I am a self employed person. What is the procedure for applying for home loan?

Q: I want to buy an apartment and I am self employed. What is the procedure for applying for home loan in my case? Are the norms separate from a salaried person?

Soundarya G S, Bangalore

22nd September 2011

Home Loan in Bangalore

home loan

home loan for self employed

Follow Discussion

Also see discussions for

Bangalore Home Loan Home Loan in Bangalore

Replies (3)

If you are self employed you should have completed 3 years of your own business with good turnover. You need documents which are as follows
Identity and residence proof
Application form with photograph
Education qualifications certificate and proof of business existence
Business profile
Last 3 years profit and loss & balance sheet
Processing fee cheque
Last 6 months bank statements

Anoop Bansal, Delhi

21st May 2019

Comment

A Self employed must produce IT returns for the last 3 years, last six moths bank statement and Receipts of advance tax paid.
Having any query regarding Home Loan? Let our Expert help you.
Click here.

Abhilasha, Bangalore

22nd September 2011

Comment

Yes the norms are quite different Self employed persons do not have fixed income. It will be difficult for you to produce a salary slip or any proof of income. But not to worry. You need to provide information regarding the nature of business, year of establishment, capacity in which the applicant is engaged, the clients, the suppliers, etc. You also need to provide the registration certificate for deduction of professional tax and the certificate of practice, if applicable.
If you are interested you can post your requirement at http://www.commonfloor.com/post-public-property-requirement to get matching properties details on your Email and Mobile.

Abhilasha, Bangalore

22nd September 2011

Comment