Home Loan For The Self Employed
OCHFL has pioneered a home loan for self employed people. As a category they have been ignored by the housing finance community. There are two reasons for this reluctance to do business with them. The first reason is that they have variable monthly income, even the prospects of some months without income. The second is that even if they have the money, they don’t have the necessary documentation that proves them credit worthy. OCHFL has pioneered a process which facilitates the assessment of income through an independent source other than the income tax authority.
- The self employed person should be more than 18 years and less than 75 years of age.
- The applicant is self employed /trader or engaged in service industry.
- The applicant should have been in the same line of business for a minimum period of 1 years or should have inherited the business from parents.
- The applicant should be able to contribute at least 20% of the total sum required i.e. LTV of 80%
- Sales Tax Registration or any other registration of business required by statutory authorities / local laws is mandatory.
- Business premises should not be on encroachment land without title to property or deviated in construction from approved plans
Our existing Fixed Prime Lending Rate (FPLR) – 15 % Applicable ROI: FPLR +1 % i.e 16%
Check your eligibility criteria and EMI using the links below.