If you’re planning to purchase a house, one initial step is applying for a home loan. A home loan is a secured loan and, in most cases, requires the borrower to pledge an asset as collateral. Home loans are available for both salaried and self-employed individuals. Salaried individuals who earn a fixed income with a stable job can qualify for home loans. Self-employed individuals like chartered accountants and doctors can also provide different types of online home loan.
About home loans.
Home loans can be used for buying a house or building one’s own home (called self-construction). Loans available from banks are generally based on the value of the property purchased by the borrower, but this may vary depending on various factors such as interest rates, income levels, etc.
Loans from banks are generally available at a fixed interest rate, meaning the borrower will be charged the same interest for the loan duration. It is also possible for banks to offer loans with variable rates, which means that the interest charged will change over time depending on economic conditions.
Salaried individuals who earn a fixed income and people with irregular income can qualify for a home loan online.
People with irregular income or work in different sectors can also apply for a home loan, provided they have the required documents. They will assess their eligibility based on the information they provide while applying for the loan.
The underwriters will review your application, and if it is approved, you can get the loan amount credited to your account within 2-4 days. If it is not supported, we will inform you about the reasons for rejection and how you can improve your chances of getting a loan.
They need to provide documents related to their business that may include returns filed by their company/self, Profit & Loss account, and balance sheets along with their papers like bank statements, identity proof, etc.
The banks consider the following factors before sanctioning home loans for self-employed individuals.
- The applicant’s credit history should be clean and in good standing, with all borrowers being paid on time every month.
- Your income comes from your profession should be enough to repay EMIs.
- Your business should have been running in profit during the past three years.
The loan amount will be decided based on your income, source of income, and repayment capacity. The lender considers several factors before sanctioning a home loan for self-employed individuals.
Depending on your requirement, you can apply for a home loan within a specific range of amounts per your eligibility criteria.
You can apply for this online home loan by visiting the bank’s website or mobile app, filling in the necessary details, and uploading the required documents. The banks send an executive to your place, or you can visit your nearest branch in person to complete the home loan application process. It takes around 2-3 weeks to approve your loan, provided all the required documents are submitted without any error or incomplete information.
It is recommended that you do thorough research on the bank’s home loan scheme before applying for it. You can also compare multiple banks to get the best deal regarding interest rates and other charges involved.