Home Loans for Self Employed

  • Loan ID : N0183
  • 648
  • 1

What is a Home Loan for self-employed?

Home loan for self-employed refers to the sum of money borrowed by a self-employed businessman to buy a property. In this case borrower gives guarantee for the property even though they are entitled to use the property for residential purpose.

How much home loan for self-employed is sanctioned by the banks?

Financial institutes usually fund 75%-90% of the property's market value. Borrowers income profile along with banks internal lending policies also determine the value.

Why should you go for a Home loan for self-employed?

For many people having a home of their own is a dream. Self-Employed individuals are independent in terms of working, having a home loan for self-employed option helps them to find their own comfort.

Convenience, easy processing, and comfortable loan tenure make it all the more easy to opt for the home loan for self-employed. This is one product offered by most of the banking institutions at interest rates varying from 8.85%-10% with easy documentation process making it a viable loan product for the borrowers who are self-employed.

What documents are required for availing Home Loan for self-employed?

  • Personal Documents
  1. Application form with Passport Size Photographs of applicant and co-applicants
  2. PAN Card of applicant and co-applicant
  3. Identity Proof – Voter ID / Driving License / Passport / Aadhar Card
  4. Address Proof – Voter ID / Driving License / Passport / Telephone Bill / Electricity Bill
  • Financial Documents
  1. Latest audited ITR and financials for the last 3 years including Balance Sheet, Profit & Loss A/c., Computation of Income along with all schedules and audit report of the business entity
  2. Past 12 months Bank statements from the borrower's main account/s as mentioned in the Balance Sheet for the latest year
  3. GST returns of the last 12 months
  4. Sanction letter and repayment track of any running loan

Why should a self-employed person take a home loan for self-employed?

Home loans for self-employed comes with various benefits. Long tenure, an easy rate of interest compared to other loan products & tax benefits makes it a lucrative option. It is a cost-effective product.

How do I apply?

Apply-Loan.com has a tie-up with various banks who offer home loans for self-employed depending upon your requirement. An applicant answers 2 basic questions which are based on personal & financial numbers. Post reply, the system automatically shows various options available to the borrower from different banks to choose and decide.

Once decided Apply-Loan.com gives the option for proceeding further entirely online or even offline depending upon loan seekers preference with the documentation process. During this journey, a loan expert from the company helps you out for expediting the process. The borrower has access to track the loan application.

Why should I go with Apply-Loan.com ?

Apply-Loan.com is a unique marketplace for availing both personal and business loans including the home loans for self-employed. The unique marketplace model of Apply-Loan.com helps individuals and businesses to get access to 40 lenders with complete flexibility to choose the best loan product after analyzing and comparing the terms and conditions from the top lenders.

Applying for a Home loan for self-employed, avoid making these common mistakes.

Don’t we all like the idea of sipping a cup of coffee under the roof which belongs solely to us! Loans offers in the market today are the stepping stone to make you move closer to your dreams.

Let us consider Rohan whose yearly business income is Rs 15 lakh and as self-employed person he has decided to purchase a house in Delhi by taking loan for Rs 50 Lakh. He wants to ensure that all his requirements are fulfilled without him taking any other personal loan and EMI should not be a burden to him when he is on his way to fulfil his long-cherished dream. In order to avoid having any challenges while getting bank approval for loan, he should avoid making following mistakes:

  1. Paperwork - Keep all the required documents pertaining to income and property ready which form the basis for approval. Financial institutes are within their rights to know how and where funds will be used.
  2. Financial position - Borrower should have clear calculation about their investments. This will help them get visibility on how many loans they can afford and how much EMI needs to be paid.
  3. Credit Rating - Borrower should be aware of their creditworthiness. Most of the banks check customers past loan history, repayment trends to arrive on final conclusion on principal and interest.
  4. Agreement Terms - It is the responsibility of the borrower to read the terms of the agreement clearly before signing. One should be clear about the charges that come with the loan in case of pre-closure and late payment of EMI's.

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