HDFC Ltd Home Loan for Self Employed

HDFC Home Loan for Self-Employed – Highlights

Here’s a summary of HDFC Home Loan highlights for Self-Employed individuals:

HDFC Home Loan for Self-Employed – Fees and Charges

Let’s look at the fees and charges of an HDFC Home Loan:

HDFC Home Loan for Self-Employed – Documents Required

The following are the documents required for the HDFC Home Loan:

Mandatory Documents

• PAN Card or Form 60 (if PAN Card is not available)

Identity and Address Proof (Any one of the following)

• Valid Passport
• Valid Driving License
• Election/Voter ID Card
• NREGA Job Card signed by a State Government officer
• Letter from the National Population Register
• Proof of Aadhaar Number (voluntarily)

Financial Documents

• Income Tax Returns for the last 2 years (individual and business entity, attested by a CA)
• Balance Sheet and Profit & Loss Statements for the last 2 years (individual and business entity, attested by a CA)
• Last 12 months’ Current Account Statements of the business entity and Savings Account Statements of the individual

Property Documents

• Copy of Allotment Letter/Buyer Agreement
• Payment receipts made to the developer

Additional Documents for Purchase of a Resale Home

• Title Deeds, including the previous chain of property documents
• Payment receipts made to the seller
• Copy of Agreement to Sell (if executed)
• Proof of own contribution
• Last 6 months Bank Statements showing ongoing loan repayments

Other Requirements

• Passport-sized photographs of all applicants/co-applicants
• A cheque for processing fee favouring HDFC Bank
• Business Profile
• Latest Form 26 AS
• List of Directors and Shareholders with individual shareholding (certified by CA/CS, if a company)
• Memorandum and Articles of Association (if a company)
• Partnership deed (if a partnership firm)
• Details of ongoing loans (individual and business entity), including outstanding amounts, instalments, security, purpose, and balance loan term

HDFC Home Loan for Self-Employed – Eligibility Criteria

Home loan eligibility is determined based on the individual’s income and repayment capacity. Here are the specific criteria for self-employed individuals:

• Age: 21 years to 65 years
• Minimum Income: Rs. 2 lakh per annum

To qualify for an HDFC home loan, you must fall within this age range and have a minimum annual income of Rs. 2 lakh. Your repayment capacity will also be assessed to ensure you can manage the loan.