Before a home loan is actually sanctioned, there are numerous vital stages and procedures. From the time when the applicant files his applic...
Before a home loan is actually sanctioned, there are numerous vital stages and procedures. From the time when the applicant files his application till legal validations and actual loan disbursement, the home loan process is a fairly long one. In event of any discrepancy, insufficient documentation, or wrong information, your loan application could get rejected. If an applicant gets all the documents that he needs to submit to the lender right, half the job is done.
Salaried persons must submit their completed application form along with a photograph. A crucial document is the identity and residence proof. Latest salary slip, Form 16, last 6 month's bank statement, and processing fee check. Self-employed professionals and businessmen must additionally provide educational qualifications certificate and proof of business existence. Some banks also seek last three years' Income Tax returns, last three years' Profit /Loss and Balance Sheet, and last six months bank statements.
Self-employed individuals must provide an explanation if their income level has increased dramatically in the past year. This will explain to the lender that the increase is a permanent increase in income, rather than just a one-time phenomenon.
All these documents are verified and the authenticity of your claims is cross examined. Bank statements are scrutinised for balance, level of activity, check bounce, and periodic outflows
Salaried persons must submit their completed application form along with a photograph. A crucial document is the identity and residence proof. Latest salary slip, Form 16, last 6 month's bank statement, and processing fee check. Self-employed professionals and businessmen must additionally provide educational qualifications certificate and proof of business existence. Some banks also seek last three years' Income Tax returns, last three years' Profit /Loss and Balance Sheet, and last six months bank statements.
Self-employed individuals must provide an explanation if their income level has increased dramatically in the past year. This will explain to the lender that the increase is a permanent increase in income, rather than just a one-time phenomenon.
All these documents are verified and the authenticity of your claims is cross examined. Bank statements are scrutinised for balance, level of activity, check bounce, and periodic outflows
