Can I Get Home Loan without Job?

Hi Disha, my brother wanted to know whether can I get home loan without job or not. I had a friend in the banking sector, so I went ahead and asked him. He said yes, it is possible to get a home loan without a job. He shared a few things my brother could do to increase his chances. Some of these included opting for a co-applicant to apply for the loan, offering a large down payment and more. Let me describe everything below.

NoBroker Home Loans

Check your home loan eligibility to secure the right loan, and improve approval chances without wasting time or facing rejection.

Know your Borrowing Capacity

Get Best Terms

Check Eligibility

How to Get a Home Loan Without a Job?

Here are some ways through which you can increase your chances of securing a home loan without a job.

1. Offer a large down payment: You can try to put a higher down payment against the loan amount. This will help lower your loan value by a good number, thus increasing your chances of getting a home loan. This will make the lender feel confident in your ability to repay the loan amount.

2. Have a co-applicant: To increase your probability of securing a home loan, you can consider applying along with a co-applicant. Get a family member who has a good credit score and make them your co-applicant to improve your loan eligibility.

3. Go for a longer tenure: You can opt for a longer tenure, which will lower your EMI, improving your capability to repay the loan. This will also put the lender at a lower risk. However, the move will increase your interest rate. So, be wise with the choices you make.

This is all. I hope you now know can I get a home loan without a job.

I had intended to apply for a home loan last year, but my primary obstacle was my unemployment. Hence, I contacted my friend, who works in a bank, and asked him how to get a home loan without a job. He told me that it might be difficult, but not impossible, to obtain a home loan without employment. I have listed a few alternatives below for those who are unemployed.

How to Get a House Loan without a Job?

According to my friend, an unemployed can be able to qualify for a mortgage in the following ways:

• Alternative Income Sources - You can use additional income sources, like investments, rental income, child support, alimony, or retirement benefits, to meet the requirements for a mortgage.

• Assets - Some lenders may take into account your substantial assets like savings, equities, or real estate if they can be used as collateral.

• Co-Signer - Your chances of being approved for a mortgage may be improved if your friend or family member is ready to co-sign the loan with you based on their income and credit history.

You must check your financial status and the associated risks before applying for a mortgage while unemployed. I hope you get an idea of how to get a home loan while unemployed.

An employed person can avail home loan anytime he/she wants without any fuss but I had the query, can I get home loan without job as well? I believed it was not possible but in reality, an unemployed person can avail home loan as well. In fact, one of our neighbours availed a home loan without having a job and shared with me how he did it. I learnt that getting a home loan without a job is possible. There are many ways to avail it so let me share those which I remember.

NoBroker Home Loans

Check your home loan eligibility to secure the right loan, and improve approval chances without wasting time or facing rejection.

Know your Borrowing Capacity

Get Best Terms

Check Eligibility

Avail home loan with your desired banking partner without any hassle through NoBroker

How to get a home loan without a job?

Availing a home loan without any source of income is possible but not all banks or financial institutions will allow it. There are basically a few methods by which an unemployed person can avail a home loan and they are-

• The applicant must bring a guarantor who is to be held responsible in case of any problem. For example, if A is the applicant and B is the guarantor, B will have to pay the entire loan amount in case A fails to pay it on time.

• An unemployed person can avail a home loan if he/she brings in a co-applicant having a good credit score. The co-applicant is regarded as secondary to the principal applicant in several cases. 

• If an unemployed applicant has a good credit score, then also he/she will be allowed to have a home loan

You can check with the lender and bank for further details on can you get home loan without job or not. 

A good credit score is a must to get you a home loan. It shows how well and timely you pay your debts. A credit score ranging from 650 to 749 can help you get a home loan very easily. 650 is the minimum CIBIL score required to avail a home loan but for an unemployed person, 700 should be the target. 

I hope this answers the query- can I get home loan without job and how.