Home Loan Eligibility Criteria for Self-Employed Individuals

Securing a Home Loan as a self-employed individual involves meeting specific eligibility criteria set by your lender. Knowing these requirements beforehand can help you assess your eligibility and take measures to improve your chances of approval.  

Eligibility Criteria for Self-Employed Applicants 

Bajaj Housing Finance offers Home Loans to self-employed applicants at competitive interest rates and flexible repayment tenors. To apply for a Home Loan, you need to meet the following eligibility criteria: 

• The applicant should be between 23 and 70 years** of age 
• A minimum of 3 years of business vintage in the current enterprise is required  
• Ideally, a CIBIL score of 750 is preferred 
• The applicant should be a residing Indian citizen  

**The upper age limit is considered as the age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile. 

Documents Required for Self-Employed Applicants

To apply for a Home Loan with us, you need to submit the following documents along with your application: 

• Mandatory Documents: PAN Card or Form 60 
• Proof of Identity: Aadhaar Card, Driving Licence, or Voter ID Card 
• Proof of Residence: Utility Bills or Passport 
• Proof of Income: Balance sheet and Profit & Loss Statement attested by a registered CA and Income Tax Returns for the last three years 
• Additional Documents: Passport-sized photographs of applicants and co-applicants (if any) 
• Property Documents: Title Deed, Allotment Letter, Buyer’s Agreement, or Sales Agreement 

Note that this is an indicative list of documents. Our representative may contact you for additional documents if required.  

Dos and Don’ts before Applying for a Home Loan

Dos  

• Evaluate interest rates, processing fees, and repayment terms from multiple lenders to secure the best deal. 
• Regularly monitor your credit score and take steps to improve it, such as timely bill payments and reducing outstanding debts. 
• Carefully read the loan agreement, including interest rate, tenor, and additional fees. 
• Obtaining a pre-qualified Home Loan can make the homebuying process easy. 
• Organise and update necessary documents such as income proofs, tax returns, and bank statements to expedite the application process.  

Don’ts  

• Don’t apply for multiple loans or credit cards simultaneously, as it may reduce your credit score. 
• Avoid missing EMI payments on existing loans or credit cards. 
• Don’t overlook additional costs such as processing fees or penal charges. 

Steps to Apply for a Home Loan

Applying for a Home Loan with Bajaj Housing Finance is simple. Follow the steps given below:  

1. Go to the housing loan application form. 
2. Provide your personal details, including your name, mobile number, and employment type. 
3. Select the loan type you wish to apply for and enter your net monthly income. 
4. Enter your PIN code and the desired loan amount. 
5. Click on ‘Generate OTP’, enter the OTP received on your mobile, and then click ‘Proceed’. 
6. Fill in all the requested financial details to complete the form. 
7. Once done, click ‘Submit’ to submit your application. 

After submitting your housing loan application, one of our representatives will contact you within 24 hours*to guide you through the next steps. 

*Terms and conditions apply.