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





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


 # 2


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.