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Home Loans for Self-Employed: The Ultimate Guide to Finance Your Home

By IIFL Home Loans | Published On Jul 14 2023 6:54 PM 1 min read 58 views 520 Likes
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A home is more than just walls and a roof. It's where your dreams live and breathe. If you are self-employed, you might believe that owning a home is a distant dream. However, the provision of home loan for self-employed very much exists, and you should explore it by all means.

This form of loan is a tailored solution specially designed for self-employed individuals. Imagine unlocking the door to your dream home with your hard-earned income. Sounds exciting, doesn't it?

In this article, we explain the important details of housing loans for self-employed. After going through it, you will gain adequate knowledge and guidance on home finance for the self-employed.

Who is Considered Self-Employed?

Essentially, there are two main types of self-employed individuals:

  • Professionals: If you are an expert in your field with requisite educational qualifications, and are running your practice as a doctor or chartered accountant.

  • Non-professionals: If you own a business such as a trade or a contract work, even without specific qualifications.

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Self-employed non-professionals too can secure home loans

Home Loan for Self-employed: Eligibility Criteria

Do you want to know how to qualify for a home loan for self-employed? It's simple! As a self-employed individual seeking a home loan, you need to fulfil only the following two conditions:

  • A resident Indian citizen

  • Aged between 18 and 75 years

Documents Required for Home Loans for Self-employed

Keeping home loan documents for self-employed ready is your first step towards securing your dream home. Here's what you need:

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Applying for a home loan is no longer a tedious process

Identity proof:

  • Mandatory: PAN card

  • Additional (any one of the following):
    Voter ID, passport, driving licence, or Aadhaar card

You also need to provide a form of address proof. This can be a copy of your electricity/ gas bill or the same document you have used for identity proof.

Income and Other Documents:

  • Form 16/ITR

  • Recent Bank Statement

These essential documents show your income, providing lenders with confidence in your loan repayment abilities.

Property Documents:

  • Chain documents of the property (if available)

  • Receipts of payments made to the developer (if applicable)

  • Builder-Buyer Agreement

  • Agreement to sell (if executed)

Surprised by this short list? Here's the good news! These are the only documents required by IIFL Home Loans. The process used by this leading tech-enabled non-banking financial company (NBFC) is designed to save you from tedious paperwork and simplify your home loan experience.

Applicable Charges

Look out for charges like processing fees, collateral evaluation charges, late payments, and foreclosure charges. It is important to note that the exact charges levied may vary from lender to lender for home loans for self-employed.

Loan Application Process

Securing a home loan as a self-employed is quite seamless when you follow these steps:

Step 1: Check home loans for self-employed eligibility online.

Step 2: Decide on the loan amount and tenure that best suit your income and repayment capacity.

Step 3:  Fill out the application and prepare your documents.

Step 4: Once your loan application gets approved, your home loan funds will be credited directly to your account.

Remember, the process may vary with different lenders. It's all about finding what works best for you!

If you are all set with your documents, it's time to take the next step. Visit IIFL Home Loans website and discover affordable housing loans for self-employed options, which can help you turn your dream home into a reality!

Wrap-up

Remember, your self-employment status should never be a barrier between you and your dream home. With the right knowledge and preparation, and a trusted financial partner like IIFL Home Loans, you're already halfway there.

With IIFL Home Loans, you are not just figuring out how to get a mortgage when self-employed but opening the door to your the house you wish to own. Dare to dream big and apply for Home Loans with this leading financial institution!

FAQs

1. Can a freelancer get a home loan?

Yes, a freelancer can very well secure a home loan. Lenders, including IIFL Home Loans, offer tailored solutions for self-employed individuals, including freelancers.

2. What is the age limit for a self-employed loan?

For IIFL Home Loans, self-employed individuals can apply for a loan if they are between the ages of 18 and 75 years at the end of the loan tenure.

3. Can self-employed take home loans?

Yes, self-employed individuals can indeed take a home loan. IIFL Home Loans and other lenders provide housing loans for self-employed individuals.

4. What documents are required for a home loan for self-employed people?

For a self-employed individual applying for a home loan, the required documents include:

  • Identity proof (like PAN Card, Voter ID, passport, or driving licence), 

  • Income proof (Form 16/ITR and a recent bank statement), and 

  • Property documents (such as chain documents of the property, receipts of payments made to the developer, and builder-buyer agreement)

5. How to calculate home loan eligibility for self-employed?

To determine your eligibility for a home loan as a self-employed individual, you can utilise resources such as the IIFL Home Loans Eligibility Calculator. Keep in mind that you must be a resident Indian citizen between the ages of 18 and 75.

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