HDFC Home Loan for Self Employed

Many self-employed individuals often seek reliable and flexible financial solutions to realize their dream of owning a home. HDFC Bank, a frontrunner in the Indian banking sector, offers tailored Home Loan products that are specifically designed for the self-employed. The HDFC Home Loan for Self-Employed empowers self-employed individuals to achieve homeownership but also supports the broader vision of financial inclusion and economic empowerment in India.

HDFC Home Loan for Self-Employed – Highlights

HDFC Home Loan for Self-Employed – Fees & Charges

Here is a quick snapshot of the fees and charges. 

• Processing Fee – 1.50% of the home loan amount as processing fee 
• Minimum Retention Amount – The minimum retention amount is 50% of the applicable fee of INR 4,500, whichever is higher. 

HDFC Home Loan Documents Required for for Self-Employed

The following documents are required for an HDFC Home Loan. 

• Documents for Identity Verification (Copy of Passport, Election/Voter ID, or Aadhaar Card)
• Residence Proof (Passport, Election/Voter ID, Aadhaar Card, Bank Statements, Property Tax Receipts, Utility Bill Copies)
• Income Evidence (Income Tax Returns, Copy of PAN Card, TAN Card, Statements of Current Account)
• Official Financial Records (Audited Statements of Profit and Loss, Balance Sheet)
• Property Documentation (Agreement of Property Purchase Copy)

HDFC Home Loan Eligibility for Self-Employed

Following is the eligibility criteria to avail a HDFC Home Loan for Self Employed individuals: 

• Age of Applicant: Younger applicants have a longer period to repay, often resulting in extended loan tenures. Older applicants might need to contribute a larger initial payment.
• Educational Background: Some lenders consider educational qualifications when evaluating loan eligibility.
• Family Dependents: The number of dependents affects disposable income, a key factor in determining loan repayment capacity. More dependents typically mean less disposable income.
  
• Overall Financial Health: The ability to repay hinges on the borrower’s overall financial status. Lenders review existing debts like credit card dues, personal loans, and other mortgages. Fewer existing debts can enhance loan approval chances.