Apply for your Home Loan: https://www.mymoneykarma.com/home-loan.html We’re surrounded by information, content and news. Everywhere, all the time. The human mind can only meaningfully absorb a handful of new facts about the world. mymoneykarma’s insights team selects just the bits of news from the finance world that you should know about, things that you can actually do something about right now. Subscribe to our channel so you don’t miss out on our daily updates. If you’re interested in learning more about practicing Intelligent Finance in your daily life, why not get started with this video here https://youtu.be/G_DsZ0s379Q What is mymoneykarma? This channel is dedicated to simplifying the concepts and best practices of Personal Finance through explainers, FAQs, tips, and educational material. We empower viewers to each become a paragon of Intelligent Finance. Founded by a group of Stanford alumni with a strong background in banking and technology, MyMoneyKarma has been revolutionizing the Indian Fintech sector and ushering in the future of personal finance. Committed to a social mission of creating a measurable impact on people’s lives, MyMoneyKarma has empowered millions of people to reclaim control over their finances by addressing the 3 biggest issues and barriers in the sector: Low financial literacy means most people applying for loans, mortgages or credit cards have never checked, nor heard of, their credit scores. By this time, the damage has often been done Low information transparency means it can be difficult to know the best interest rates for each customer’s unique profile, the financial providers that offer the best terms, and how to maximize one’s chances of being approved (where a rejection further worsens the credit score) High effort and hassle means one is too hard-pressed to shop around, try multiple options and find the best fit, instead ending up with sub-optimal decisions and a whole lot of wasted time and sweat MyMoneyKarma’s fully online loan optimization technology helps customers with an extensive range of financial products, delivering the lowest interest rates and comprehensive service at the touch of a button. Apply for a Home Loan @ https://www.mymoneykarma.com/home-loan.html Get your Credit Score worth Rs. 4300 for Free @ https://www.mymoneykarma.com/credit-score/credit-score.html ______________________________________________________ Get to know and Follow us: Facebook https://www.facebook.com/mymoneykarma/ Linkedin https://www.linkedin.com/organization-guest/company/mymoneykarma Instagram https://www.instagram.com/mymoneykarma/ Twitter https://twitter.com/mymoneykarma Meet Satish, who is a construction contractor. He has a small-scale business renovating and repairing houses. He has saved up quite a bit and wants to buy his own home now. Satish has enough for a 30% down payment and needs to take a loan. He isn’t sure of the process or even if he is eligible for a loan, and is stuck because of lack of advice. Will his lack of salary slips cause his home loan application to be rejected? Will a seasonal and irregular income flow be insufficient? Let’s find out in this video. There are two categories of self-employed people. There are professionals like lawyers, chartered accountants, doctors, architects who have a professional qualification and have set up their practices. The second category of self-employed people is people like Satish: traders, contractors, painters, and commission agents, shop owners, among others who may not have a professional qualification but have their businesses. Even if he is unable to provide salary slips, Satish can still get a home loan by satisfying the following requirements: 1. His business should be operational for at least three years. 2. Provide proof of income - i.e. IT statements, PAN Card, TAN Card, current account and savings account statements for the last two years, with certification from a chartered accountant 3. Provide personal and business bank statements. 4. Provide proof that he has regularly filed GST, TDS, and income tax. 5. He should be at least 21 years of age. Satish still needs to showcase that his business is profitable, and he has proven ability to generate regular income. For this purpose, documents concerning the risk factors of the business may also be needed. Satish also needs to make sure his accounting books and tax returns are up-to-date. Armed with this information, Satish was able to submit an airtight application and get it approved within just a few days, allowing him to buy his dream home and move into it comfortably, along with his family. Need a home loan for yourself? You can apply right away at mymoneykarma. We promise the lowest interest rates from across the top lenders in the market, and a hassle-free 100% online process. What are you waiting for? Get started right away by following the link below!