Karnataka Bank Home Loan for Self Employed

Owning a home can seem like a distant dream for self-employed individuals, often facing challenges with traditional loan requirements. However, Karnataka Bank understands your unique financial requirements. Their Home Loan for Self-Employed program offers a solution to address these hurdles. With competitive interest rates, minimal documentation requirements, and a straightforward approval process, this home loan option is tailored to meet the dynamic needs of the self-employed sector. Whether you're looking to buy, construct, or renovate your home, Karnataka Bank's Home Loan for Self-Employed is designed to support your aspirations efficiently, making it easier than ever to secure your future home.

Karnataka Bank Home Loan for Self-Employed – Highlights

Here’s a tabular format highlighting the key features of Karnataka Bank Home Loan for Self-Employed:

Karnataka Bank Home Loan for Self-Employed – Fees and Charges

Karnataka Bank Home Loan for Self-Employed – Documents Required

Here’s a list of the commonly required documents for Karnataka Bank Home Loan for self-employed:

• Application Form: A duly filled and signed application form.
• Photograph: Recent passport-sized photographs of the applicant and co-applicant(s), if any.
• Identity Proof: Any government-issued identity card such as Passport, Voter ID, Aadhar Card, or Driving License.
• Residence Proof: Documents like recent utility bills, Aadhar Card, or Passport to verify the current address.
• Business Proof: Registration certificate of the business or relevant proof of business existence.
• Financial Documents: Latest three years’ Income Tax Returns with computation of income.
• Property Documents: Legal documents related to the property being purchased, including the sale deed, agreement of sale, NOC from the society/ builder, and any other relevant documents demanded by the bank.
• Proof of Business Address: Utility bills or rental/lease agreements showcasing the address of the business.

Karnataka Bank Home Loan for Self-Employed – Eligibility Criteria

For self-employed individuals seeking a home loan from Karnataka Bank, the eligibility criteria are as follows:

• Applicants must be self-employed professionals, businessmen, or traders.
  
• The financing available can be up to five times the average net income or profit plus depreciation, based on the last two years Profit and loss statements.
  
• The minimum age for applicants is 18 years, with a maximum age limit of 60 years for most applicants and 70 years for agriculturalists.
  
• Self-employed: Annual income of ₹1,20,000.