How can a tuition teacher get a home loan?

There are many institutions that help first-time woman borrowers with no credit history and informal sources of income.

- Amit Diwan

I am a 47-year-old tuition teacher. Since my income is based on cash earnings from tuition fees, I have not filed my income tax return (ITR) in the last five years. Am I eligible for a home loan?

—Name withheld on request

While having a formal source of income like bank credits, income tax filings, salary slips help financial institution to check and process loans, getting a home loan with your nature of business could be slightly difficult.

However, you may approach specialized housing finance companies who have customized programmes for assessing informal incomes.