Home Loan for Self-employed Applicants

As a self-employed individual, you can get up to ₹15 Crores to fund your entrepreneurial dreams and requirements. With the growing trend of self-employment, tailored home loan solutions are offered by various banks and NBFCs.

To apply for a home loan specifically designed for self-employed individuals, it is necessary to fulfil some basic eligibility criteria. Some of these requirements for home loan eligibility for self-employed borrowers are as follows:

• Applicants must fall under the age bracket of 25 to 70 years 

• Lenders may also look at your educational background and qualifications when determining your eligibility for a home loan

• Number of dependents in your household will be considered, as a lower number of dependents would mean that you have lower monthly expense 

• Lenders will check your income tax return (ITR) filings to evaluate your income and repayment capacity 

• Financial profile will be assessed by analysing your current outstanding debts 

• Lenders will also look at the overall profitability of your venture and the business vintage 

Please note that these criteria are determined by lending institutions. Thus, it may differ from one financial institution to another.

Provided below is the list of documents required for a home loan for self-employed:

• Identity Proof: Passport/voter ID/Aadhaar card

• Address Proof: Passport/voter ID/Aadhaar card

• Income Proof: ITR/PAN card/TAN card/bank account statements

• Certified financials: P&L statements and balance sheets