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BAJAJ FINSERV DIRECT LIMITED

Home Loan for Self-employed Applicants

Check out how you can secure a home loan as a self-employed individual on Bajaj Markets. Get low interest rates starting at 7.45% p.a. and loan amounts of up to ₹15 Crores.

Max. Tenure 32 Years

Lending Partners 10+

Max. Amount ₹15 Crores

Check Offer

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Home Loan

Home Loan EMI Calculator

Home Loan Eligibility Calculator

Home Loan Interest Rate

Home Loan Procedure

Home Loan Documents

Tax Benefits for Home Loan

Plot Loan

Lenders offer home loans tailored to every profile and need, so that even those with irregular income patterns, diverse professions, and unique financial requirements can access funds. Home loans for self-employed applicants ensure that independent earners can access housing finance as easily as salaried applicants.

From simplified documentation to customised eligibility criteria, these home loans offer a range of benefits. Flexible tenure options and customised repayment plans let you manage EMIs comfortably, making it easier to turn your dream home into reality.

Who Qualifies as a Self-Employed Home Loan Applicant

A self-employed individual earns income from their own business or profession rather than from an employer. There are two main categories of self-employed individuals that may apply for a home loan:

Professionals: These include doctors, engineers, lawyers, chartered accountants, those with MBAs, and others with formal qualifications who run their own practices or businesses.
Non-professionals: These include traders, contractors, commission agents, and individuals managing businesses without formal educational qualifications in their field.

Interest Rates on Home Loans for Self-employed Applicants

Interest rates of home loans for self-employed applicants are a key factor in determining the total cost of your loan. Even a small difference in the rate can significantly impact your EMIs and overall repayment amount.

Check out the following table for the current interest rates levied by various lenders available on Bajaj Markets:

Available Offerings	Starting Interest Rate
Bajaj Housing Finance Home Loan	7.45% p.a.
PNB Housing Finance Home Loan	8.50% p.a.
L&T Finance Home Loan	8.60% p.a.
LIC Housing Finance Home Loan	8.65% p.a.
ICICI Bank Home Loan	9.00% p.a.
Home First Finance Company Home Loan	9.00% p.a.
Easy Home Finance Home Loan	10.50% p.a.
Truhome Finance Home Loan	11.50% p.a.
Vridhi Home Finance Home Loan	12.00% p.a.
India Shelter Home Loan	13.00% p.a.

Disclaimer: The details mentioned above are subject to change at the lender’s discretion.  

Charges Associated with Home Loans for Self-employed Applicants

In addition to the interest rate, your home loan may include other fees that apply at different stages of the loan. These charges may include:

Type of Charges	Details
Processing Fee	Up to 4% of the loan amount + GST
Part-prepayment Charges	Up to 3% of the part-prepayment amount + GST
Foreclosure Charges	Up to 6% of the loan amount + GST

Disclaimer: The details mentioned above are subject to change at the lender’s discretion. 

EMI Calculator for Self-employed Home Loan Applicants

Use the Home Loan EMI calculator on Bajaj Markets to get a clear view of your repayment obligations.

Your Home Loan EMI

₹ 7,995

Total Interest Amount

₹ 918,775

Principal Amount

₹ 10,00,000

Total Payable Amount

₹ 19,18,775

Loan Amount

Interest Rate

- +

Tenure

- +

Calculate Now

You can also make instant comparisons between loan offers from multiple Home Loan providers on Bajaj Markets.

Key Features and Benefits of Home Loans for Self-employed Applicants

There are several benefits of applying for a home loan on Bajaj Markets if you are self-employed, including the following:

Secure Low Interest Rates

Benefit from competitive interest rates starting at 7.45% per annum, making homeownership more affordable by reducing your EMI burden.

Choose from Multiple Loan Options

Select from a wide range of home loan products for purchase, renovation, construction, or extension, tailored to your housing goals.

Repay Over a Longer Tenure

Spread your EMIs over a flexible tenure of up to 32 years to manage your monthly budget comfortably.

Save with Low Processing Fees

Minimise upfront costs with minimal processing charges, giving you a cost-effective start to homeownership.

Benefit from Flexible Eligibility

Meet simple eligibility criteria based on overall income stability, not just traditional documentation, to increase approval chances.

Eligibility Criteria for Self-employed Home Loan Applicants

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

Age: You must meet the lender’s required age criteria
Educational Qualification: Lenders may also look at your educational background and qualifications when determining your eligibility
Monthly Expenses: Lender will consider a number of dependents in your household, as a lower number of dependents usually signals lower monthly expenses
Income: Lenders will check your Income Tax Return (ITR) filings to evaluate your income and repayment capacity
Repayment Capacity: Lender will assess your financial profile by analysing your current outstanding debts
Business Continuity & Stability: Lenders will also look at the overall profitability of your venture and the business vintage

Lending institutions determine these criteria, and thus, they may differ from one financial institution to another.

Disclaimer: Eligibility criteria are subject to change and may vary as per the lender’s terms and policies.

Documents Required for Home Loan Application (Self-employed)

Provided below is the list of documents required for a home loan that self-employed applicants need to submit:

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

Disclaimer: You may be asked to submit additional documents beyond the mentioned ones. Requirements may vary by lender.

How to Apply for a Home Loan as a Self-employed Applicant

Here is the process to apply for a home loan for a self-employed person on Bajaj Markets:

Click on the ‘Check Offer’ option on this page
Select your requirement and profession
Enter your mobile number
Click on ‘Apply Now’
Check the offers and choose one as per your needs
Upload to start the verification process

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

Repayment Options for Self-employed Home Loan Applicants

Managing your home loan is easier with flexible repayment plans tailored to suit self-employed individuals. Here are some common options that lenders offer:

Tranche-based EMI

Pay interest only on the disbursed amount while your property is under construction. Start full EMIs once the lender releases the entire loan amount.

Step-up EMI

Increase your EMI as your income grows to repay the loan faster, reduce total interest, and close the loan early.

Standard EMI

Pay a fixed EMI every month throughout the tenure to ensure consistent, predictable repayments.

Factors Affecting Home Loan Eligibility for Self-employed Applicants

Lenders consider several factors to determine your eligibility for housing finance. Understanding these factors can help you strengthen your application and improve your chances of approval:

Business Stability and Vintage

Lenders review how long your business has been in operation and the consistency of its performance. They favour applicants whose businesses have been running steadily for at least a couple of years.

Average Monthly Income

Lenders calculate your average monthly income from profits and other earnings to gauge repayment capacity. High and steady income increases your chances of securing a larger loan amount.

Type of Business

Lenders evaluate the nature of your business. They prefer stable, non-seasonal income, but you can still qualify if you manage cash flow effectively during lean months.

Documentation Quality

Lenders scrutinise your tax returns, audited financial statements, and bank records to confirm income accuracy. They may also ask for P/L statements and balance sheets to study growth patterns across the past few years.

Home Loan for CA	Home Renovation Loan
Home Loan for Doctors	Joint Home Loans
Housing Loan for Government Employees	Micro Housing Finance
Home Loan Interest Rate for Senior Citizen	Home Loan Tenure
Home Loan for Private Employees	NRI Home Loan
Top Up Loan on Home Loan	Plot Loans
Home Loan for Short Term Requirements	Pre-Approved Home Loan
Home Loan For Under Construction Property	Step Up Home Loan
Home Loan for Self Employed	Types of Home Loans

Home Loan Quick Links

Home Loan	Home Loan Eligibility Criteria and Documents	Home Renovation Loan
Home Loan EMI Calculator	Plot Loan	NRI Home Loan
Home Loan Eligibility Calculator	Types Of Home Loan	Joint Home Loan

Home Loan by Banks & HFCs

PNB Home Loan	LIC Home Loan	L&T Finance Home Loan
ICICI Bank Home Loan	Shubham Housing Finance Home Loan	Vridhi Home Finance Home Loan
Bajaj Housing Finance Home Loan	Truhome Finance Home Loan	India Shelter Home Loan
HFFC Home Loan

Home Loan by Amounts & Salary

10 Lakhs Home Loan EMI	50 Lakhs Home Loan EMI	Home Loan on 30000 Monthly Salary
20 Lakhs Home Loan EMI	60 Lakhs Home Loan EMI	Home Loan on 35000 Monthly Salary
25 Lakhs Home Loan EMI	70 Lakhs Home Loan EMI	Home Loan on 40000 Monthly Salary
30 Lakhs Home Loan EMI	80 Lakhs Home Loan EMI	Home Loan on 45000 Monthly Salary
40 Lakhs Home Loan EMI	1 Crore Home Loan EMI	Home Loan on 50000 Monthly Salary

FAQs

Can I get a home loan if I am self-employed?

Yes, self-employed individuals are eligible to apply for home loans. You will need to meet certain requirements for home loan eligibility as determined by the lender. This includes meeting the minimum requirements for annual income, business vintage, ITR, etc.

Do self-employed individuals get any tax benefits on home loan repayment?

Yes. You can get tax deductions under Sections 80C, 80EEA, and 24B of the Income Tax Act, 1961.

Can self-employed borrowers have salaried individuals as co-applicants for a home loan?

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

What factors do lenders consider before approving home loans for the self-employed?

The key factors that lenders take into consideration include repayment capacity and income, credit score, age, and educational qualification(s).

What is the maximum home loan repayment tenure that one can opt for?

You can pay off your home loans over tenures ranging up to 32 years. However, the actual tenure offered will depend on your eligibility.

Can a self-employed individual with a low credit score get a home loan?

Yes, a self-employed individual may get a home loan, but approval is challenging with a low score, and interest rates may be higher. Lenders assess business stability, income consistency, and overall financial health before approving the loan.

Can a self-employed applicant use a property as collateral for a home loan?

Yes, self-employed applicants can use property as collateral. The lender evaluates the property to determine the loan amount and other terms.

How does the repayment tenure work for self-employed applicants?

Lenders offer flexible repayment tenures, often up to 32 years. Longer tenures lower monthly EMIs, while shorter tenures reduce total interest and help repay the loan faster.

Is a down payment required for a home loan for self-employed individuals?

Yes, lenders finance 75%–90% of the property’s value. You will have to pay the remaining 10%–25% upfront as a down payment.

What is the role of a co-applicant in securing a home loan for self-employed applicants?

Adding a co-applicant strengthens your application by providing additional assurance to the lender, especially when income is variable or unpredictable.

How can a self-employed person get a home loan if they have a fluctuating income?

You can still get a home loan with a fluctuating income by presenting a strong financial profile. Include a co-applicant with stable earnings to increase eligibility, or offer collateral to reduce the lender’s risk.

Maintain consistent balance in your bank accounts, file regular income tax returns, and show steady business performance through invoices or contracts. It also helps to discuss your income pattern with lenders upfront, so they can suggest suitable loan structures or repayment options.

What is the role of GST returns in a home loan application for self-employed individuals?

Lenders use GST returns to verify business legitimacy and financial stability. Consistent GST records help demonstrate repayment capacity despite income fluctuations.