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.

Factors Affecting Your Home Loan Application

4

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 #1

Age

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

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 # 2

Income

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

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 # 3

Business Continuity

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

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# 4

Apply Cautiously

A good credit score indicates creditworthiness, ensuring zero payment defaults

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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.

Apply For Home Loan