Are You a Salaried Employee and Looking for a Housing Loan? Read This Guide


Buying a home with a fixed income becomes a tough job. Salary is often exhausted in meeting daily expenses and emergencies. However, if you are earning well there are possibilities that you can take an easy home loan and keep paying the EMI from your salary every month. However, the eligibility criteria for a salaried employee will be high and solely based on credit score and employment. It is important for a salaried individual to understand the eligibility criteria in detail, the process to apply, and the documentation part in order to avail a housing loan.

Eligibility for a salaried individual

●     High credit score: A salaried individual needs to have a high credit score. A credit score depicts whether you are responsible for finances and how you have handled credit activities in the past. If you have a credit score above 750 it becomes easy for you to get a housing loan.

●     High income: Since you are a salaried individual your income is going to play a vital role in determining your credit eligibility. It is important for you to prove your eligibility to repay with a good income. With a high income, it becomes easy for you to pay the EMI and the chances of default are negligible.

●     Employer: An employer plays a vital role. If you are working with a government or a multinational company it will be a good point to convince and prove that you are eligible to take a home loan. Learn How to calculate business loan by using business loan calculator.

●     Increments: An individual with growth and increment possibilities can get easy home loas.

How to apply for a home loan online?

●     Check your credit eligibility

●     Compare all the home loan options available by the non-banking financial institutions

●     Choose the home loan with an affordable rate of interest and low charges

●     Apply online

●     Complete the documentation part

●     Wait for approval

●     Wait for disbursement

Documentation for a home loan

Identity Proof

●     Aadhar card

●     Pan card

●     Driving Licence

●     Passport

●     Date of birth

●     Voter ID card

Address proof

●     Electricity bills

●     Telephone bills

●     Water tax

●     Mobile Bill

●     Broadband bills

●     Property tax

Salaried employees documents

●     Salary slips

●     Salary account statement

●     Form 16

●     Employment proofs

●     Income tax returns for at least 2 years

●     Salary certificate

Property documents

●     Permission for construction

●     Letter/Stamped Agreement for Sale

●     Share Certificate

●     Occupancy Certificate

●     Maintenance Bill

●     Payment Receipts or bank A/C statement showing all the payments made to a seller

●     Electricity Bill

●     Registered Agreement for Sale

●     Allotment copy

●     Approved Plan copy

●     Registered Development Agreement of the builder

●     Property Tax Receipt

●     Conveyance Deed

Wrapping up

Avail housing loans from Clix Capital as they offer the best rates and a complete digital borrowing experience.

Must Read : Act Smartly and Reduce Home Loan EMI Even If Banks Don’t Lower down the Rates

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