Home Loan For Advocates

Interest Rates of Home Loans for Advocates

Some of the home loan interest rates meant for self-employed individuals like lawyers include:

Eligibility Criteria of Home Loan for Advocates

Each bank/ financial institution will have different criteria for home loans meant for advocates, but some of the common criterias include the following:

• Professional Stability: As a self-employed lawyer, you must run your legal practice for at least 3 to 5 years. This proves that you have stable employment and will repay the loan within the time frame. 
• Credit Score: Any lawyer with a robust credit score will surely pay off their loan, seeing their payment history. This will also increase the chances of you getting approved for a loan with low interest rates.
• Age: Many banks have set age criteria for loan seekers to ensure they have financial resources until the loan is repaid. Often, the age range is between 18 and 65 and is allotted only after you have proved your identity, date of birth, and address. 
• Financial Documents: Banks care about your financial health, so you must have multiple documents showcasing your bank statements and ITR. Business practices can prove this by showcasing a balance sheet and P and L statements.
• Educational Qualification: A law degree from an accredited academic institution ensures the bank of your repayment ability. This will help reduce your overall interest rates and any excessive charges for obtaining your loan.

Home Loan for Advocates – Documents Required

Some of the mandatory documents that you will have to submit for obtaining a home loan as an advocate:

Best Home Loan Schemes for Advocates

Some of the best home loan schemes for advocates are meant exclusively for them at much lower interest rates and processing fees:

Features and Benefits of Home Loans for Advocates

Here are some of the advantages of home loans designed specifically for advocates to address their various financial needs that benefit them regardless of market fluctuations: 

Lower Interest Rates

Low interest rates are for advocates who help maintain financial and professional stability, with or without many cases. This policy can reduce the bank loan applicant’s sudden financial obligations and lower the overall interest payment dues on the principal amount.

Flexible Repayment Tenures

An advocate’s income can be irregular sometimes, and thus, the monthly payment plan might not be apt for them. Low-interest payments for some duration of time can significantly help lawyers protect themselves from huge financial losses, and no-penalty pre-payments can help reduce the burden on the applicant’s bank account.

Quick Loan Approval Processes

Special bank loans don’t require ITR or other financial proof for advocates with minimal documentation proving their loan repayment capabilities. They will be processed quickly and most likely without any hurdles. This fits in well with advocates’ hectic schedules and helps them instantly acquire even more funds for their dreams. 

Specially Tailored Loans

Many banks offer specially tailored loans with no pressure to pay for the first couple of months and low charges on non-payment of EMI. This allows advocates with home loans to settle in well within their houses and start their careers in new cities without worrying about deferred payments.

Home Loan For Advocates – Charges

Some of the approximate fees for advocates are as follows: