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Tata Capital > Blog > Loan for Home > How Can Non-Salaried Individuals Increase their Chances of Getting a Secure Home Loan

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How Can Non-Salaried Individuals Increase their Chances of Getting a Secure Home Loan

How Can Non-Salaried Individuals Increase their Chances of Getting a Secure Home Loan

As a non-salaried individual, if you're unsure of your home loan eligibility, then this article is for you.

When it comes to approving a loan, some lenders seek salaried employees as their preferred customers. However, for self-employed people, the loan process might not be as straightforward. That being said, it is not true that a non-salaried individual cannot get a housing loan.

Provided that you fulfil the eligibility criteria and furnish the necessary documentation, you can get a loan as easily as any salaried employee. Here’s how you can improve your chances of getting a housing loan hassle-free.

1. Maintain a healthy credit score

It is no secret that a higher credit score, preferably 750 and above, can improve your chances of securing a loan. Since a better credit total indicates a greater repayment capacity, it significantly boosts your loan eligibility. Moreover, it can also help you fetch lower home loan interest rates. Therefore, you must keep an eye on your CIBIL score to ensure you fulfil the requirement.

Additional Read: 6 Steps for a Self-Employed Professional to Get Your Home Loan Approved Instantly

2. Put a large down payment

Try to offer a higher down payment against your loan amount. Putting a larger down payment will lower your loan value substantially, thereby increasing your chances of securing a home loan for non-salaried. Since the size of your loan will be lower than before, the lender will be more confident of your repayment capacity. Moreover, this will also reduce your overall interest payout.

3. Get the documents in order

Based on the nature of your employment, you will need to submit a list of documents in addition to the basic paperwork requirements. This includes your IT returns, profit and loss accounts, income statements, etc. Further, if you have more than one source of income, present the documents for the same as well. 

4. Choose a longer tenure

Opting for a longer loan tenure will divide your EMI payments over a larger period. For you, it means lower EMIs and enhanced loan eligibility. Whereas for the lender, it means better repayment capacity and lower risk of lending.

However, that being said, longer tenure will increase your total interest payments. Therefore, you must factor in the higher cost of borrowing when applying for a long-term home loan.

5. Get a co-applicant

To further boost your chances of securing a loan, consider applying with a working co-applicant. In most cases, getting a family member with a good credit score as the co-applicant will increase your loan eligibility. Further, with the combined income, you can also become eligible for a higher loan amount and improve your EMI affordability.

Additional Read: Top 5 Tips for the Self-Employed to Avail Home Loan

Over to you

For non-salaried individuals, home loan process might seem overwhelming. However, with the right lender by your side, getting a loan is now easier than ever!

At Tata Capital, we offer you a wide range of customised housing loan options at the most attractive interest rates. With a simple application process, flexible eligibility criteria, and minimal documentation, your dream home is just a click away!

To know more, get in touch with us today.

Apply Now
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