Home loan for self-employed: Requirements
The self-employed usually have to meet special requirements when applying for a home loan. For the credit advisor, the income from self-employment must be precisely understandable. The lenders therefore impose strict conditions on loans that are considered collateral for the bank.
To get home loan:
- The company must exist for at least three years
- Profits should be made regularly
- There should be as little debt as possible
- If possible, there should be a spouse who takes the loan together with the self-employed
An important note about the profits: Banks consider these before taxes and deduct 30 percent of the total because this value is covered by the self-employed on average for old-age provision.
Architects, doctors and lawyers. They are always classified as creditworthy and get a building loan on favorable terms
It is more difficult for the self-employed with low or fluctuating income. Your mortgage application is often rejected in advance.
This is because the risk for the bank is difficult to calculate. It is particularly hopeless for freelancers who work in dangerous professions, for example in construction.
If you get a building loan, it is normal that you have to pay a risk premium.
Having real estate finance in the program grants such loans. However, the conditions and prices can differ significantly due to the uncertain economic future of the self-employed.
A comparison of the offers is therefore advisable.
In a first step, you should use the free tools that you can find online. It only makes sense to contact a financing broker if you have not got any results here and cannot find a bank to give the loan. This causes additional costs.
However, some professions will have great difficulty getting such a loan without expert help.
Traditionally, these are all people who are responsible for catering, operators of fitness and photo studios as well as courier services, as they can also run into economic difficulties at short notice and their services are not essential to life (unlike, for example, with doctors).