, and so on.

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Best Home Loan for Salaried Person

Following are the top 10 best home loans available for salaried persons in India: 

Home Loan ProductBest For
HDFC Home Loan50 basis points concession in interest rates for women borrowers.
PNBHFL Home LoanLow-interest rate starting from just 8.50% p.a.
SBI Home LoanA wide range of home loans for meeting the housing-related needs of all customers.
Kotak Mahindra Bank Home LoanHome loan insurance option is offered at lucrative premiums.
Bank of Baroda Home LoanFree credit card and accidental insurance for eligible borrowers.
Yes Bank Home LoanHigher loan amount up to Rs. 10 Crores.
IDBI Home LoanNil processing fees for Inward Balance Transfer & PMAY cases. 
LIC HFL Home LoanCustomeized home loans for meeting all housing-related needs
Aadhar Housing FinanceThe monthly salary eligibility required to avail of the loan starts at Rs. 10,000 per month.
Bank of India Home LoanAttractive concession in interest rates for women borrowers.

Below is the comparison of home loans for salaried people offered by different lenders in India. These details will help you make a more informed decision about which lender you should choose for your home loan application.

HDFC Bank Home Loan

HDFC home loan for salaried persons are offered instantly at affordable interest rates and longer tenure. These loans can be used for purchasing a flat/ row house/ bungalow from private builders and development authorities. 

The key features of the home loan scheme are as follows:

  • Loan amount up to 90% of the property cost (maximum Rs. 10 Crores).
  • Concession in interest rates for women borrowers.
  • Interest rates range from 8.60% to 9.50% p.a. 
  • Loan repayment tenure of up to 30 years

PNB Housing Finance Ltd. (PNBHFL) Home Loan

PNB Housing has over 30 years of expertise and customer trust. PNBHFL home loans are fit for your budget and come at low-interest rates.

You can use this loan to buy a house, build a new one, or renovate the existing one:

  • Up to 90% of the property’s value is available as the loan amount.
  • PNB HFL home loan interest rates range between 8.50% and 11.45% p.a..
  • Home loan for non-salaried person is also available at attractive interest rates starting from 8.60% p.a
  • The repayment tenure is up to 30 years.
  • Home loans are available for all housing-related needs like home purchase, construction, renovation, repairs, and extension.

State Bank of India (SBI) Home Loan

SBI offers a huge range of home loan products to salaried persons including SBI Regular Home Loan, NRI Home Loan, Flexipay Home Loan, Privilege Home Loan, Shaurya Home Loan, Tribal Plus, Pre-Approved Home Loan, etc. The bank offers interest concession for women and no prepayment penalty is levied by the bank on foreclosure. Also, documents required for SBI home loan for salaried person are minimal.

  • Up to 90% of property value available as a home loan.
  • The home loan criteria for salaried person are easy to meet in SBI.
  • The maximum tenure offered is up to 30 years.
  • Zero processing fee for defence personnel, government employees, and pensioners and up to 50% concession in the processing fee for others.
  • SBI home loan interest rates vary between 8.55% to 9.55% p.a.

Kotak Mahindra Bank Home Loan

Kotak Mahindra Bank provides several budget-friendly home financing solutions for salaried individuals to satisfy all their housing-related needs like a house purchase, construction, renovation, etc. Salaried borrowers are required to submit minimal documentation for the Kotak Mahindra home loan.

  • Kotak Mahindra Bank home loan limit for salaried person is 75% to 80% of the cost of the property.
  • Kotak Mahindra home loan interest rate varies from 7.99% to 8.50% p.a.
  • The bank charges minimal processing fees at 0.5% of the loan amount plus taxes and other applicable statutory dues.
  • Options for home loan insurance coverage offered at lucrative premiums.
  • Home loan balance transfer facility available at interest rates starting from 8% p.a. onwards. 

Bank of Baroda Home Loan

The Bank of Baroda offers various home loan schemes for salaried borrowers like Baroda Home Loan, Baroda Home Loan Advantage, Baroda Home Loan Takeover Scheme, Home Improvement Loan, Baroda Pre-approved Home Loan, etc.

  • The maximum loan amount provided by the bank is up to Rs. 10 Crores per unit to any individual borrower based on the area where the proposed property is to be constructed/purchased. 
  • Bank of Baroda home loan interest rates vary from 7.95% to 9.30% p.a. 
  • The bank grants a term up to a maximum of 30 years to repay the borrowed loan amount. 
  • The bank offers a free credit card to eligible borrowers.
  • Free accidental insurance available.

Yes Bank Home Loan

Yes Bank home loan helps you realize your housing-related dreams without having to worry about financial constraints. The bank offers a variety of home loans including Home Purchase Loan, Home Improvement Loan, Home Loan Top-up, Home Loan Transfer, and Home Loans for Self Employed.

  • You can get home loan amount of Rs. 10 Lakhs to Rs. 10 Crores from Yes Bank depending on your eligibility.
  • Yes Bank Home Loan Interest Rates range from 8.95% to 12% p.a.
  • A processing fee of 1.5% of the loan amount or Rs. 10,000, whichever is higher plus applicable will be charged.
  • Additional funding at Home Loan rates with existing home loans on the same property is offers under Home Loan Top-up facility.
  • Yes Bank provides home loans for longer tenures of up to 35 years, to ensure smaller EMIs.

IDBI Home Loan

IDBI Bank home loans can be availed for various purposes like acquiring a new/resale property, acquiring a plot of land for construction, house construction on already acquired property, and balance transfer with or without top-up from other financial institutions.

  • IDBI Bank offers home loan up to 90% of the cost of the property to be purchases/constructed.
  • IDBI Bank home loan can be repaid in maximum tenure of 30 years (if salaried) and 20 years (if non-salaried).
  • The bank offers home loans at interest rates between 7.50% to 10.65% p.a. for salaried customers.
  • A processing fee of up to Rs. 20,000 + taxes is levied on home loans. There is no processing fees for Inward Balance Transfer & PMAY cases. 
  • Top up facility up to 100% is available.

LIC HFL Home Loan

Get LIC Housing Finance Limited (LIC HFL) home loans for all your housing related needs like purchase or construction of a new house, renovation or extension of an existing house, home loan top-up, plot purchase, and balance transfer.

  • Home loan up to Rs. 15 Crores can be availed from LIC HFL.
  • LIC Home Loan Interest Rates start from as low as 8.05% p.a.
  • Maximum tenure is up to 30 years or attainment of 60 years, whichever is earlier
  • No prepayment penalty is charged by the bank.
  • LIC also offers home loans to NRIs and self-employed customers. 

Aadhar Housing Finance Home Loan

Apart from Home Loan for Salaried Employees, Aadhar Housing Finance Limited offers a variety of other housing loan products to meet every housing-related need. The home loan products include Home Construction Loans, Plot Purchase Loan, Loan for Construction of Non Residential Property, Covid 19 Warriors Griha Loan, Home Loan for Self-employed, and so on. 

  • You can avail of an Aadhar Home Loan of up to Rs. 1 Crore. However, the loan amount cannot exceed 80% of the property’s cost or 80% of the property’s market value (75% if the loan amount exceeds Rs. 75 Lakhs), whichever is lower. 
  • Aadhar Housing Finance Home Loan Interest Rates range from 11.75% to 16.50% p.a.
  • Maximum loan tenure for bank salaried customers is 30 years and for cash salaried customers is 20 years, subject to their retirement age. 
  • The processing fees for Aadhar home loan is Rs. 3,500 + applicable GST.
  • The monthly salary eligibility to avail of this scheme starts at just Rs. 10,000 per month.

Bank of India Home Loan

Bank of India provides loans to purchase a plot for house construction, purchase/construct house/flat, for renovation/ repair/ alteration/ addition to existing house/flat. The bank offers a high loan amount that can cater all your housing needs. 

  • Maximum loan amount offered by the bank is Rs. 5 Crores. 
  • Bank of India Home Loan Interest Rates for salaried borrowers range from 7.80% to 9.65% p.a.
  • The bank charges a home loan processing fees of up to 0.50% of the sanctioned loan amount. 
  • The repayment tenure ranges up to a maximum of 30 years.
  • The bank requires reasonable margin and charges nominal processing fees.

You can also Check Loan Against Property without Income Proof and ITR

Features and Benefits of Home Loans for Salaried Individuals

You can check your home loan balance either online or offline through any of the following ways: 

  • Through the loan tracking page
  • Through net banking
  • Through the mobile of the loan provider
  • By calling the home loan customer care number of the bank
  • Through SMS
  • Through your loan statement

Additional Info: Home Loan Interest Rates all Banks 2022 @7.90%

Home Loan Eligibility for Salaried Person

The home loan eligibility for salaried person is mentioned below in detail:

  • The required minimum salary for home loan for salaried borrowers is at least Rs. 20,000 per month for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai and Rs. 15,000 per month home loan salary eligibility for other cities.
  • The applicant should be an Indian resident. Some lenders also offer home loans to NRI salaried customers.
  • The age of the salaried applicants should be between at least 18 years when applying for the home loan and not above 60 years when the loan matures.
  • The minimum income of the salaried borrowers should be at least Rs. 20,000 per month for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai and Rs. 15,000 per month for other cities.
  • The applicant should be employed with a reputed MNC, private or government company.
  • The minimum educational qualification of the applicant should be a Bachelor’s degree if the applicant is working with a private limited company/ partnership firm.
  • The CIBIL score of the applicant should be at least 650.

NOTE: The Home Loan eligibility criteria mentioned above are subject to change based on the lender’s policy.

Documents Required for Home Loan for Salaried Person

The checklist of documents required for home loan for salaried person is mentioned below:

  • Duly filled and signed home loan application form along with 3 recent passport-size photographs.
  • PAN CARD is mandatory for loan applications above Rs. 10 Lakhs.
  • Proof of identity: PAN Card/ Passport/ Voter ID/ Driver License/ Aadhaar Card.
  • Proof of residence: Passport/ Voter ID/ Driver License/ Aadhaar Card/ Ration Card/ Registered Rent Agreement.
  • Income proof: Last 3 months’ Salary Slips, 6 months Bank Statements, latest 1 year’s Form-16 and Income Tax Returns.
  • Signature proof and proof of educational qualifications.
  • All the property-related documents like an approved plan, sale deed, title, etc. (whichever is applicable).
  • If you have acquired any previous loan then you will also need to submit its loan account statement for the last 1 year along with the sanction letter. 

Additional Info: Also check Documents Required For Home Loan

Home Loan for Non Salaried Person

These are those home loans that are offered to non-salaried persons like self-employed professionals and non-professionals, business owners, etc. These loans usually attract higher interest rates and processing charges than those offered to salaried persons. The eligibility for non-salaried is also different from housing loan eligibility for salaried person

You have to meet the following eligibility criteria to be eligible for a home loan to non-salaried persons: 

  • The age of the non-salaried applicants should be between at least 21 years when applying for the loan and not above 65 years  (70 years in some cases) when the loan matures.
  • The minimum income requirement is Rs. 2,40,000 per annum for companies/ firms/ LLPs in Delhi, Mumbai, Bangalore, Pune, and Chennai.
  • The minimum income requirement for companies/ firms/ LLPs in other cities is Rs. 1,80,000 per annum.
  • The Home Loan CIBIL score of the applicant should be at least 650.

NOTE: The eligibility criteria mentioned above are subject to change based on the lender’s policy.

Additional Info: Also check How to Apply for Pradhan Mantri Awas Yojana

Home Loan Calculation on Salary

The eligibility for home loan calculation on salary can be easily done by using the Home Loan Eligibility Calculator tool available online. You just have to enter some basic details to get the result, such as your monthly income, current EMI obligations, etc. The calculator is available online on various platforms and is free to use.

You can also Apply for Rs. 35 Lakh Home Loan EMI

Home Loan for Salaried Person FAQs

What are the Income Criteria for Salaried Employees to get a Home Loan?

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The income criteria may change from lender to lender. However, the minimum salary required for home loan by most lenders for the salaried borrowers is at least Rs. 20,000 per month for residents of Delhi, Mumbai, Bangalore, Pune, and Chennai and Rs. 15,000 per month for other cities.

Do I need a Guarantor to Apply for a Home Loan?

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Most banks do not require to bring a guarantor to apply for a home loan. However, some lenders may ask for a guarantor. It is better to ask the lender before applying for the loan or check the concerned lender’s eligibility criteria.

Can a Bank Reject my Application even if I have a Good Salary Income?

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Yes. Your home loan application can be rejected even if you have a good salary due to many reasons such as poor CIBIL score, previous default in any loan/credit card payment, the city where the property is situated or where you reside, your employer’s reputation, and so on.

How much Home Loan can I Get as a Salaried Employee?

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The maximum home loan amount offered by most lenders to salaried employees ranges between 75% to 90% of the property’s cost.

How much Percentage Home Loan can I Get?

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You can get up to 75% to 90% of the property’s cost as a home loan amount, depending on your income, loan requirement, property’s market value, lender’s policy and other factors.

How much Home Loan can I Get?

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You can get the maximum home loan amount of 75% to 90% of the property’s cost based on various eligibility factors.

How much Home loan I get on my Salary?

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In the case of a home loan, the EMI is restricted to a maximum of 40% - 50% of the borrower’s net monthly income by most banks. On that basis, you are eligible for a home loan where the EMI is not more than 50% of your net monthly income.

How much Home Loan can I get on 15000 Salary?

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Salaried individuals can be eligible to get a home loan up to 60 times their net monthly income as a rule of thumb. If your net monthly salary is Rs. 15,000, you can avail of a home loan up to Rs. 9,00,000 approximately.

How much Home Loan can I get on 20000 Salary?

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Salaried individuals can be eligible to get a home loan up to 60 times of their net monthly income as a rule of thumb. If your net monthly salary is Rs. 20,000, you can avail of a home loan up to Rs. 12,00,000 approximately.

How much Home Loan can I get on 25000 Salary?

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Salaried individuals can be eligible to get a home loan up to 60 times of their net monthly income as a rule of thumb. If your net monthly salary is Rs. 25,000, you can avail of a home loan up to Rs. 15,00,000 approximately.

How much Home Loan can I get on 30,000 Salary?

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Salaried individuals can be eligible to get a home loan up to 60 times of their net monthly income. Home loan for 30000 salary would be up to Rs. 18,00,000 approximately. 

How much Home Loan can I get on 35000 Salary?

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Salaried individuals can be eligible to get a home loan up to 60 times of their net monthly income as a rule of thumb. If your net monthly salary is Rs. 35,000, you can avail of a home loan up to Rs. 21,00,000 approximately.

How much Home Loan can I get on 40000 Salary?

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Salaried individuals can be eligible to get a home loan up to 60 times of their net monthly income as a rule of thumb. If your earn Rs. 40000 salary home loan eligibility will be up to Rs. 24,00,000 approximately.

How much Home Loan can I get on 45000 Salary?

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Salaried individuals can be eligible to get a home loan up to 60 times of their net monthly income as a rule of thumb. If your net monthly salary is Rs. 45,000, you can avail of a home loan up to Rs. 27,00,000 approximately.

How much Home Loan can I get on 50000 Salary?

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Salaried individuals can be eligible to get a home loan up to 60 times of their net monthly income as a rule of thumb. If your net monthly salary is Rs. 50,000, you can avail of a home loan up to Rs. 30,00,000 approximately. 

How much Home Loan can I get on 60000 Salary?

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Salaried individuals can be eligible to get a home loan up to 60 times of their net monthly income as a rule of thumb. If your net monthly salary is Rs. 60,000, you can avail of a home loan up to Rs. 36,00,000 approximately. 

How much Home Loan can I get on 80000?

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Salaried individuals can be eligible to get a home loan up to 60 times of their net monthly income as a rule of thumb. If your net monthly salary is Rs. 80,000, you can avail of a home loan up to Rs. 48,00,000 approximately.

How to Check Home Loan Eligibility based on Salary?

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You can use the online Home Loan Eligibility Calculator tool to check your home loan based on your salary. All you need to do is just enter your gross monthly income, loan repayment tenure, interest rate and other EMI obligations (if any).

How to Check Home Loan Eligibility for Salaried and Self-employed?

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To check home loan eligibility for salaried and self-employed applicants, you can use the Home Loan Eligibility Calculator tool available online on various platforms. All you need to do is just enter your gross monthly income, loan repayment tenure, interest rate and other EMI obligations (if any).

What is the Minimum Salary Requirement for Bandhan Bank Home Loan?

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For Bandhan Bank Home Loan Minimum Salary is monthly disposable/surplus income is considered by the bank.