Can I Get Home Loan without Job?

Hi Disha, my brother wanted to know whether can I get home loan without job or not. I had a friend in the banking sector, so I went ahead and asked him. He said yes, it is possible to get a home loan without a job. He shared a few things my brother could do to increase his chances. Some of these included opting for a co-applicant to apply for the loan, offering a large down payment and more. Let me describe everything below.

How to Get a Home Loan Without a Job?

Here are some ways through which you can increase your chances of securing a home loan without a job.

1. Offer a large down payment: You can try to put a higher down payment against the loan amount. This will help lower your loan value by a good number, thus increasing your chances of getting a home loan. This will make the lender feel confident in your ability to repay the loan amount.

2. Have a co-applicant: To increase your probability of securing a home loan, you can consider applying along with a co-applicant. Get a family member who has a good credit score and make them your co-applicant to improve your loan eligibility.

3. Go for a longer tenure: You can opt for a longer tenure, which will lower your EMI, improving your capability to repay the loan. This will also put the lender at a lower risk. However, the move will increase your interest rate. So, be wise with the choices you make.

This is all. I hope you now know can I get a home loan without a job.

I had intended to apply for a home loan last year, but my primary obstacle was my unemployment. Hence, I contacted my friend, who works in a bank, and asked him how to get a home loan without a job. He told me that it might be difficult, but not impossible, to obtain a home loan without employment. I have listed a few alternatives below for those who are unemployed.

How to Get a House Loan without a Job?

According to my friend, an unemployed can be able to qualify for a mortgage in the following ways:

• Alternative Income Sources - You can use additional income sources, like investments, rental income, child support, alimony, or retirement benefits, to meet the requirements for a mortgage.

• Assets - Some lenders may take into account your substantial assets like savings, equities, or real estate if they can be used as collateral.

• Co-Signer - Your chances of being approved for a mortgage may be improved if your friend or family member is ready to co-sign the loan with you based on their income and credit history.

You must check your financial status and the associated risks before applying for a mortgage while unemployed. I hope you get an idea of how to get a home loan while unemployed.

An employed person can avail home loan anytime he/she wants without any fuss but I had the query, can I get home loan without job as well? I believed it was not possible but in reality, an unemployed person can avail home loan as well. In fact, one of our neighbours availed a home loan without having a job and shared with me how he did it. I learnt that getting a home loan without a job is possible. There are many ways to avail it so let me share those which I remember.

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How to get a home loan without a job?

Availing a home loan without any source of income is possible but not all banks or financial institutions will allow it. There are basically a few methods by which an unemployed person can avail a home loan and they are-

• The applicant must bring a guarantor who is to be held responsible in case of any problem. For example, if A is the applicant and B is the guarantor, B will have to pay the entire loan amount in case A fails to pay it on time.

• An unemployed person can avail a home loan if he/she brings in a co-applicant having a good credit score. The co-applicant is regarded as secondary to the principal applicant in several cases. 

• If an unemployed applicant has a good credit score, then also he/she will be allowed to have a home loan

You can check with the lender and bank for further details on can you get home loan without job or not. 

A good credit score is a must to get you a home loan. It shows how well and timely you pay your debts. A credit score ranging from 650 to 749 can help you get a home loan very easily. 650 is the minimum CIBIL score required to avail a home loan but for an unemployed person, 700 should be the target. 

I hope this answers the query- can I get home loan without job and how.