Avail a Home Loan for Self-Employed

Owning a home is a dream for many, and self-employed individuals shouldn't be left out! While securing a home loan for self-employed applicants is different, there's no need to worry. At PNB Housing, we understand that your income structures might differ from the norm. Our self-employed home financing options consider these aspects to help you realize your dream of homeownership. With the right documentation and financial planning, you can turn your dream into reality.

Are you ready to get started? Call us now to examine your home mortgage possibilities for the self-employed and explore your loan options.

Home Loan for Self-Employed

Take the leap and become a homeowner—even if you are self-employed. We provide home loans for self-employed individuals with flexible options tailored to fit their unique income situations. Don't let concerns about self-employed home loan eligibility hold you back.

Self-employed borrowers can qualify for home loans with the right documentation and a strong financial profile. Lenders typically require:

Income Tax Returns: To verify declared income.
Bank Statements: To show cash flow and income stability.
Profit and Loss Statements: To assess business health.
Other Financial Records: To evaluate overall financial stability and repayment capacity

Additionally, factors such as credit score, existing debt obligations, and property value also play crucial roles in determining loan eligibility and terms. By providing comprehensive documentation and demonstrating a reliable income stream, self-employed individuals can significantly increase their chances of obtaining a favorable home loan.

Benefits of Applying for Home Loan for Self-Employed

There are several advantages to applying for a home loan for self-employed individuals:

Attractive Interest Rate: Avail home loans at an attractive interest rate starting from 8.80%* per annum, making homeownership more affordable.
Flexible Loan Products: We offer a range of home loan products, including loans for home purchase, renovation, construction, and home extension.
Extended Loan Tenure: Benefit from a loan tenure of up to 30 years, allowing you to spread your repayments over a longer period.
High Loan-to-Value Ratio: Finance up to 90% of the property value, reducing the burden of a substantial down payment.
Competitive Processing Fee: Secure your home loans without incurring excessive upfront costs.
Personalised Services:Enjoy personalized doorstep services and post-disbursement support through our online customer portal.
Customised Eligibility Programs: Benefit from a hassle-free loan experience tailored to your financial circumstances.

Eligibility Criteria

The eligibility criteria for a home loan for self-employed individuals may vary slightly from salaried applicants.

Who is eligible to apply?

Age: 21 years (at the time of commencement) to 70 years (at loan maturity)
Residency: Permanent resident of India
Work Experience: Minimum 3 years of business continuity (for self-employed applicants)
Income: Must file income tax returns
Credit Score: Minimum credit score of 611

Loan Details:

Minimum Loan Amount:INR 8 Lakh
Maximum Tenure: Up to 20 years
Loan-to-Value Ratio (LTV): Up to 90% of the property value

Required Documents

Here are the general documents required for home loans for self-employed individuals:

Documentation Type	Self-Employed
Address Proof	Aadhar card, Passport, Driving License, Telephone Bill, Ration Card, Election Card
Age Proof	PAN Card, Passport, or any other certificate from Statutory Authority
Income Proof	Income Tax Returns (ITR) and business income proof

Home Loan Application Process

The process of applying for a home loan as a self-employed individual is quite similar to that for salaried applicants, with some additional considerations:

Research and Compare: Explore various lenders such as PNB Housing and compare the home loan options available for self-employed individuals, focusing on interest rates and eligibility criteria.
Gather Documents: Collect all the necessary documents to support your application, as previously mentioned, to reinforce your application.
Apply with Preferred Lender: Select a lender whose terms align with your needs and submit your application, either online or in person.
Verification and Approval: The lender will verify your submitted documents and evaluate your eligibility. Once approved, you can proceed with the home loan process.

Repayment Options

We offer flexible repayment options for self-employed borrowers:

Standard EMI: Make fixed monthly payments throughout the loan term.
Step-up EMI Option: Start with lower EMIs in the initial years and gradually increase them over time.

Discuss your specific financial situation with a loan specialist to determine the best repayment option for you.

Conclusion

PNB Housing offers competitive home loan options specifically designed for self-employed individuals. With attractive interest rates, flexible repayment options, and a streamlined application process, we can help you realize your dream of homeownership. Don't let your employment status hold you back. Contact PNB Housing today to explore your options and get started on your home-buying journey!

Can a Self-Employed be eligible for a home loan?

Yes, absolutely! Self-employed individuals can qualify for home loans with proper documentation and a healthy financial history.

What is the maximum home loan amount available for self-employed employees?

The maximum loan amount depends on various factors, such as income, credit score, and property value. It's generally similar to salaried applicants.

Are any tax benefits available for home loans for Self-Employed?

Yes, self-employed individuals can avail of tax benefits on home loans. They can claim deductions on both the principal and interest components under Sections 24(b) and 80C of the Income Tax Act.

What processing fee is applicable for self-employed employees?

Processing fees are generally similar for salaried and self-employed applicants. However, it's best to confirm with the lender.

Who can be a co-applicant for home loans for Self-Employed?

A co-applicant for a self-employed home loan can be a spouse or immediate family member. All proposed owners of the property must be co-applicants

Does EMI get lower if a home applicant is Self-Employed?

Not necessarily. EMI depends on loan amount, interest rate, and tenure. However, a good credit score can help secure a lower interest rate.