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By offering home loans to salaried employees with a monthly income only above a specific limit, the lender tries to minimize the risk of default. Your home loan EMI should be a certain reasonable percentage of your monthly take-home income, so that the financial burden remains low, and you repay the loan on time. Before giving you a loan, a lender would also ensure that you have a steady source of income, above the minimum threshold. Every bank and financial institution in the country has ahome loan salary eligibility criteria, based on which it approves or rejects loan applications. To help you for your money needs you can avail the facility of MoneyForLife Planner (‘MoneyForLife Planner/ Planner’).
If you opt for a longer tenure, you can reduce your monthly EMIs and increase your eligibility. Keep in mind that the eligibility is calculated on the take-home salary and not Cost-to-Company , as the CTC includes non-cash benefits such as HRA, travel allowances, perquisites, contribution to Provident Fund, etc. You can check the official website of the lender to know more about their eligibility requirements.
Home Loan Key Benefits and Features
As your loan amount will be automatically deducted from your salary account and hence making monthly payments will be much easier. This will also ensure that your loan on salary basis is being paid easily and hence building your credit for personal loan. Home loan is a form of secured loan that is availed by a customer to purchase a house. A housing loan is repaid through equated monthly installments which consists of a portion of the principal borrowed and the interest accrued on the same. HDFC is India’s premier housing finance company offering a wide range of home loan products that are customized to your needs and can be comfortably repaid over a longer tenure. HDFC’s end-to-end digital home loan application process, integrated branch network across the county and 24X7 online assistance can make your home owning journey a memorable one.
HDFC disburses loans for under construction properties in installments based on the progress of construction. Every installment disbursed is known as a 'part' or a 'subsequent' disbursement. All co-owners of the property need to be co-applicants to the house loan. Delayed payment of interest or EMI shall render the customer liable to pay additional interest up to 24% per annum. Fees on account of external opinion from advocates/technical valuers, as the case may be, is payable on an actual basis as applicable to a given case.
Other Benefits
If you wish to make doubly sure of how much home loan you can get on your salary, then the best way to ascertain that is to use the Home loan Eligibility Calculator available on the Grihashakti website. This free tool requires the prospective applicant to submit specific details such as monthly income and existing obligations. Take a look at the table below that will give you a sense of the amount of home loan you can get on specific monthly salaries. Please note that this is only for your understanding, actual eligibility will take into account several factors. Please use our home loan eligibility calculator to get a clearer understanding of how much home loan you can get on your salary.
To understand more about a loan on a salary account and how to get one here are some of the features that will clear out a lot of doubts. Submit a Bank account statement or payment receipt outline all information related to any payments made to the property developer or seller. You may be wondering about the amount of home loan that you may qualify for on your monthly salary. The maximum amount of home loan that you get is a critical factor in determining the budget for the property you will purchase. Financial institutions can offer a mortgage to salaried professionals up to a maximum of 60 times their net monthly salary.
What is part/subsequent disbursement of a home loan?
Passport size photograph of all the applicants / co-applicants to be affixed on the Application form and signed across. Obtain your credit report periodically, say once or twice in a year, verify the same for errors and get them rectified as and when required. If the issue persists, please call our customer care numbers or submit a complaint.
It is provided to you by HDFC and is required for claiming tax deductions. If you are an existing customer, you can easily download your provisional home loan provisional certificate from our online portal . You can apply for a home loan online from the ease and comfort of your home with HDFC’s online application feature. Alternatively, you can share your contact details here for our loan experts to get in touch with you and take your loan application forward.
Aditya Birla Capital Limited is the holding company of all financial services businesses. The option is available to young executives who are professionally qualified and expected to have regular career growth which will help them take a bigger loan today based on an increase in their future income. The income growth to be considered for this calculation is in the range of 6 to 8% p.a and the same will be a slab of 5 years for a loan of 20 years. Flexible Loan Installment Plan, Step up & Step down repayment facility, Tranche Based EMI. Filing ITR enables taxpayers to carry forward losses of the current year to the next financial year. Transfer your existing home loan at a comparatively low-interest rate from Bajaj Finserv and enjoy a substantial top-up loan.
The Website specifically prohibits you from usage of any of its facilities in any countries or jurisdictions that do not corroborate to all stipulations of these Terms of Use. In case of any dispute, either judicial or quasi-judicial, the same will be subject to the laws of India, with the courts in Mumbai having exclusive jurisdiction. No Information at this Website shall constitute an invitation to invest in ABCL or any ABC Companies.
Details of ongoing loans of the individual and the business entity including the outstanding amount, instalments, security, purpose, balance loan term, etc. Security of the loan would generally be security interest on the property being financed and / or any other collateral / interim security as may be required by HDFC. You can submit a request for the disbursement of your loan online or by visiting any of our offices. Incidental charges & expenses are levied to cover the costs, charges, expenses and other monies that may have been expended in connection with recovery of dues from a defaulting customer. A copy of the policy can be obtained by customers from the concerned branch on request. Ensure that the documentation of your home loan application is in order as per the requirement of the lender.
The objective of this option is to recover maximum when income are at high level. The Facility will help you to take bigger Home Loan by combining parent and children income together. Post retirement of the parent, children will make the payment of residual loan. The EMI in the initial period will be higher than the EMI in the later period.
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