Home Loan Tips: You can get a loan like this even without ITR and salary slips, just show these documents to the bank..
There are crores of people in the country who do not have jobs nor do they pay income tax. In such a situation, if these people want a home loan from the bank, then what should they do? Most people believe that banks do not give loans to such applicants, but this is wrong, they also get loans. Just the process is a little different, let us know.
In today's time, taking a loan has become a simple thing. Every person takes a loan from the bank to build or buy a house. People who are employed and file income tax returns easily get the loan, but those who do not have a job and do not even file ITR, have to face problems in getting the loan.
Many people think that loans are available only to those who are employed and those who file income tax returns, but it is not so. People who do not file ITR (ITR Filing tips) can also get home loans. The bank uses ITR information to know the income of the applicant.
In India, many people are doing small-scale business or doing other work whose salary or income does not come under the tax slab, hence they do not file income tax returns. Such people also get home loans, for this they just have to follow a process.
For information, let us tell you that while applying for a loan with a bank or NBFC, you can show an alternative income certificate other than a salary slip. These include ITR, income certificate, account details of your business, etc. Through these documents, the bank checks your income and ability to repay the loan amount.
Banks or NBFCs always give loans considering the financial condition of every person so that he does not face any problems in paying later.
The surprising thing is that people who do not file income tax returns can directly apply for loans in the bank. Apart from Aadhar Card and PAN Card, the bank can also ask for bank account details from the customers which contain the details of your income and transactions (Statement of Income and Transactions). Keeping all these things in mind, the bank approves loans based on income only.
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