Home Loans for Self Employed
In India, only 7% of our labour force is in the organized sector and the rest is in the unorganized sector. Most of the Indian labour force is self-employed, with a majority running small shops, cottage industries etc.
To overcome this, DHFL has come up with home loans exclusively tailored for the needs of self-employed people by assessment processes, whereby income is assessed through an independent source rather than through the income tax authorities.
Features and Benefits of DHFL Home Loans for Self Employed
- Tenure & Term: The tenure of your loan ranges from 1 to 15 years maximum. The term however does not extend beyond the retirement age or 60 years whichever is earlier (65 years for self employed individuals)
- Purpose: Home loans for self-employed professionals and non-professionals such as Retailers, Small scale business men, Doctors, Architects, Chartered Accountants etc.
- Reduce your EMI : With tenure of 20 years, you can reduce the EMI amount on your Home Loan, so that your outgoings every month do not come in the way of your lifestyle and living standards
- Interest Rates: The Interest rate applicable is based on the DHFL’s Retail Prime Lending Rate (RPLR) which fluctuates from time to time based on the money market conditions
- Processing Fees: This is charged as the fee towards processing your loan application
Salaried individuals (SAL) / Self-Employed Professionals (SEP)
Self-Employed Non Professionals (SENP)
` 5000* to ` 20,000*
*Service Tax and Cess as applicable
- Easy Repayments: You have 2 options for repayment of the loan based on the EMIs payable on your Home Loan:
a. Through ECS (Electronic Clearing Service) based on standing instructions to your bank.
b. Post Dated Cheques(PDCs) drawn on your Savings/Salary account.
- Home Loan Tax Benefits: Get Maximum Tax benefit under Home Loan scheme. As per Indian IT Rules, the current applicable exemption u/s 24 is `1.5 lacs for the interest amount paid in a financial year and up to ` 1 lac for the Principal amount repaid in the same year. Thus up to `2.5 lacs is tax exempt, helping you save up to `70,000 tax annually.
- Applicant and Co-Applicant: Home Loans can be applied for individually. The loan amount can be further enhanced by including an earning co-applicant.
- Easy Documentation: To enable us to speedily process your home loan application, we will require the following:
- Property related documents
- KYC (Know Your Customer) documents
- Proof of Income documents and bank statements as per log-in checklist
Eligibility of Home Loans for Self Employed
You can avail a home loan of up to `100,00,000 (minimum loan amount `1 lac) but not exceeding 60% of the cost of property (including stamp duty and registration fees) or 60% of market value, whichever is lower. The actual loan amount is determined taking into various account factors such as:
- Repayment capacity
- Educational qualifications
- Stability and continuity of income
- Number of dependents
- Co-applicant’s income
- Saving habits, and more