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How Much Home Loan can I get on My Salary?

How Much Home Loan can I get on My Salary

Home is truly where the heart is, buying a home of your own can bring a sense of satisfaction and belonging. However, with the skyrocketing prices of property, realizing the dream of owning your home might take a backseat. This is where Grihashakti can step in and provide you the right kind of finance at affordable rates of interest with the objective of purchasing, renovating, constructing or extending your home.

What are the features and the benefits of opting for a home loan?

If you are considering opting for a home loan, you can be assured of a product that caters to your requirements. Here are the advantages of borrowing funds from Fullerton:

  • Quick processing: We understand that gaining access to finance swiftly can help you realise your dream of owning your own home faster. We process loans within 72 hours subject to successful verification of all loan documents and property evaluation.
  • Seamless loan application process: We have simplified the loan application procedure to ensure that our patrons can gain access to finance quickly and seamlessly.
  • Attractive rates of interest: Avail of home loans at reasonable rates of interest starting at 7.99% per annum thus, enabling you to borrow the required funds to give wings to your dreams.
  • Helps in asset creation : Living in your own home can give you a sense of security of living in a single place and not having to live on rent any longer.

How much home loan can I obtain on my salary?

The most common question faced by potential applicants is how much finance they can avail of on their salary. In most cases, you can obtain upto a maximum of 90% of the value of the home as a loan, however, the actual amount you can avail will depend on factors like your repayment capacity, age, location, credit score and history, etc. Our home loan eligibility calculator considers factors like your income, current loan obligations, and the value of the home you wish to purchase to determine the maximum home loan amount you may be able to get, and the home loan EMIs payable.

Am I eligible to apply for a home loan?

Verifying your eligibility criteria before commencing the application process for applying for a loan reduces the chances of rejection of your loan application. The most common criteria for applying for a loan are:

  • You should have a stable income
  • You should have a good credit history
  • You should have a CIBIL score of at least 700

For salaried professionals

  • Salaried professionals desirous of making a loan application should be employees of government, listed public or multinational companies.
  • Persons who are employed by private limited companies, partnership firms, closely-held or unlisted firms, etc. are also eligible to apply.

Self-employed professionals

  • Self-employed businessmen, sole proprietors, professionals are eligible to apply.

What documents do I require to submit while applying for a home loan?

Post confirmation of your pre-assessment and eligibility, a list of documents are required to be submitted for verification before the loan amount is sanctioned. The list of documents include:

  • Salaried professionals are required to submit PAN and Proof of Identity documents such as PAN Card, Voters Card, Driving License, etc. They are also required to submit proof of income by submitting documents like the previous 3 months’ salary slips, 2 years Form 16, etc. and Proof of Residence documents such as Aadhaar Card, Ration Card, Property Tax, etc.
  • Self-employed professionals are required to furnish PAN and Proof of Identity documents like PAN Card, Voters Card, Driving License, etc. You are also required to submit Proof of Income documents like last 2 years’ ITR with computation, CA audited financials and a copy of 6 months of primary bank statement in addition to Proof of Residence documents like Aadhaar Card, Ration Card, Property Tax, etc.

For both types of applicants, documents pertaining to the property will also be required. Additionally, depending on your profile, requirement and Grihashakti’s policy at the time of loan application, other documents may also be requested.

If you are considering opting for a home loan to make your dream come true, apply online today and commence the application process. Alternatively, we welcome you to walk into your nearest Grihashakti branch and get in touch with a customer care executive to obtain further assistance.

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