Home Loan for Self Employed

Owning a home is matter of great pride for every individual.

While a large part of the Indian work force is Self-employed, this category of home seekers has been largely ignored by housing finance entities.

The reasons range from variable or irregular monthly income and lack of proper documentation to support their real financial status, even when they are eligible for credit. We understands these ground realities and has evolved new processes that facilitate the assessment of income for self employed individuals.

This enables us to extend housing loans on fair terms even to those who might otherwise remain ineligible for a loan. We acknowledge the sheer effort and hard work that is typical of such individuals, and specially focus on enabling them to acquire homes, through our schemes specially designed to offer home loans for self-employed individuals.

Loan Amount

You can avail Loan up to Rs. 1,00,00,000/- but not exceeding 80% of the cost of property. The actual loan amount is determined after assessing the individuals requirement and his repayment capacity based on various factors like:

• The self employed person should be less than 70 years of age.

• The applicant is self employed /trader or engaged in service industry.

• The applicant should have been in the same line of business for a minimum period of 3 years or should have inherited the business from parents.

• The applicant should be able to contribute at least 20% of the total sum required.

• Sales Tax Registration or any other registration of business required by statutory authorities / local laws is mandatory.

• Business premises should not be on encroachment land without title to property or deviated in construction from approved plans.

Tenure

The maximum loan tenure on your Home Loan is up to 30* years. The tenure however does not extend beyond the retirement age or 60 years whichever is earlier.

EMI

The EMI that you would be paying to repay the loan depends on factors like Quantum of loan, Interest rates applicable & the tenure you have taken the home loan for.

Home Loan for Salaried Employees

We understand this, thus bringing you tailor made home loan solutions to suit your needs. Home Loan for Salaried employees, everyone can get a Home Loan including 3rd and 4th grade Govt. or Private Employees, Railway Employees, Teachers, Police Employees and so on. Monthly salary eligibility starts from as low as Rs. 5000 per month.

Loan Amount

You can avail of Home Loan up to Rs. 1 00,00,000/- but not exceeding 80% of the cost of property. The actual loan amount is determined after assessing the individuals requirement and his repayment capacity based on various factors like:

• Age

• Educational background

• Stability and Continuity of income

• Number of dependents in the Family

• Co-applicant's income

• Assets

• Liabilities

• Saving habits, and others

Loan for Plot Purchase and/or Construction

Nothing is more satisfying than building your dream home like the way you had always wanted.

Found the plot of land where you want to construct your home, or you simply want to own a plot? You can purchase non-agricultural land situated within Municipal / Local Development Authority limits, whether you are salaried or self-employed through Housing Finance. If you want to build your dream home on the purchased plot, You can finance that too.

Loan Amount

You can avail loan up to Rs.1,00,00,000/- for plot loans and Rs.1,00,00,000/- for plot + construction loan but not exceeding 70% (in case plot loan only) of the cost of plot or 80% (in case of construction) of the construction cost. The construction has to happen on the plot and within the time frame according to the NHB guidelines. The actual loan amount is determined after assessing the individuals requirement and his repayment capacity based on various factors like:

Home Improvement

We understand that everyone aspires to create his own identity with the home he lives in.

You may want to repaint the house, or maybe spruce up the flooring depending on your lifestyle, We look forward to help you with this with our Home Improvement Loans.

Loan Amount

You can avail of Home Improvement Loan up to Rs. 1,00,00,000/- but not exceeding 100% of estimated cost as certified by chartered engineer or 100% of Cost certified by our technical officer whichever is lower, Subject to Maximum 80% of overall market value of the property.

The actual loan amount is determined after assessing the individuals requirement and the valuation of the property by loan provider Bank Institute.

Purpose

You can avail Home Improvement loan for various purposes as mentioned below:

• Flooring or Roofing

• Plumbing

• Plastering

• Electrical Work

• Painting

• Grills and Sliding Doors & windows

• Parapet wall & Boundary wall Underground or Overhead water tank

• Replacement of doors & windows or Non-movable Assets viz. etc. are allowed to be considered under the above category.

Tenure

The maximum loan tenure on your Home Loan is up to 20* years. The tenure however does not extend beyond the retirement age or 60 years (70 years in case of Self-Employed individuals) whichever is earlier.

EMI

The EMI that you would be paying to repay the loan depends on factors like Quantum of loan, Interest rates applicable & the tenure you have taken the home loan for.

Home Extension Loan

A growing family requires additional space, so it may be that you want your kid to have room for himself, or it could even be a special pooja room that you always wanted, we help you in doing so with our Home Extension Loans.

Loan Amount

You can avail of an Home Extension Loan up to to Rs. 1,00,00,000/- but not exceeding 100% of estimated extension cost as certified by chartered engineer or 100% of Cost certified by our technical officer whichever is lower, Subject to Maximum 80% of overall market value of the property.

Purpose

• You can avail of an Home Extension loan for either Construction or Addition of New room within House premises, or for Construction of New Floors within House premises.

Tenure

• The maximum loan tenure on your Home Loan is up to 20* years. The tenure however does not extend beyond the retirement age or 60 years (70 years in case of Self-Employed individuals) whichever is earlier.

Applicant and Co-Applicant

• Home Loans can either be applied individually or jointly. The Co-Applicant may or may not be a Co-owner of the property. However all the Co-owners of the property must be a Co-Applicant. Co-Applicants should be immediate family members like Spouse, Parents or Children*.

Loan against residential/commercial property

Want to mortgage your residential property? Bank offers you special Mortgage Loans if you are a salaried or self-employed professionally qualified individual.

Loan Amount

You can avail of an Mortgage Loan up to Rs.10,00,000 for salaried employees and Rs.1,00,00,000 for self employed.

• Age

• Educational qualifications

• Stability and Continuity of income

• Number of dependents in the Family

• Co-applicant's income

• Assets

• Liabilities

• Saving habits, and others

To calculate your indicative loan against property eligibility based on your financial background you can use our

Tenure

The maximum loan tenure on your loan against residential property is 15 years and commercial property is 10 years.

Balance Transfer and Top Up

Already taken a Home Loan from elsewhere? No Problem

Have you already taken a Home Loan from some other bank or NBFC, now you want to transfer that loan to avail the benefits of competitive interest rates?

OR

You want a top up amount from on your existing Home Loan taken from elsewhere?

We makes it possible with its Balance Transfer and Top Up Loan facilities.

Loan for Purchase/Construction of Non-residential Property

Purpose

Purchase of ready possession / under construction or construction of commercial property within Municipality limits of the city and approved for commercial usage by civic authority.

Min Loan: Rs. 5 lacs | Max Loan: Rs. 1 Cr | Max Tenure: 10 Years

LCR / LTV

75% of sale deed or 50% of market value whichever is Lower

Pradhan Mantri Awas Yojana

Get 6.5% interest subsidy (up to ₹ 2.67 lakhs) directly in your loan account which will substantially bring down your EMI.

Subsidy benefits under Pradhan Mantri Awas Yojana*

Who are eligible?

• Beneficiary family should comprise of husband, wife and unmarried children.

• The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in India.

• For EWS & LIG category, property must be owned by women (Single or Jointly).

• Property to fund must be in Urban area as enlisted by the Govt.

#Maximum subsidy amount is calculated basis the minimum loan amount of ₹ 6 lakhs for EWG/LIG customers, ₹ 9 lakhs for MIG I & ₹ 12 lakhs for MIG II customers with loan tenure of 20 years. If loan amount or loan tenure is less than as specified above then subsidy will also get reduced.

* This is a summary of the scheme for easy understanding purpose only. For more information regarding the same, visit the official website: https://pmayuclap.gov.in/

The details given under PMAY (Pradhan Mantri Awas Yojana) are indicative and not exhaustive. For more information regarding the same, visit the official website: https://pmayuclap.gov.in/