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Lenders, today, create products that cater to the specific needs of customers. This includes tailored home loan solutions for self-employed individuals. Here are some more details regarding home loans for self-employed borrowers.

Eligibility Criteria

To apply for a home loan for self-employed individuals, it is necessary to fulfil some basic eligibility criteria. Some of these requirements are as follows:

  • Income and Repayment Capacity: You will be asked to submit your income tax return (ITR) filings. Additionally, you will be required to furnish the audited profit and loss (P&L) statements of your business.

  • Age: Usually, lenders prefer self-employed applicants who fall under the age bracket of 25 to 70 years.

  • Educational Background: Some lenders may also look at your educational background and qualifications when determining your eligibility for a home loan.

  • Number of Dependents: A lower number of dependents would mean that you have lower monthly expenses, thus not having any major impacts on your finances. This assures the lender of your repayment capability.

  • Financial Profile: Your loan repayment ability is determined on the basis of your overall financial condition. The lender will assess your current outstanding debts such as your pending credit card dues, personal loans, and deferred payments, among others. If your existing debt is low, there is a good chance that you will be deemed eligible for a home loan.

  • Entrepreneurial Ability: As a self-employed applicant, your income generation ability will be reviewed and scrutinised by the lender. While doing so, the lender will look at the overall profitability of your venture and the business vintage. Your eligibility will be ascertained on the basis of your audited financial statements and ITR filings.



Please note that the eligibility criteria are determined by lending institutions and thus, may differ from one financial institution to another.

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Documents Required

Provided below is the list of home loan documents, self-employed individuals may be asked to furnish when applying for a home loan:

  • Identity Proof: Passport/voter ID/Aadhaar card.

  • Address Proof: Passport/voter ID/Aadhaar card.

  • Income Proof: ITR/PAN card/TAN card/bank account statements

  • Certified financials: P&L statements and balance sheets

How to Apply

Follow these easy steps to apply for a home loan for self-employed:

  • Step 1: Visit the lender's official website and open the application form 

  • Step 2: Enter your personal and professional information

  • Step 3: Submit the application for verification 


Once verified, a loan executive will reach out to you for further proceedings.


Self-employed individuals are eligible to apply for home loans. You will be required to meet certain home loan eligibility criteria as determined by the lender to be eligible for such a loan. This includes your annual income, business vintage, ITR, etc. 

Yes, you can get tax benefits for home loan repayments as a self-employed individual, under Sections 80C, 80EE, and 24B of the Income Tax Act, 1961.

Self-employed people can co-apply for a home loan with people who are salaried. However, both you and your co-applicant(s) must satisfy the eligibility criteria set by the lender.

The key factors that are taken into consideration include:

  • Repayment capacity and income

  • Credit score

  • Age

  • Educational qualification(s)

  • Overall financial status

  • Ability to generate profits through the venture(s)

  • Business vintage

If you are a self-employed individual, you can pay off your home loans over tenures ranging up to 40 years. However, the actual tenure offered will depend on your eligibility.

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