IDFC First Bank Home Loan for Self Employed

IDFC First Bank home loan for self-employed offers comprehensive home loan solutions tailored for individuals looking to purchase or construct their dream home. Understanding the unique financial landscapes of entrepreneurs and business owners, IDFC First Bank provides flexible home loan options that cater to varied income patterns and repayment capabilities. With competitive interest rates, minimal documentation, and a straightforward application process, the bank ensures a seamless borrowing experience. This loan product empowers self-employed professionals by offering them the financial support needed to invest in real estate, facilitating their journey towards owning a home.

IDFC First Bank Home Loan for Non-Salaried Person – Highlights

Here are the highlights for IDFC First Bank home loan for self-employed. Take a look! 

IDFC First Bank Home Loan for Non-Salaried Person – Fees & Charges

Following are the fees & charges of IDFC First Bank home loan for self-employed. 

IDFC First Bank Home Loan Documents Required for Self-Employed

The documents are required for the IDFC First Bank home loan for self-employed. 

Mandatory Documents

• Form 16 or PAN card
• Photo Identity Proof/ Address Proof (Any One)
• Passport
• Voter ID
• Driving License
• Aadhaar Card
• Job Card issued by NREGA
• National Population Register

Income Proof for Self-Employed Individual

• ITR with income computation for the last financial year
• Balance Sheet and Profit & Loss account with schedules for the last financial year
• Bank statement of the business account for the last 6 months
• GST returns for the period not covered in the latest financial year
• Credit card statements for the last 6 months
• Copy of contract orders and Form 16 A
• Accounts of individual borrowers and co-borrowers if income is being considered

Property Proof

• Allotment or Possession Letter
• Copy of the draft sale deed and chain title documents
• No Objection Certificate from the society and other documents as per legal report

Business Proof

• Shop Establishment Certificate
• GST Return
• Trade/Professional License
• Sales Tax Number
• Importer’s/ Exporter’s Code

Business Address Proof

• Telephone bill and electricity bill, paid and dated within 3 months of the loan application
• Registered or notarised rent deed
• Registered property deed
• Property allotment letter from the government or registered societies
• Unregistered sale deed plus General Power of Attorney (GPA)
• Latest bank statement or updated passbook in the borrower’s name

IDFC First Bank Home Loan Eligibility for Self-Employed

Here’s a quick rundown of the eligibility criteria for IDFC First Bank home loans for self–employed. 

• He or she should be an Indian resident.  
• At the time of applying for loan, the applicant’s minimum age should be 23 years
• The maximum age at the time of loan maturity of the applicant must be 70 years
• He or she should have a minimum income of Rs.1.5 lakh p.a.
• The applicant must have at least 4 years of business experience.