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Can I Get A Home Loan If I Am Self-Employed?

Nov 28, 2022
Can I Get A Home Loan If I Am Self-Employed?

Purchasing a house is the dream of many Indians. From businesspersons to those working in the corporate world, buying a home is an achievement that many people aim for ever since they land their first job. To make this dream come true, many opt for a home loan to manage the expenses of registering, buying, and renovating a new home. When it comes to applying for a home loan, salaried professionals often find it easy to get an approval because of their income proofs and documented salaries. For self-employed people, this can be a hindrance because running a business is usually associated with high risk to income.

However, this article will bust the myth that self-employed individuals have it tough when it comes to seeking loans. Read along to know more about self-employed home loans.

Home Loan Eligibility For Self-Employed

The basic home loan eligibility for self-employed applicants is that they must be Resident between the ages of 21 and 65 years. They must have a strong CIBIL score (preferably 700 or above) and must be able to produce documents that confirm a healthy flow of income.

The home loans self-employed people opt for require the following qualifications:

  • They must be doctors, architects, or chartered accountants.
  • They must be business owners or have the sole proprietorship of the business.
  • The business in context must be unlisted, closely held, and private limited.

As far as you are able to prove that you are experienced enough to handle the business in a stable, profitable manner and overcome all adversities in a wise manner, you need not worry about home loan eligibility. The lending firm only looks for reassurance of repayment. To know more about the home loan eligibility for self-employed applicants, you can check out SMFG Grihashakti home loan eligibility calculator.

Documents Required For Home Loans For Self-Employed

The documents required for home loans for self-employed candidates includes the basic list of identity proofs and income proofs. The list looks like this:

  • Proof of Identity (PAN or Aadhaar card, passport, driving licence, etc.)
  • Residential proof (Aadhaar card, electricity bill, passport, ration card, etc.)
  • KYC documents when there is a co-guarantor or co-applicant involved
  • Past 6 months’ bank statements
  • Past 2 years’ ITR
  • Financial sheets as audited by a CA
  • Balance sheet
  • Proof of business (GST registration, trade licence, partnership agreement, SEBI certificate, etc.)
  • Sale deed
  • Property-related documents
  • Possession certificate

Home Loan Interest Rate For Self-Employed

The home loan interest rate for self-employed individuals depends on a number of factors. Some of them are the current market conditions, risk tolerance capacity of the lending institution, previous financial records, current debt in hand, income stability, CIBIL score to represent creditworthiness, and even nature of loan repayment. Moreover, what kind of property you choose can play a role in deciding your interest rate. Your previous transactions and professional relationship with the NBFC also impact your interest rates.

The home loan interest rate for self-employed people starts from only 10.5%* per annum with SMFG Grihashakti.

How To Apply

To apply for home loans for self-employed, you must first check out your eligibility for the same. After that, you can apply online by scanning and uploading all documents required.

Follow these instructions:

  • Visit the website.
  • Fill in your principal loan amount as needed.
  • Choose the type of loan you wish to take up.
  • Enter your city.
  • Click on Apply Now.
  • Verify your phone number by entering your OTP.
  • You will now be redirected to a website asking for various pieces of information about you.
  • You can apply from here after scanning and uploading your documents.


To facilitate taking up a home loan as a business owner, many lending institutions are coming up with better eligibility criteria, smoother EMI repayment options, and comfortable loan tenures. With a strong financial backbone, you can plan your home purchase and renovation projects with ease. A good loan amount will help you overcome all hiccups on your way to buying your dream home.

If you’re a self-employed person who wants to gain access to home loans easily and swiftly, you can turn to SMFG Grihashakti. Check out your monthly instalments through our online home loan EMI calculator to understand how to budget your loan repayments better. Get home loans up to INR 5 crore* and enjoy home ownership like never before!


1. Can self-employed people get a house loan?

Yes, all self-employed people that fit into the eligibility criteria set by a given lending institution can get a house loan.

What is the minimum home loan amount for the self-employed?

The minimum home loan amount starts from INR 1 lakh* onwards.

Can self-employed individuals get any tax benefits for taking home loans?

Yes, you can avail of tax benefits under Section 80C and Section 24.

Are there any prepayment charges on the home loan for the self-employed?

At Grihashakti, there are no prepayment charges applicable on home loans that are taken for non-business purposes at floating rate of interest.

What is the meaning of a super built-up area?

The super built-up area has a staircase, lobby, gym, swimming pool, etc. This is in addition to the carpet area.

Disclaimer: *Please note that this article is for your knowledge only. Loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms, disbursal process, foreclosure charges and foreclosure process will be subject to SMFG Grihashakti’s policy at the time of loan application. If you wish to know more about our products and services, please contact us.

SMFG India Home Finance Co. Ltd. (Formerly Fullerton India Home Finance Co. Ltd.)
CIN number: U65922TN2010PLC076972

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