Home Loan for Self Employed Professionals

A separate set of eligibility and documentation requirements apply for salaried and self-employed individuals. In fact, even within the self-employed category, the criteria vary a little based on whether the applicant is a self-employed professional or a self-employed non-professional. Here we take a closer look at Home Loan requirements for self-employed professionals such as doctors, lawyers, chartered accountants and architects.

Eligibility Criteria for Self Employed Professionals

Eligibility CriteriaSelf Employed Professionals
Age (in years)24 to 65
Minimum Annual Income (in Rs.)₹ 1,50,000
EmploymentA minimum of 5 years of turnovera before they can apply for a Home Loan
CIBIL Score750 and above
PreferenceBank account holders
Co-applicantFamily members (if applicable)
  • Bank account statement
  • Latest telephone bill
  • Latest electricity bill
  • Latest credit card bill
  • Valid passport
  • Residence Address
  • Certificate furnished by employer on company letterhead
  • Highest qualification certificate

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Documents Required for Home Loan

  • Completed Home Loan Application Form
  • Passport size Photographs
  • Proof of Identification: (Any one)
    • PAN Card
    • Passport
    • Aadhaar Card
    • Voter’s ID Card
    • Driving License
  • Proof of Age: (Any one)
    • Aadhaar Card
    • PAN Card
    • Passport
    • Birth Certificate
    • 10th Class Marksheet
    • Bank Passbook
    • Driving License
  • Certificate of Highest Qualification
  • Proof of Residence: (Any one)
    • Bank Passbook
    • Voter’s ID
    • Ration Card
    • Passport
    • Utility bills (Telephone Bill, Electricity Bill, Water Bill, Gas Bill)
    • LIC Policy Receipt
    • Letter from a recognized public authority verifying the customer’s address
    • Rent agreement on stamp Paper
    • Bank Statements reflecting address of borrowers of any commercial nationalised bank
    • Credit Card Statement not older than 3 months
    • Residence address Certificate /letter by employer on company letterhead
    • Post office saving bank account statement
    • Pension or family pension payment orders (PPOs) issued to retired employees by Govt. departments or Public Sector Undertakings, if they contain the address
    • Letter of allotment of accommodation from employer issued by State or Central Govt. departments, statutory or regulatory bodies, and public sector undertakings, scheduled commercial banks, financial institutions, and listed companies. Similarly, leave and license agreements with such employers allotting official accommodation
    • Documents issued by Govt. departments of foreign jurisdiction and letter issued by Foreign Embassy or Mission in India
  • Income Documents
    • Income Tax Returns (ITR) of last 3 years
    • Balance Sheet and Profit & Loss Account Statement of the Company/Firm (duly attested by a C.A.)
    • Business License Details (or any other equivalent document)
    • The license of Professional Practice (For Doctors, Consultants, etc.)
    • Registration Certificate of Establishment (For Shops, Factories & Other Establishments)
    • Proof of Business Address
  • Property Documents Required
    • NOC from Society/Builder
    • A detailed estimate of the cost of construction of the house
    • Registered Sale Deed, Allotment Letter or Stamped Agreement of Sale with the Builder (original document)
    • Certificate of Occupancy (in case of ready-to-move-in properties)
    • Property Tax Receipts, Maintenance Bills and Electricity Bills
    • Receipts of the advance payments made towards the purchase of flat (original document)
    • An approved copy of the building plan (key plan/floor plan in case of purchase of flats)
    • Original of the land tax paid receipt and possession certificate as issued by the revenue authority
    • Payment receipt or bank account statements showing payments made to the builder or seller
  • GST Certificate

Interested in learning specific details around eligibility, documentation or the best home loan option with maximum benefits?

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