Home Loan without Salary Slip
There is a common misconception that all home loan lenders require salary slips. And this misconception can hinder many individuals from owning a home. Whether you are self-employed, a daily wage earner, or receive your monthly salary in cash, you have multiple options to secure a better home loan. Thus, you may need to meet other specific criteria to demonstrate your ability to repay the home loan. To learn more about this borrower-friendly home loan, continue reading. Read more to receive information on alternative documentation for a home loan without a salary slip, its eligibility criteria, applicable interest rates, other pertinent fees, and more.
Feature & Benefits of Home Loan Without Salary Slip
The following are the features and benefits of a home loan without a salary slip:
- Eligible irregular-income candidates
- Fast approval and disbursal
- Minimal documentation
- Easy eligibility criteria
- Customised loan product
- Enable co-applicants
Home Loan Without Salary Slip Interest Rates
Let's take a look at a list of interest rates offered by various banks for a home loan without a salary slip:
|Interest Rate (p.a.)
|Bank of Baroda
|Punjab National Bank
|Bank of India
|HDFC Bank Ltd.
Home Loan Without Salary Slip Eligibility Criteria
The following are the typical eligibility criteria for a home loan without a salary slip:
- You must be aged between 21 and 60 years old.
- You must have a stable source of income to satisfy your lender.
- You must have a good credit score and repayment history.
- You must be an Indian citizen.
Fees and Charges of Home Loan Without Salary Slip
The following are the fees and charges for a without salary slip home loan:
- Processing Fees: Charged for the bank’s administrative expenses in processing your home loan application. It generally ranges up to 3% of the loan amount, depending on the lender you choose.
- Prepayment Charges: A prepayment charge can occur when you want to repay the loan amount before the tenure concludes. Typically, it ranges from 0.5% to 2% of the prepayment or foreclosure amount.
- Penal Interest: Penal interest might be incurred in the case of delayed or defaulted EMIs, commonly called late payment charges. The rate varies depending on the lender and typically ranges from 18% to 24% per annum.
- Other Charges: You may also incur certain additional fees and charges. These could include legal fees, stamp duty, conversion fees, and amortisation schedule charges. Hence, before finalising any decisions, it is advisable to review the terms and conditions of your chosen lender carefully.
Tax Benefits of Home Loan Without Salary Slip
The following are the available tax benefits you can avail of regarding a home loan without a salary slip:
- Section 80C: Provides up to Rs. 1.5 lakh in annual benefits on the principal amount you have paid towards your home loan.
- Section 24(b): Provides up to Rs. 2 lakh in annual benefits on the total interest amount you have paid towards your home loan.
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- Employee Provident Fund
- Systematic Investment Plan
- Fixed Deposit
- Mutual Funds
- Recurring Deposit
- Systematic Investment Plan (SIP)
- Employees Provident Fund (EPF)
- Public Provident Fund (PPF)
- Voluntary Provident Fund (VPF)
- National Pension Scheme (NPS)
- National Savings Certificate (NSC)
- Senior Citizen Saving Scheme