How to get a home loan when self employed?

My husband is self employed and we were quite sure that we were not eligible to get a home loan. When he once went to withdraw a good sum of money from the bank, a bank official casually asked him why he wasn't availing a loan. After discussing his situation, he learned from the officials that HDFC Bank does allow housing loan for self employed as well. In fact, several other banks do. Since we are HDFC customers, I can share in detail what you need to do to avail of a house loan here, being self-employed.

How to Get Self Employed House Loan?

Self employed people can also avail of home loan in HDFC. Here are the criteria they need to meet:

• The applicant is required to furnish 3 years’ IT returns and at least 2 years’ audited profit and loss account statements and balance sheets of their business.

• Your financial position will also be verified by the lender and they will access your existing debts, such as credit card bills, personal loans, another home loan, etc.

• The younger you are, the easier it is to get a loan so age also plays a pivotal role here.

How to Get a Mortgage When Self Employed?

You can apply for a home loan in banks online. For example, if you want to apply for a home loan in HDFC, you can do so on their official website:

https://portal.hdfc.com/?ref_code=HDFC_W

SO i hope you have got your answer on can you get a mortgage self employed. If you are an HDFC customer,you can visit their official website and learn more about home loans here:

https://www.hdfc.com/blog/home-finance/home-loans-self-employed

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How to check LIC housing loan status? How to calculate housing loan interest rate? How to pay LIC housing loan online?

We all know there are numerous obstacles if you are self-employed and trying to purchase your first house. A self-employed person may find it challenging to get a loan because, usually, they lack a steady source of income and a high credit score. But I have some strategies to help you understand the home loan for self employed eligibility criteria and how to get it.

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How to get a home loan when you’re self employed?

Visit any of the financial institution's branches for guidance. The quick and simple home loan application procedure can be explained by experts. Your loan could be disbursed in just as short as 72 hours. You can visit the ICICI bank location that is the closest to you to begin the loan application procedure.

What are the eligibility criteria for a home loan for the self-employed?

• Home loans for the self-employed are usually only available to local Indians, but some lenders may also give loans to self-employed NRIs.

• You have a greater chance of being approved for a loan with credit scores of 750 or above.

• Some banks also provide self-employed home loans to those with higher credit scores at reduced interest rates. 

• If you are applying for self-employed home loans and have higher credit scores, you may also qualify for cheaper interest rates from many lenders.

• The annual income of the borrower should match the lender's specified income requirements. Self-employed house loan borrowers are typically required to have a minimum annual income of Rs.2 lacks.

How to get a home loan for self employed without ITR?

You will need to put up any collateral to get money. Because self-employed people without an ITR might require collateral in order to obtain a loan from banks or NBFCs. Lenders take a chance by lending money without any sort of income verification, but you can reduce their risk by borrowing against properties. And the home loan documents for self employed are mentioned in the above answers.

What is the home loan interest rate for self employed?

The following is the list of the interest rates of various institutions:

Institution Name	Upto Rs.30 Lakhs	Rs.30 Lakhs to Rs.75 Lakhs
SBI	8.60% - 9.50%	8.60% - 9.40%
LIC Housing Finance	8.65% – 10.10%	8.65% – 10.30%
HDFC	8.45% - 10.35%	8.45% - 10.60%
ICICI Bank	8.75% - 9.55%	8.75% - 9.70%
Housing Finance by PNB	8.50% - 14.50%	8.50% - 13.00%

This is all from my end about a home loan for self employed.

Read More: What are the best banks for a home loan? How much time does it take to disburse a home loan? What is the home loan process?

I remember when banks refused to provide a home loan to my father a few years ago because he was a self-employed individual. Ignoring self-employed individuals used to be very normal back then. Today, banks understand these ground realities and have developed a new process to provide home loans to self-employed individuals easily. Read below to know more about the home loan self employed: How to Get A Home Loan When Self Employed: If you are a self-employed individual and want to get a home loan, then you should check out these key factors and home loan criteria for self employed that banks consider and follow: Applicant’s Income and Repayment Capacity For this, banks require at least 2 years’ audited Balance Sheets and Profit and Loss Account Statements and 3 years’ IT returns of the business Applicant’s Profile Banks assess the housing loan application on the basis of some individual parameters such as: Age: Younger people will have more time to repay their loans and can apply for longer home loan tenure. Older people will have to make a larger down payment towards the house purchase. Educational Qualifications: Some banks use educational qualifications as a parameter to access the applicant’s eligibility. No. of Dependants: The amount of disposable income is an essential factor to assess the applicant’s ability to repay the housing loan. It is assumed that the lower the no. of dependents, the higher is the applicant’s disposable income and vice versa. Overall Financial Position Banks assess your existing debts like other home loans, personal loans, credit card bills, etc. Lowering your existing debt will increase the chances of securing a housing loan. Entrepreneurial Ability As you’re self-employed, your ability to generate income plays an important factor. Banks look for the profitability of your business and also the no. of years you’ve been successfully running the organization. You should also offer documents regarding the risk factors of the business. All these elements (including your entrepreneurial ability and overall financial position) will be judged by banks from your audited financials and IT returns. Make sure your tax returns and accounting books are up-to-date. Self Employed Home Loan Documents

• Proof of residence (Utility Bills, Property Tax Receipts, Bank Account Statements, Adhaar Card, Voter Card, Passport)
• Identity Proofs (Adhaar Card, Voter Card, or Passport Copy)
• House-related documents (House Purchase agreement copy, etc.)
• Certified financials (Balance Sheet and Profit and Loss Account)
• Proof of income (Current Account Statements, TAN Card, PAN Card, IT Returns)

I know you know everything about self employed mortgage loan. Get a Home Loan with Minimal Documents through NoBroker Easily If you want to check whether you are eligible for NoBroker's Home Loan Services, then you use this Home Loan Eligibility Calculator and avoid loan application rejections:

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