Home Loan For Self Employed Buying a home is a significant milestone in everyone’s life, and for many, it requires taking a home loan to fulfill this dream. While salaried individuals typically find it easier to secure a home loan, self-employed individuals often face more stringent eligibility criteria and a more complex application process. This blog will explore the process of home loan for self employed with eligibility criteria in India. Understanding Eligibility Criteria for Self Employed Before starting the home loan application process, it’s essential to understand the eligibility criteria for self-employed individuals. Banks and financial institutions usually categorize self employed individuals into two main groups: self employed professionals and self-employed non-professionals. Self Employed Professionals Self employed professionals include doctors, lawyers, architects, chartered accountants, and others who run their practices. To be eligible for a home loan, they must provide proof of their professional qualifications, experience, and income. Self…
Why a Good Credit Score is Important Buying a home is a significant financial decision that requires careful planning and preparation. Your credit score is one of the most critical determinants of your ability to purchase a property. Here are some ways your credit score can impact the home-buying process. Mortgage Eligibility The credit score is one of the first things mortgage lenders check. The easier it is to qualify for a mortgage with a better credit score, the more difficult it is with a lower score. A 620 credit score or above is typically required to obtain a mortgage, while this number might range from 620-680 depending on the lender and the specifics of the loan being sought. Interest Rates Your credit history may be considered when determining the interest rate provided to you on a mortgage. A reduction in the interest rate charged on a loan can save…