When you finally find your dream home, the first thing you turn to for support is your savings and then, decide to apply for a home loan as per the required funds to buy the property. Home loans make it far easier for people to fulfill their dreams of buying a house. This was however only possible for salaried individuals few years ago and self-employed people had to arrange for funds from other means or get loans at unbelievably high rates of interest home.
Those times are long buried in the past. Now, many lending institutions have come to terms that self-employed professionals and non professionals make a large part of the Indian population and can no longer be ignored. Thanks to the unexpected rise in startups springing up in different cities across the country. Lending institutions are now providing home loans to startup employees with great benefits. As the prerequisites for self-employed people are fulfilled, they become entitled to get benefits with their home loans.
The applicant should be more than 24 years of age at the time of loan approval and the chosen loan tenure can last up to the age of 65 years or retirement, whichever is earlier. This extended upper age limit is a good alleviation for self-employed as compared to the age limit of 60 years for the salaried applicants.
If the applicant has provided with all the valid documents of bank accounts and business details, the home loan processing is done at a faster pace. Loan tenure of the startup employee can range anywhere between 12 months and 360 months. This, of course, varies based on the policies of different lenders. Once the lenders verify all the documents provided by self-employed applicants, they become eligible for the many benefits lenders offer these days such as longer tenure, good interest rates as well as a quick home loan disbursal process.
Another great thing about home loans for self-employed applicants is that they are customizable as per the applicant and are offered at reasonable floating rates that don’t burn a hole in their pockets. As a result, they don’t really have to make changes to their established lifestyle to pay the EMIs.
With benefits like these to the self-employed and startup employees who apply for home loans, there has been a huge increase in this customer base for many lenders.