Home Loan for Salaried

Both salaried and self-employed individuals are eligible for home loans but have different eligibility criteria and document requirements. In this article, we go deeper into both aspects for salaried employees.

Eligibility Criteria for the Salaried

Eligibility Criteria Salaried Professionals
Age (in years) 24 to 60
Minimum Annual Income (in Rs.) ₹ 1,80,000
Employment Full-time job with a minimum of 2 years of experience
CIBIL Score 750 and above
Preference Bank account holders
Co-applicant Family members (if applicable)
Documents
  • Bank account statement
  • Latest telephone bill
  • Latest electricity bill
  • Latest credit card bill
  • Valid passport
  • Government I-card with photo
  • Existing registered house lease

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Documents Required for
Home Loan

  • Completed Home Loan Application Form
  • Passport size Photographs
  • Proof of Identification: (Any one)
    • PAN Card
    • Passport
    • Aadhaar Card
    • Voter’s ID
    • Card Driving License
  • Proof of Age: (Any one)
    • Aadhaar Card
    • PAN Card
    • Passport
    • Birth Certificate
    • 10th Class Marksheet
    • Bank Passbook
    • Driving License
  • Proof of Residence: (Any one)
    • Bank Passbook
    • Voter’s ID
    • Ration Card
    • Passport
    • Utility bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill)
    • LIC Policy Receipt
    • Letter from a recognized public authority verifying the customer’s address
  • Income Documents
    • Form 16
    • Certified letter from Employer
    • Payslip of last 2 months
    • Increment or Promotion letter
    • IT returns of past 3 years
    • Investment proofs besides salary (like fixed deposits, shares, etc)
  • Property Documents Required
    • NOC from Society/Builder
    • A detailed estimate of the cost of construction of the house
    • Registered Sale Deed, Allotment Letter or Stamped Agreement of Sale with the Builder (original document)
    • Certificate of Occupancy (in case of ready-to-move-in properties)
    • Property Tax Receipts, Maintenance Bills and Electricity Bills
    • Receipts of the advance payments made towards the purchase of flat (original document)
    • An approved copy of the building plan (key plan/floor plan in case of purchase of flats)
    • Original of the land tax paid receipt and possession certificate as issued by the revenue authority
    • Payment receipt or bank account statements showing payments made to the builder or seller

If you want more detailed information around eligibility, documentation or the best home loan for maximum savings, feel free to reach out to a

Fincity advisor for free assistance.