As a self-employed professional, you get to live life on your own terms. You choose the when and what of your work and your earnings are solely the effort of your hard work. As a self-employed professional, you can fulfil your dream of owning a house much faster than a salaried employee, thanks to a home or housing loan. This article contains five simple steps that can ensure quick home loan approval.

Keep All Business-Related Documents Handy

Unlike a salaried professional, a self-employed professional usually do not have a fixed income. On some days, you might make a fortune; while at other times, you may be honing your creative skills. If you want to expedite home loan approval, it is better to keep all income-related documents organised and show it to the lender when the need arises. However, ensure that you use a house loan calculator to calculate your eligibility and prepare yourself for the loan application.

Aspire For a Robust Credit Profile

Your credit profile and credit score can be your most trusted friend during your home loan application. The credit score indicates your creditworthiness and sends a positive message to your lender about loan repayment. Usually, any score above 800 is considered a decent score. Hence, before applying for the best home loan, keep a tab on your credit score to ensure a home loan approval.

Clear Existing Debt

Pending debts can pose a serious challenge to your home loan aspirations. While a house loan calculator can give you accurate estimates of EMIs, it fails to factor in pending debt. If you have uncleared debt, your interest rate and EMIs might be higher than what the house loan calculatorshows you. Hence, before applying for the best home loan, you must actively clear the pending debts and start on a new note.

Is Your Business Making Consistent Profits?

If your business has a steady record of making profits, you can expect faster home loan approval. Sometimes, not having a business plan can work against you. When you have a well-laid-out business plan, the lender considers you a credible investor. Hence, figuring out a proper business plan is the first step to applying for the best home loan.

Rope in Another Applicant

If the steps mentioned so far does not help you much, the next best way is to include a co-applicant. Remember, the co-applicant must have a strong credit score and a stable source of income. In such cases, the lender might be considerate enough to increase your home loan eligibility, and you can even avail a higher loan amount. The lender may also offer you a discounted interest rate as the chances of default will be minimal. A house loan calculatorcan help you select the right loan amount and term.

Select the Best Lender

It’s a no-brainer that the best lender is the one that offers the lowest home loaninterest rates, attractive terms, and higher value-added benefits. The best way to find the right lender is by opening a house loan calculatorand typing in the loan amount, term, and interest rate, and discovering the lender offering the best rates. Once you find the right lender, negotiate the interest rates with them and apply for the loan.


As a self-employed professional, applying for the best home loan might be a little more time-consuming than someone with salary slips. However, if you have a solid business plan and good credit profile, it can be easier than you could ever think.