HSBC Home Loan for Self Employed

HSBC Bank has crafted specialised home loan solutions for self-employed customers. If you are a self-employed citizen, you can obtain an HSBC Home Loan for self-employed people in India. This guide aims to deliver extensive insight into the HSBC Home Loan for Self-Employed, covering the essence of its features, the eligibility prerequisites, necessary documentation, and answers to questions frequently asked by prospective borrowers.

The bank’s home loan offering for non-salaried individuals stands out with its generous repayment term of up to 20 years, starting from the minimum age of 21 years for applicants, and allows for loan amounts ranging from ₹300,000 to a substantial ₹40 Crore, ensuring that your path to homeownership is as smooth and flexible as possible.

Highlights of HSBC Home Loan for Self-Employed 

To have a better understanding, here is a concise table showing the salient features of the HSBC Home Loan for Self-Employed:

Fees and Charges

There might be associated processing fees and other charges with the HSBC Home Loan for Self-Employed.  These can include:

• Processing Fee
• Legal and Valuation Charges
• Documentation Charges
• Prepayment Charges (if applicable)

Documents Required

HSBC Bank typically requires the following documents when applying for a Home Loan for Self-Employed individuals:

• KYC Documents: PAN Card, Passport/Driving License/Voter ID, Address Proof
• Income Proof: Income Tax Returns (ITR) for the past 3 years with computation of income, Profit and Loss statements, bank statements reflecting income flow
• Business Ownership Proof: Business registration documents, proprietorship documents, partnership deed (if applicable)
• Property Documents: Sale agreement, property valuation report, approved building plans (if applicable).

Eligibility Criteria

To be eligible for the HSBC Home Loan for Self-Employed, you’ll need to meet the following criteria:

• Minimum Net Income: ₹ 750,000 per annum
• Minimum Age: 21 years
• Maximum Age at Loan Maturity: 65 years
• Indian Residency: You must be a resident Indian citizen
• Business Continuity: Your business should be operational for a minimum period as determined by the bank (typically 2-3 years)
• Credit Score: A healthy credit score is generally required for loan approval