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A home loan judged on your business income, your ITR and your banking, not on a salary slip.
If you run a business or practise a profession, your income is real but it does not arrive as a salary slip. Lenders assess you differently, and some assess you far better than others. Knowing which is most of the battle.
Most banks take an average of your last two or three years of filed ITRs, then add back depreciation and sometimes partner remuneration or interest. That figure, not your turnover, decides your eligibility. Businesses that show a low profit to save tax often find they cannot borrow much.
Several housing finance companies also assess on bank statement turnover instead of ITR alone. This suits traders and shopkeepers whose books understate real income. The rate is a little higher but the sanction is far more likely.
File your returns on time and consistently. Keep business and personal accounts separate. Avoid cheque bounces in the six months before you apply, because every lender pulls the statement and counts them.
We read your ITR and your bank statements first and tell you which of the two routes fits you. Then we place the file with a lender that actually accepts your income profile, instead of one that will reject it after a month of waiting.
Two routes exist. If your filed profit is low, a lender who assesses on bank statement turnover may still fund you.
Slightly shorter than the salaried maximum, because the loan must usually close by age 65 to 70.
Several lenders fund a shop or office purchase under a separate commercial property programme, at a similar structure.
Once you have a clean repayment record of 12 to 18 months, you can move the loan to a cheaper lender.
| Age | 25 to 65 years at loan maturity |
|---|---|
| Business vintage | At least 3 years in the same line of business |
| Income proof | Last 2 to 3 years of filed ITR with computation and audited financials |
| Banking | 12 months of current account statements, with few or no cheque returns |
| Credit score | 725 and above is comfortable. Business loan conduct is checked as well. |
These are typical criteria. Individual lenders vary, and we will tell you which ones are flexible on your particular case.
You do not need any of these to enquire. We only ask for documents once we know which lender we are approaching.
Pre-filled with this product's own rate band and limits.
Pre-filled with the indicative rate band for Home Loan for Self-Employed. Move the sliders to match your own case.
Ten crore four lakh
17 yr 6 mo
Your monthly EMI
₹8,24,690
for 17 yr 6 mo
These numbers are indicative. Your actual offer depends on the lender. Most loans in India are floating rate, so the EMI can change when the RBI moves rates.
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