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Home Loans Are For – Salaried And Self-Employed
by Finway FSC Empowering People FinanciallyOne of the main goals of many of us today is to
have our own house. For youngsters, it’s a matter of pride to purchase their
first house, whereas for middle-aged people, buying a bigger and a better house
is a way to upgrade their standard of living. Today, there are plenty of
housing schemes and easy availability of home loans that can help in converting
this dream into reality. A home loan in Delhi gives you that ability to
purchase your dream house by giving you access to the required funds at the
right time. However, in the present time, getting a mortgage to buy a house is
simple for everyone, be it salaried, self-employed or businessmen.
Criteria For Obtaining A Home Loan
Healthy earnings and a sound credit profile are
considered as the general requirements for obtaining a home loan, regardless of
whether you are salaried or self-employed. Indeed, your earnings reflect your
capability to repay the loan, while your credit profile registers your
willingness and attitude to repay loans promptly. To determine your eligibility
to get a home loan, the lender will ask you to submit certain documents based
on your work profile. These documents are mainly required by the lender to
ascertain the source, consistency, frequency and continuity of income for the
loan to be approved. And therefore, it is essential to understand the difference
between salaried and self-employed people for home loans.
For Salaried Individuals
In general, a salaried employee is required to
submit several documents including salary slips of the past three months, bank
statements of the past six months, and the latest income tax return form.
Additionally, an employment letter is also required in case the period of
service in the current job is less than a year.
For Self-Employed People
In case of entrepreneurs and self-employed
professionals, submission of documentary proof of their own financial position,
as well as that of their business or practice, is quintessential to avail a
home loan. These documents include income tax returns along with computation of
income of the last three assessment years, financial statements certified by
auditors, current account statements of the entity and your savings account
statements of the past six months. Details of ongoing loans of both – the
individual and the business entity, including the outstanding amount, installments
and security are also imperative. Furthermore, a list of Directors and
Shareholders with individual shareholding (as certified by a chartered
accountant or company secretary), copy of Shop and Establishment license, VAT
registration or any other mandatory license, Copy of Partnership Deed,
Memorandum of Association and Articles of Association (if applicable) and
copies of education qualification and professional practice certificates.
Besides these documents, one needs to submit KYC (know your customer) documents
along with property-related documents, whether s/he is a salaried or
self-employed individual.
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About Finway FSC 
Empowering People Financially
24 connections, 0 recommendations, 99 honor points.Joined APSense since, September 25th, 2018, From New Delhi, India.
Created on Mar 12th 2020 04:08. Viewed 389 times.
