How to Get a Home Loan When you're Self-Employed

Why Should You Get a Home Loan?

Opting to take a home loan for self-employed is beneficial as you can get lower purchase costs with low interest and flexible overdraft facilities.

4 Factors Affecting Your Home Loan Application

#1 Age

Applying early can get you better eligibility and can get longer repayment tenure.

#2 Income

Proof of steady income is required to determine home loan eligibility.

#3 Business Continuity

A running, profitable and sustainable business is a sign of better repayment capability.

#4 Apply Cautiously

A good credit score indicates creditworthiness, ensuring zero payment defaults

Documents Required For For Self-Employed

• Address Proof: Aadhar card, Passport, Driving License, Ration Card, etc. • Age Proof: PAN Card, Passport, etc. • Income Proof: Proof of business existence, last 3 years’ income tax returns, Accountant-certified balance sheets, and last 12 months’ bank account statements. • Property Documents: A copy of the agreement of property purchase. • Educational Qualifications: Degree or proof of qualification.

Home Loan Interest Rate for Self-Employed

• 8.35% to 8.85% - For loan amount up to Rs. 35 lakh and credit score of more than 800. • 8.60% to 9.10% - For loan amounts greater than Rs. 35 lakh and credit score more than 800.