How to Get a House Loan When You Are Self-Employed?

Published: Jan 30, 2023
Buying a home is one of the major milestones in one’s life. An individual needs to consider a number of factors before he/she actually purchases the house, with finances being the most important one. With the constantly rising prices of land and property, owning a home is not an easy task anymore. The reason behind that is simple; in addition to the cost of the property, there are other fringe costs that one has to bear, such as stamp duty, registration charges, etc. If one cannot arrange all the required funds at the time of purchase, there is an option to avail a home loan as well.

Now the main question is, can everyone avail a home loan? If an individual works somewhere and earns a good amount of money, he/she can easily get a home loan without much hassle. But, what about the ones who are self-employed, can they avail a home loan? The good news is that there are a number of banks and NBFCs that are offering home loans in India at the cheapest interest rates for the self-employed. In fact, home loans for self-employed individuals are as hassle-free and quick as they are for salaried professionals.

Let’s dive deeper and discuss how one can apply for a home loan:

Eligibility Criteria

In today’s time, the eligibility criteria for availing a home loan for self-employed is very relaxed. Like other financing options, the loan application’s success depends on a few factors. Some of these are:


Generally, an individual who is between the age of 18 to 65 years can avail a loan. The logic behind this is that the younger an applicant is, the more time he/she has to repay the loan, and the longer the home loan tenure they can apply for.


For self-employed individuals, it is important to have a steady source of income. This helps the lender determine the applicant’s repayment capacity.


The lending institution also assesses the applicants’ existing loans, such as credit card bills, personal loans, etc. The less debt an individual has, the higher his/her chances of securing a home loan are. A good credit score is also a good indicator of an individual’s creditworthiness.

Required Documents

Here is a list of some important documents that are required while applying for a house loan for self-employed individuals:

Application Documents

●Application form
●Passport photo of the applicant
●KYC Documents (identity proof, address proof)
●Age proof
●PAN card copy
●Aadhar card copy

Income Documents

●Latest Copies of ITR with computation for 1 year/ 2 years
●Latest Profit & Loss Account, Balance Sheet, along with all schedules for 2 years
●Latest Audit Report, Form 3 CB/3CD for 2 years
●Latest 6 months’ bank statements of all operating Savings, Current, OD/CC a/c’s

Property Documents

●Agreement/Title Deed/Approved Plan etc.
●Share Certificate/Allotment Letter /Possession Letter etc.
●Payment Receipt / Demand Letter etc.
●House Tax Receipt / Mutation Order etc.

How to Apply?

●Fill out the application form.
●Submit all the relevant documents.
●Once all the documents are verified, a sanction letter will be processed.
●After this, the loan agreement gets executed with a disbursal request.
●Now the loan amount gets credited to your bank account.

Are you a self-employed individual looking for a hassle-free house loan scheme? Capri Loans, one of the leading NBFC companies in India, is offering house loans at the most competitive interest rates. Here, you can also apply for a home loan online. The entire application process does not take less than 10 minutes, and the loan also gets approved within a few days.