Home loan interest rates for self-employed usually start from 8.35% p.a. Most banks/HFCs offer home loans to self-employed professionals/non-professionals at floating interest rates while a few additionally offer home loans at fixed interest rates. Some lenders also additionally offer home loans at mixed/hybrid interest rates under which the home loan interest rates for self-employed borrowers remains fixed for a few initial years of the loan tenure and becomes floating rate thereafter. Self-employed borrowers availing home loans at higher interest rates can also consider transferring their existing home loans to other lenders using the home loan balance transfer facility at lower interest rates.
Banks/HFCs have designed different home loan products to cater the needs of self-employed. Usually, lenders offer home loan interest rates to these two categories of self employed borrowers:
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