123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Investing---Finance >> View Article

Home Loans For The Self-employed Professionals!

Profile Picture
By Author: Anil Patel
Total Articles: 30
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

It has consistently been a little difficult for the self-employed individuals to avail of home loans when contrasted with a salaried professional. Irregular source of income and lack of proper documentation to support their financial status, are some of the main concerns.
Most banks have a standardized procedure for an affordable home loan in India. However, the lenders refrain from sanctioning the loans until they are completely sure about the repayment capacity of the applicant.
If you are one of those self-employed professionals who have a good source of income but lack certain documents, then you might want to look for private financial companies. Private money lending firms do offer self employed home loans with or without documents.
Self-employed individuals can get home loans no sweat as those with salaries or regular incomes. Moneylenders have structured home loans explicitly custom fitted to meet the prerequisites of the self-employed. When all is said in done, there are two classifications of self-employed people: PROFESSIONALS & SELF-EMPLOYED/NON-PROFESSIONALS.
· PROFESSIONALS comprise of doctors, legal advisors, CAs, MBAs, and so forth, who are educationally qualified in their area and have set up their businesses.
· SELF-EMPLOYED/NON-PROFESSIONALS comprise of merchants, contractors, commission agents, etc. and are not educationally qualified in their area of business.
But the rate of interest tends is comparatively higher as compared to the standard interest rates offered by banks. That is because the home loans they give are high-chance loans and you are getting it with minimum or without documents. Lenders mostly offer two kinds of interest rate options i.e. fixed and adjustable.
The maximum tenure for home loans that fall under adjustable rates can stretch up to 30 years. Whereas, in the case of fixed-rate home loans, the maximum tenure is 20 years.

More About the Author

Anil Patel: 32 years Old. Writer and financial consultant. Music Lover and foodie.

Total Views: 102Word Count: 286See All articles From Author

Add Comment

Investing / Finance Articles

1. Loan Approval Guidelines - What You Have To Focus On
Author: Fayeem

2. How To Make Sure Your Home Loan Won't Be Rejected
Author: Fayeem

3. Role Of Investment Banks In Esg Funds In India
Author: Avendus

4. 9 Innovative Strategies To Improve Your Medical Revenue Cycle Management Practices

5. Finding The Best Commodity Options To Invest In – Things To Consider
Author: Maithili Pawar

6. Opening A Day Trading Account From Home – The Steps You Need To Follow
Author: Maithili Pawar

7. Intra-day Trading Made Easy – Pick The Right Stocks By Following These 4 Strategies
Author: Maithili Pawar

8. Similarities And Differences Between Futures And Options Contracts
Author: Maithili Pawar

9. Things You Need To Keep In Your Mind When Choosing Music Insurance Company
Author: Dan Schoenfeld

10. Buying Your Dream Home On A Loan - Tips And Tricks
Author: Fayeem

11. Equity Fund Investments – A Detailed Guide
Author: Shashank Bhaskar

12. Basics Of Home Loans You Should Know Now
Author: Fayeem

13. Hiring An Asset Management Company In India
Author: Avendus Group

14. What Is Derivatives Market
Author: AtishPatil

15. Why A Personal Loan Can Be Beneficial For Your Home Remodeling
Author: Diksha Sharma

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: