Home loans are long-term investments in which a huge sum is invested on the promise that the borrower will return the money plus interest. This is why banks like HDFC Bank have strict eligibility requirements. I see that you are a self employed individual (kudos on that first). Let me help you know what is HDFC home loan eligibility for self employed.
Get a home loan via NoBroker for a hassle-free experience and quick disbursal. Check your home loan EMI using NoBroker Home Loan EMI calculatorHow can a self-employed person qualify for an HDFC home loan?
Lenders need at least two years' worth of audited Profit and Loss Account Statements and Balance Sheets of the business firm in addition to three years' worth of IT returns for this purpose.
You have more time to pay back your loan and can request a longer loan term if you're younger. Older applicants might have to put down a bigger deposit on the house.
Some lenders evaluate a customer's eligibility based on their educational background.
The applicant's capacity to repay the loan depends in large part on how much disposable income they have. It is believed that the applicant's income will decrease as the number of dependents increases and vice versa.
What documents are needed for HDFC home loans for self-employed?
Processing fee cheque in the name of "HDFC Ltd.".
A copy of the buyer agreement or allocation letter.
Payments received from/paid to the developer
Educational background certificate and business proof
Appropriate ID and proof of residence.
Bank statements for the Last 6 Months.
All applicants and co-applicants must attach passport-size photos to the application form and sign it across the bottom.
Company information and tax returns from the previous three years (self and business)
Balance sheet and profit/loss account over the last three years
How long do you have to pay back the HDFC home loan?
The maximum number of years you have to pay HDFC home loan repayments is 15. The duration will be determined by the lender based on your profile, your expected age when the requested tenure expires, etc.
HDFC home loan eligibility for self employed must be clear to you now.
Read More: How to calculate home loan eligibility in HDFC? How to reduce HDFC home loan interest rate? How to pay HDFC home loan missed EMI online? How to transfer an HDFC home loan to SBI?Your Feedback Matters! How was this Answer?
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How to qualify for HDFC home loan self employed?
Raju
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2023-03-17T10:53:35+00:00 2023-03-29T18:28:02+00:00Comment
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