Home Loan Eligibility Criteria for Self Employed Applicant

Planning to buy a property? With several financial companies offering attractive home loan options, it is more convenient in realising your dreams to buy and own a property.

The home loan process has been made far simpler and accessible thanks to a number of provisions that are offered by most of these competent institutions. You can complete several formalities online without the hassle of wasting your time or spending extra money.

Even if you not well versed with the way this business works or are completely new to the process of home loans, internet makes it far easier and within your grasp to understand the nuances involved. The company websites provides an in-depth understanding of the services that are being provided. A feature called the home loan eligibility calculator will help you find out whether or not you are eligible to avail loan of a certain amount. It will calculate your EMI, give you an idea of tenure and basically several resources for you to complete your initial R&D. Other than this, you can find real reviews from people who have used services to so you get an idea whether or not to approach such company.

You can take help from financial advisors to understand the process and get assistance every step of the way.  Some of the eligibility criteria include your age, educational qualification, credit history, existing loans, and more. One of the important criteria is whether not you are a salaried or self-employed individual.

If you are a self-employed individual, the process may get a little tedious compared to salaried individuals. Some important things to keep in mind are these:

A detailed statement of the profit or loss you make needs to be submitted. This is one of the crucial steps.  In the case of a salaried candidate, bank statements are completely trusted which also makes the process far convenient.

IT verifications might prove to be stringent. The company may check your IT returns from the past two years or more. A good IT return will surely reflect and prove to be a good basis for approval.

The home loan eligibility may differ from one company to another. You need to be prepared for verifications and evaluations.

A good credit card score, a bigger bank balance will surely help you get the approval on a fast-track.  Make a thorough research, improve your credit score, try paying a higher down payment.