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 |
|
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
In case you’re stuck at any step in your Home Loan journey, feel free to connect with our
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