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How Self Employ Avail Mortgage Loan in a Minutes

Getting a home loan can be a tedious task for anyone. For self-employed people or a business owner, this process can go to the brink of becoming unthinkable. The conditions for eligibility for a self-employed person are very different from that of a salaried person. The major reason for this difference in conditions is due to the stability of cash-flow and stability in the business being operated by the self-employed person.

However, new-age banking schemes have made it very easy for even the self-employed people to get loans. Plans like PNB Housing Finance mortgage India do provide excellent opportunities to the self-employed borrowers to apply for mortgage loans.

Following are some easy steps you would have to follow in order to get a mortgage loan while being self-employed or running your own business.

Secure the Necessary Documents

As far as documents are concerned, we will have to divide the self-employed people into two groups. Some self-employed professionals provide professional services to their clients and then some self-employed businessmen run entire operations to manufacture something or to provide goods and services. The following are the documents required for both groups of people.

Self-Employed Professionals-

·         Photo Identity proof

·         Income Tax returns and audited profit and loss statement of at least the past two years

·         Your client’s firm's letterhead describing your nature of service

·         Bank statements of the past six months

·         A copy of the partnership deed, the memorandum of association

·         Certificates of educational and professional qualification

·         If you have a store, a clinic, or an office, then the shop establishment license will be required


·         IT return statements of past 3 years duly attested by a chartered accountant

·         Balance sheet and P&L statement of past three years duly attested by a chartered accountant

·         Brief description of a business profile on the company’s letterhead

·         Bank statement of the last 6 months

·         GST details 

Age is a Factor Too

 For availing a mortgage loan, a self-employed person must be between 22- 65 years of age. However, if you have the right kind of revenue to back it up, you can get a loan at the age of 70 years too.

 Required Income

 A self-employed person, to apply for a mortgage loan, should be active in his business for at least the past three years. This is to ensure the possibility of sustainable cash flow from the business in the future too. The person should be able to produce a proof showing the minimum cash profit of Rs 1.20 lakh in a period of the past two years. The stability of a business is also judges by seeing for how long the business has continued at the same location.

 The points given above summarize the entire list of requirements to get a mortgage loan if you are a self-employed person. These points will help you in getting good mortgage loan interest rates. Housing finance banks like PNB Housing Finance provide attractive mortgage loan interest rates for the people who are self-employed or are running a business.

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