Home Loan for Self Employed

Self-employed professionals comprise of doctors, lawyers, chartered accountants and architects while self-employed non-professionals comprise of traders, etc. Home Loan documentation and eligibility criteria vary slightly for both categories. Here we take a closer look into requirements for self-employed non-professionals.

Eligibility Criteria for the Self Employed

Eligibility Criteria Self Employed
Age (in years) 24 to 65
Minimum Annual Income (in Rs.) ₹ 1,50,000
Employment A minimum of 5 years of turnover before they can apply for a home loan
CIBIL Score 750 and above
Preference Bank account holders
Co-applicant Family members (if applicable)
Documents
  • Bank account statement
  • Latest telephone bill
  • Latest electricity bill
  • Latest credit card bill
  • Valid passport
  • Residence Address Certificate furnished by employer on company letterhead

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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
  • 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
  • Proof of Business Existence and Business Profile
    • Form 16
    • Certified letter from Employer
    • Payslip of last 2 months
    • Increment or Promotion letter
    • IT returns of past 3 years
    • Investment proofs besides salary (like fixed deposits, shares, etc)
  • 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

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