Overview – Home Loan for Self-Employed

If you have found it difficult to get a home loan in the past for not having adequate income proofs or other institutions refusing to provide you a loan due to nature of your business, you are not alone. If you find the loan application process complicated, we are here to help you at every step of the way. With the right support, getting a home loan can be a quick, easy and rewarding experience.

Our home loan has been designed with you in mind. We offer easy eligibility norms and require very few and basic documents. You can get a home loan in as less as 72 hours as we have a team of legal and technical experts at each of our 140+ ICICI HFC branches who can review your application on the spot.

Nothing should come between you and your dream of owning a home. We are here to assist you even after your loan is disbursed – be it during repayment or whenever you need any type of funding in the future.

Key Features & Benefits – Home Loan for Self-Employed

Affordable housing benefit

ICICI HFC’s affordable housing product, Apna Ghar, offers you a subsidy benefit of up to ₹ 2.67 lakhs on home loans under the Pradhan Mantri Awas Yojana’s (PMAY). Apna Ghar is unlike any other home loan and is meant for both salaried and non-salaried individuals, even those who cannot arrange formal income proofs.

Loans for all aspiring homeowners

Our home loan helps both salaried individuals like government employees and corporate professionals, as well as self-employed individuals like doctors, lawyers, CAs, traders and small business owners. We are committed to your dream of owning a home of your own.

Easy eligibility

Getting a home loan is quicker with ICICI HFC due to our flexible eligibility norms and basic document requirements. Even if you don’t have formal income proof documents like ITR, but have a good history of repaying loans, our local experts will help you get the support you need. 

Tip: To increase your eligibility, you can even add a co-applicant like your spouse or immediate family member.

Quick loan disbursal

You can get a home loan in as less as 72 hours. We have a team of legal and technical experts at each of our 140+ ICICI HFC branches to guide you and review your application on the spot, so you avoid multiple visits and requests for documents.

Home loans from ₹ 3 lakhs to ₹ 5 crores

Whether your need is big or small, we finance them all. You can get a home loan for all of the following: 

  • Under-construction property, ready-for-possession property or builder property
  • New property or resale property
  • Property from state housing boards such as DDA and MHADA or an existing Co-operative Housing Society, Apartment Owners' Association, Development Authorities settlements or homes by private developers
  • For property in cities, regularised colonies and gram panchayat properties
  • For multi-unit or a self-constructed property or even to construct a house on a plot of land you own or to refinance a residential property
  • For construction on a freehold/leasehold plot or on a plot allotted by a Development Authority

Shift to ICICI HFC

Already been repaying a home loan for 2-3 years at an interest of rate of more than 11% p.a. If your home loan interest is at least 50 basis point higher, shift to an ICICI HFC Home Loan with our Balance Transfer facility to reduce your EMI burden, enjoy competitive interest rates and get undivided attention from our experts. 

Eligibility - Home Loan for Self-Employed

Self-employed

  • Age Limit (Primary applicant)

28 to 70 years (Choose a tenure that ends before you turn 70 years, or your retirement age, whichever is earlier. This will ensure that you do not have to pay EMIs post-retirement.)

  • Co-owned Property

In case your property has more than one owner, it is necessary that both or all the co-owners are co-applicants. This ensures that your property is secure and both owners can benefit from the investment in the property.

Co-applicant

  • Minimum Age

18 to 65 years

  • Why should you add a co-applicant?

  • If you want to increase your home loan eligibility, you can add a co-applicant, even if they are not earning. This can also help you to be eligible for a larger home loan. Your co-applicant can be your spouse or immediate family member.

  • Because ICICI HFC provides better interest rates to women to encourage them to apply as co-applicants. OR If you add your wife or mother to your home loan, you may be able to get a lower interest rate, even if they are not earning.

  • If your property has more than one owner, it is necessary that both or all the co-owners are co-applicants. This ensures that your property is secure and both owners can benefit from the investment in the property.

Why take a loan from ICICI HFC?

You can get a loan in as little as 72 hours. You can also walk into your nearest ICICI Bank branch to start your loan process. We have a team of legal and technical experts at each of our 140+ ICICI HFC branches who review your loan application on the spot without you making repeated visits to our branches.

Walk into any of our branches to meet your local experts. They are committed to helping you at every step of your journey. They speak your language and are familiar with your locality.  Click here to find the branch closest to you and get the right kind of guidance face-to-face.

A major advantage of walking into your nearest ICICI HFC branch is to avail special offers. Our in-house experts will guide you through the benefits of each of the offers, so you can find an attractive deal.

When you take a loan from us, you become a part of the ICICI HFC family. It is not just a loan, but a relationship. As an existing customer of ICICI HFC, your application can be reviewed more quickly, as many checks are already done, and your documents are already in our system. You may need a home loan today but an FD to grow your savings tomorrow.

Where to apply

Walk into any one of our 140+ ICICI HFC branches for help. Our neighbourhood experts can assist you through our quick and easy home loan application process. You can get your loan disbursed in as little as 72 hours.  Click here to find your nearest branch.  If you don’t have an ICICI HFC branch near you, walk into your nearest ICICI Bank branch to start your loan application process.

How to apply

  1. Take 10 minutes to submit your loan application form along with the required documents
  2. Pay a non-refundable login fee of ₹ 5000 (plus GST ₹ 900/- at 18%) to carry out KYC checks 
  3. Get your loan application quickly reviewed by our team of experts who study your existing EMIs, age, income, and property
  4. Get a loan amount approved by our team of experts who are present at each ICICI HFC branch
  5. Pay a processing fee equal to 0.75% of the loan amount or ₹ 11,000 plus applicable taxes, whichever is higher
  6. The approved loan amount will be disbursed, basis the stage of construction of your property

If you are still looking for the perfect home, you can use our easy-to-use Property Search portal to find a home of your choice.

Home Loan for Self Employed - Eligibility Calculator

Find out the home loan amount you are eligible for with our Home Loan Eligibility Calculator 

We have flexible eligibility criteria that will be easy for you to fulfil. Based on factors such as your income, age, and existing EMIs, our Home Loan Eligibility Calculator will help you calculate the loan amount that will be eligible for. This calculator can help you identify a tenure that will make it easy and comfortable for you to repay your loan. 

Enter Desired Loan Amount
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Documents Required for Home Loan for Self-Employed

Submit these documents and get your loan approved in as little as 72 hours without having to make multiple visits. 

Self-Employed Individuals

  • Fully filled application which you have signed
  • Identity and residence proof (KYC), such as PAN card, Voter ID card, Aadhaar, etc.
  • Income proof, such as latest 2 income returns, latest two years P&L accounts and B/S (with schedules), six-month bank statement, etc.
  • Property documents (unless you have not finalised a property)

Self-Employed Non-Individuals

  • Fully filled application which you have signed
  • Identity proof (KYC), such as PAN card, copy of GST registration, AOA, MOA of company, etc.  
  • Income proof, such as latest 2 income returns, latest two years P&L accounts and B/S (with schedules), six-month bank statement, etc.
  • Property documents (unless you have not finalised a property)

Rates & Charges for Home Loan for Self-Employed

We make it a point to be transparent about our rates and charges. 

Charges Rates*
Login Fee (for KYC checks)

₹ 5,000

Processing/ Administrative Fees (Charged at the time of sanction) 0.75% of the loan amount or ₹11,000, whichever is higher

Prepayment charges (Applicable for non-individuals only)

If you are able to pay off part or all of your home loan, you can choose to settle all or part of your home loan as per your

convenience, no matter your chosen tenure. We charge a minimum rate of 0-2% for prepayment.

* The above percentages are exclusive of applicable taxes and other statutory levies if any
* Such amounts shall include all amounts prepaid during the given financial year
* Goods and Services Tax (GST) and other government taxes, levies, etc. applicable as per the prevailing rate will be charged over and above these charges.

Disclaimer:

  • The rates, fees, as stated hereinabove, are subject to changes/ revision from time to time at the sole discretion of ICICI Home Finance. 
  • Also, the GST, other taxes and levies, applicable as per prevailing rate will be charged over and above these charges. 
  • The floating interest rate on ICICI Home Finance is linked to ICICI Home Finance Prime Lending rate (IHPLR). 
  • The Calculator is intended to be used for guiding purpose only, it is not an offer and it’s results may vary from actuals.

FAQs for Home Loan for Self-Employed

You can apply for a home loan the moment you decide to invest in a home i.e. even before you finalise a property. However, you would need to have some property documents at hand to start the process. For the list of documents you would need to submit for different types of property:

You can avail of a loan for a maximum tenure of 25 years. However, the term cannot extend beyond 60 (for salaried individuals) or 70 years of age (for self-employed individuals) or the age at which you retire, whichever is earlier. We have a team of legal and technical experts at all of our 140+ ICICI HFC branches that sit with you and help you decide the most comfortable pay-back period. When deciding the right pay-back period, consider your income, age, and existing EMIs. 

The interest on your home loan has to be paid on a monthly basis. You can choose the EMIs option, where you pay the same amount every month (EMIs are Equated Monthly Instalments). Or, you can choose the SURF option or Step Up Repayment Facility, where your monthly payments increase over time, as your income increases. The first option has the benefit that as your income increases, your monthly payments will become easier to make over time. The second option has the benefit that as your income increases, you can increase your monthly payments, and thus, reduce your overall tenure.

Our eligibility criteria are very flexible and easy to fulfil. We also require very less paperwork which helps ensure processing is faster. You can instantly find out if you are eligible with our Home Loan Eligibility Calculator. In case you are not eligible for a home loan, our team of legal and technical experts at your nearest ICICI HFC and ICICI Bank branches can inform you about many ways to improve your eligibility, so ask for help today.

Your co-applicant can be your spouse or your immediate family member. Your co-applicant must be minimum 18 years of age. Your co-applicant does not need to be employed or earning, so you can include your spouse even if they do not work. In fact, adding a woman as a co-applicant can help reduce your interest rate. In case your property has more than one owner, it is necessary that both or all the co-owners are co-applicants. Walk into your nearest ICICI HFC or ICICI Bank branch to learn more about how to add a co-applicant and why from our team of experts.

  • Home Loan

We provide home loans for properties that are under construction, ready for possession, resale, to-be- constructed, and also options like refinancing on residential. You can avail of a home loan even before you have finalised the property. If you are still looking for it, we will help you find the right home for you with our ‘Property Search’ feature. 

  • Apna Ghar

A home loan like no other, Apna Ghar offers affordable housing home loans to people from different backgrounds and income groups and is an extension of the government’s PMAY (Pradhan Mantri Awas Yojana). Apna Ghar offers very flexible eligibility norms that are easy to fulfill.

  • Land Loan

You can avail of a land loan to buy a residential plot for constructing your home. You will need to sign a written undertaking that construction will be completed within 3 years.

  • Office Premise Loan

You can avail of this loan to purchase, construct or extend your office premises. The loan amount can also include the estimate of renovation at the time of purchase of the property. However, this does not include industrial/institutional property, for example factories/ warehouses/ schools/ institutes/ colleges/ hospitals etc.

  • Balance Transfer

Already been repaying a home loan for 2-3 years at an interest of rate of more than 11% p.a. If your home loan interest is at least 50 basis point higher than our, shift to ICICI HFC with our Balance Transfer facility to reduce your EMI burden, enjoy competitive interest rates and get undivided attention from our experts.

  • Top-Up Loan

If you need additional financial support for reasons like child’s education or marriage, consumer durables, renovations, etc., you can get a Top-Up Loan against the security of your existing Home Loan on the same property.

  • Loan Against Property

If you own a property, with this option, you can get a loan against that property at a reasonable rate of interest for a maximum tenure of 15 years. 

  • Micro Loan Against Property

Micro LAP offers loans for as less as ₹ 3 lakhs, and up to ₹ 15 lakhs that can be repaid within 120 months.

  • Lease Rental Discounting

If you own a commercial property and expect to earn rentals from it, you can get a loan for urgent personal needs, like your child’s education or marriage, using these rentals as security or collateral. 

Yes, we always find a way to help you. We have created an easy-to-use online home search portal called ICICI Property Search, which assists you at every step of your home buying journey. This facility helps you identify your ideal home from a curated list of verified properties, based on your needs and preferences. We also arrange site visits to shortlisted properties with our dedicated local property experts. Further on, we assist you with the legal documentation and negotiation of property prices.

This is a free-of-cost service that is offered on first-sale properties and is currently available in the following nine cities:

  1. Mumbai 
  2. Delhi NCR 
  3. Chennai 
  4. Kolkata 
  5. Bengaluru 
  6. Pune 
  7. Lucknow
  8. Hyderabad 
  9. Kochi

No, one IT certificate will be issued in the name of both the applicant and co-applicant as only one certificate can be issued for a home loan according to the IT rules.

You can expect to receive your copy of the IT certificate in April or May as the final certificate is issued at the end of each financial year. However, you can request a provisional IT certificate anytime during the year.

You can provide any one of the following as identity proof:

  • PAN Card
  • Passport
  • Voter ID Card issued by the Election Commission of India
  • Proof of possession of Aadhaar Card
  • Driving License
  • Job Card issued by the NREGA duly signed by an officer of the State Government

If you already have a home loan but are looking for better customer service, better interest rates, and flexible terms, consider shifting to ICICI HFC. We have a balance transfer facility that will allow you to transfer your home loan to ICICI HFC with minimal effort and time. Balance transfer facility is available to resident Indians, both salaried and self-employed. 

Yes, Visit our plot loan page for more details

A major advantage of walking into your nearest ICICI HFC branch is the special offers. You can enjoy a range of offers at our branches. Our in-house experts will guide you through the benefits of each of the offers, so you can find one that truly helps you. Walk in to find the deal of the day.