I have a business and my income is not regular. Can I get home loan?
Banks do provide loans for self-employed individuals. To ensure that the Home Loan approval process goes through smoothly, all self-employed businessmen and entrepreneurs should ensure that their business transactions are clear and transparent.
Start-up entrepreneurs may face some difficulty in getting a Home Loan sanctioned since banks are generally uncertain about the viability and success rate of their businesses.
Banks usually require entrepreneurs to provide IT returns for the previous three years, which is why most young entrepreneurs have to wait for at least two years after the commencement of their business to get a Home Loan sanctioned.
However, certain exceptions do exists. Self-employed non-professionals who have a sound business plan and whose ventures show good returns could get a Home Loan sanctioned during their initial years of business. If the bank is suitably impressed with your business plan and is fairly certain about the success rate of your business, then you could stand a good chance of acquiring a Home Loan. This especially holds true in the case of self-employed non-professionals whose parents or working spouse stands as a guarantor for the Home Loan application.
Looking for a Home Loan? Click here.