If you are a government employee, including all city, county, state and Federal agencies, and have not owned a home in the past three years, you are eligible to participate in the Public Servant Next Door® First Time Home Buyer Program.
Considering this, can a govt employee get a loan?
Can a government employee avail of a personal loan? Yes, every individual employed by the Government of India, whether central or state and a Public Sector Undertakings (PSUs) can avail of the Government Employee Loan scheme.
| Bank | Minimum Monthly Income Required |
|---|---|
| Punjab National Bank | Rs. 10,000 |
| HDFC Bank | Rs. 15,000 |
| ICICI Bank | Rs. 17,500 |
Moreover, can personal loan be used for house rent deposit?
If you must take a loan to pay your rental deposit, a conventional personal loan works better. The rental deposit loan is useful for borrowers who cannot repay the higher EMIs that are charged in conventional personal loan schemes.
How much home loan can a government employee get?
An employee of Central Government can borrow up to an amount equal to his/her basic pay for 34 months. This is subject to a maximum limit of Rs. 25 lakh, the cost of the house, or an amount based on his/her repaying capacity.
How much home loan can I get if my salary is 25000?
25,000, you can avail as much as Rs. 18.64 lakh as a loan to purchase a home worth Rs. 40 lakh (provided you have no existing financial obligations.)
How much home loan can I get on 20000 salary?
Understand your salary:
| Net Monthly Income (₹) | Loan Amount (₹) |
|---|---|
| ₹ 20,000 | ₹ 10,36,246 |
| ₹ 25,000 | ₹ 13,73,026 |
| ₹ 30,000 | ₹ 17,09,806 |
| ₹ 35,000 | ₹ 20,46,586 |
How much home loan can I get on 40000 salary?
How much home loan can I get on my salary?
| Net Monthly income | Home Loan Amount |
|---|---|
| Rs.25,000 | Rs.18,64,338 |
| Rs.30,000 | Rs.22,37,206 |
| Rs.40,000 | Rs.29,82,941 |
| Rs.50,000 | Rs.37,28,676 |
How much loan can govt employees get?
You can borrow up to Rs. 25 lakhs under the facility of personal loan for government employees.
How much loan can I get on 60000 salary?
However, if you are deliberating on the loan amount with how much loan I can get on a 60,000 salary, the approved amount should be close to
| Salary | Expected Personal Loan Amount |
|---|---|
| Rs. 40,000 | Rs. 10.80 lakhs |
| Rs. 50,000 | Rs. 13.50 lakhs |
| Rs. 60,000 | Rs. 16.20 lakhs |
What are the 4 types of loans?
- Personal Loans: Most banks offer personal loans to their customers and the money can be used for any expense like paying a bill or purchasing a new television. …
- Credit Card Loans: …
- Home Loans: …
- Car Loans: …
- Two-Wheeler Loans: …
- Small Business Loans: …
- Payday Loans: …
- Cash Advances:
What are the 5 types of government loans?
Loan Categories
- Agricultural Loans.
- Education Loans.
- Housing Loans.
- Loan Repayment.
- Veterans Loans.
What is the eligibility of personal loan?
Eligibility Criteria for Salaried
| Criteria* | Salaried |
|---|---|
| Age | 23 years – 58 years. |
| Total years in job/profession | 2 Years |
| Years in current residence | 1 Year |
What is the EMI for 20 lakhs home loan?
EMIs on a 20 lakh home loan for 30 years
| Loan Amount | Interest rate | EMI |
|---|---|---|
| Rs.20 lakh | 6.70%* | Rs.17,551 |
Which loan is best for govt employees?
Comparison of Personal Loans for Government Employees
| Bank | Interest Rate | Max. Loan Tenure |
|---|---|---|
| State Bank of India | 12.50% p.a. onwards (for defence, paramilitary, and coast guard personnel) | 72 months |
| Axis Bank | 15.75% p.a. | 60 months |
| HDFC Bank | 11.25% | 60 months |
| Union Bank | 10.60% onwards | 60 months (One year prior to retirement) |